Press release from CNW Group
Royal Canadian Mint announces the achievements of another remarkable year
Thursday, May 02, 2013
Royal Canadian Mint announces the achievements of another remarkable year08:00 EDT Thursday, May 02, 2013
Corporation achieves $2.6 billion in revenue and $40.7 million in pre-tax profits in 2012
OTTAWA, May 2, 2013 /CNW/ - May 2, 2013 - Once more, the Royal Canadian Mint celebrates the achievements of another remarkable year with $2.6 billion in revenues and pre-tax profits of $40.7 million in 2012, the Corporation's fifth highest net income ever. The year was marked by diversification in all business lines, breaking away from traditional business and into new markets and new areas of growth.
"In 2012, our ongoing efforts to innovate and diversify contributed to the Mint's success with highest-ever numismatic sales and the launch of new products, such as our new Canadian Silver Reserves Exchange Traded Receipt (ETR)," said Ian E. Bennett, President and CEO of the Royal Canadian Mint. "The Mint continues to explore innovative products and processes and will open the new plating expansion facility and new research and development centre, the Hieu C. Truong Centre of Excellence, both in Winnipeg, in mid-June. Our employees continue to surpass customer expectations while we remain at the forefront of new technologies and vision to be the best Mint in the world."
Demand for numismatic coins climbed to an historic peak with the Mint issuing 136 numismatic coins during 2012, selling out 60 by year-end. The most popular themes in 2012 included the War of 1812; the 100th Grey Cup® game; the 100th anniversary of the sinking of the RMS Titanic and the centennial of the Calgary Stampede. In addition, four "20 for 20" coins were produced, selling out mintages of 250,000 each.
While bullion coin sales softened over most of 2012 compared to 2011, a sharp rise in demand in the fourth quarter bolstered the profitability of the Bullion, Refinery and ETR business line. As aggressive demand persists in 2013, the Mint continues to maximize its refining and production capacity to supply to its global customers with over 440,000 ounces of Gold Maple Leaf and over 9 million ounces of Silver Maple Leaf bullion coins sold by the end of April 2013; a 123% increase for Gold Maple Leaf and 88% increase for Silver Maple Leaf over the same period in 2012.
Other notable achievements for the Royal Canadian Mint in 2012 included:
- A dividend payment of $10 million to its shareholder, the Government of Canada;
- The Mint launched the Canadian Silver Reserves Program in November 2012. Five million Silver ETRs were issued at a unit price of $20 to raise gross proceeds of $100 million;
- The Mint was nominated for seven awards at the Krause Publications annual Coin of the Year awards, winning Best Silver Coin. The Mint also won two awards at Coin Constellation-2012: Coin of the Year and Most Original Technology;
- Canadian circulation was affected by two significant changes; the last penny was struck and a new generation of one-dollar and two-dollar coins was launched into circulation; and
- The production and shipping of over 900 million coins and blanks for 13 countries. The majority of coins produced for foreign customers in 2012 used the Mint's cost-effective multi-ply plated steel manufacturing process.
The Royal Canadian Mint, a thoroughly modern Corporation, continues to seek new business opportunities in the fast-changing global minting environment. It strives to meet its vision to be the best Mint in the world by continuing to invest in research and development, new technologies and equipment across all divisions of its business, as well as in ongoing efforts to engage Canadians and customers around the world through relevant coin themes.
To read more from the Mint's 2012 Annual Report, entitled "Breaking Tradition", please visit www.mint.ca.
About the Royal Canadian Mint
The Royal Canadian Mint is the Crown Corporation responsible for the minting and distribution of Canada's circulation coins. An ISO 9001-2008 certified company, the Mint is recognized as one of the largest and most versatile mints in the world, offering a wide range of specialized, high quality coinage products and related services on an international scale. For more information on the Mint, its products and services, visit www.mint.ca.
SOURCE: Royal Canadian Mint
For further information:
Senior Manager, Communications
Tel: (613) 949-5777