Royal Canadian Mint To Focus On World Market

Royal Canadian Mint to Focus on World Market
By Doug Andrews, World Coin News

Remaining competitive internationally, leveraging off technology and exploiting opportunities as world metal prices continue to rise will be the objectives of the Royal Canadian Mint, says its president and chief executive officer, Ian Bennett.

The Mint recently announced a record C$30.1 million profit for 2007.

"Our target had been growth, now it is growth and profit," Bennett said. "We doubled our profit last year, which was a great achievement," Bennett noted in an exclusive interview with World Coin News.

The mint's use of its multi-ply plating process for circulating coinage is essential to attracting contracts from foreign governments.

"This allows us to produce coins at much lower cost than other mints, and it is part of our medium term plan, to exploit our competitive advantage as much as we can. Our goals are tough to achieve in this economy and with the rising Canadian dollar, but it's something that we have to strive to do," Bennett said.

Part of the RCM strategy is to invest in replacement of all the presses in its Winnipeg production facility with higher speed equipment, and to expand plating capacity. Since 2005 the plant has doubled its plating volume and has licensed its patented technology to leading suppliers, including Jarden Zinc Products Inc. of Greeneville, Tenn. The Canadian Mint is aggressively pursuing other partnerships in its quest for more foreign business.

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