The Royal Canadian Mint has announced financial results for the first quarter of 2020 that provide insight into our activities, the markets influencing our businesses and our expectations for the next 12 months.<\/p>\n
\u201cThe Mint capitalized on market opportunities in the first quarter. Demand for gold and silver bullion was up, refining volumes were above plan and storage volumes remained steady and healthy,\u201d said Marie Lemay, President and CEO of the Royal Canadian Mint.<\/p>\n
\u201cIn the final weeks of the quarter, the Mint responded to this unprecedented situation with COVID-19 in a proactive way that prioritizes the health and safety of our employees. We have adapted our production to be able to continue delivering critical services in support of essential sectors of the Canadian economy, while adhering to strict new protocols to ensure our work environment is a safe one,\u201d he added.<\/p>\n
All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.<\/p>\n
Financial and Operational Highlights<\/strong><\/p>\n In response to the COVID-19 pandemic, the Mint modified its operations and production to focus on delivering critical services in support of the essential mining and financial sectors, and international supply chains. The resulting reduction in operations and production across all of the Mint’s businesses impacted revenue and profitability in first quarter of 2020.<\/p>\n \u2022 Consolidated profit before income tax and other items was $6.5 million for the quarter (2019 \u2013 $10.8 million). The Mint is expecting to return to full production in the second quarter as it implements further safety measures to allow for a higher number of employees in its production facility per shift and it increases the number of shifts to accommodate the entire workforce. As part of its business continuity plan, the Mint is actively monitoring its global supply chain and logistics networks in support of its continued operations.\u00a0 Despite its best efforts, the Mint expects COVID-19 to continue to affect its performance over the balance of 2020.<\/p>\n","protected":false},"excerpt":{"rendered":" The Royal Canadian Mint has announced financial results for the first quarter of 2020 that…<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[625,391,622],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1186360"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1186360"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1186360\/revisions"}],"predecessor-version":[{"id":1186361,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1186360\/revisions\/1186361"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1186360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1186360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1186360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\u2022 Consolidated profit was $1.7 million for the quarter (2019 \u2013 $7.7 million).
\n\u2022 Consolidated revenue increased to $498.4 million in the first quarter of 2020 (2019 – $350.7 million). Overall, global market demand for bullion, due to the economic uncertainty surrounding COVID-19, led to higher bullion volumes.
\n\u2022 Gold volumes were 198.1 thousand ounces (2019 \u2013 123.8 thousand), while silver volumes were 6.6 million ounces (2019 \u2013 5.5 million).
\n\u2022 Sales of numismatic products were behind 2019, having decreased to $21.3 million (2019 – $27.3 million) due to a smaller, more resonant product portfolio in 2020.
\n\u2022 Foreign circulation revenue increased 31% year over year with production and shipment of 265 million foreign coins and blanks, compared to 194 million coins in 2019.
\n\u2022 Canadian circulation coins sold to the Department of Finance were 53 million pieces in the quarter (2019 \u2013 32 million pieces).
\n\u2022 Overall operating expenses remained consistent quarter over quarter at $22 million.
\n\u2022 Cash and cash equivalents increased to $83.1 million at March 28, 2020 (December 31, 2019 – $65.5 million).<\/p>\n