2022: Royal Canadian Mint Meets Expectations

The Royal Canadian Mint has published its results for 2022, stating that, whilst its financial performance was below 2021 levels, this was expected given the exceptional performance seen in 2021, and planned operational maintenance in 2022. The Mint still exceeded its financial goals for 2022, as set out in the Corporate Plan.

Revenue for the year at $38 billion was 9% below 2021. Profit before income tax and other items was $45 million, 45% lower than $82.1 million in 2021. The Mint paid $40.7 million in dividends to its shareholder, the Canadian Government compared with $78.9 million in 2021.

Revenue from the Canadian Circulation Programme increased by 5% to $95.6 million, mainly due to a different mix of denominations combined with higher Alloy Recovery Programme (ARP) metric tons processed in 2022. This was partially offset by lower circulation coin volumes produced (135.8 million, compared with 148.4 million in 2021) and programme fees. In total, new coins sold to financial institutions and others came to 336 million pieces, 11% less than the 379 million pieces in 2021.

Revenue from Foreign Circulation business decreased by 45% in 2022 to $62.6 million, said to be due to slower than expected re-opening of foreign economies post pandemic and rising geopolitical and economic uncertainties on the global economies. The decrease in foreign circulation revenue reflects 60% lower volumes produced and shipped year over year and changes in the mix of contracts for coins and coin blanks.

ESG progress

The Mint has put in place a solid foundation to enable it to be a leader in ESG (Environment, Social, Governance) issues. It provided a comprehensive analysis of its performance in 2022 on greenhouse gas emissions, water consumption and solid waste recycled compared with the four previous years 2018 to 2021, demonstrating its commitment to supporting Canada’s adoption of the United Nations 2030 sustainable development goals.

It has also made a commitment to have a carbon neutral circulating coin business by 2030 and has begun refining gold from reputable North America mines for an ethically-sourced precious metal exchange-traded fund.