Sales of Royal Canadian Mint numismatic products increased 39 per cent over the previous quarter, driven by products celebrating the reign of Queen Elizabeth II and the coronation of King Charles III, as well as higher gold market prices.
Overall, the Mint reported its financial results for the third quarter of 2023 were below 2022 levels primarily from lower bullion volumes due to weaker demand in the global bullion market, higher precious metal costs, and higher operating expenses.
“The Mint’s projected 2023 financial performance is tracking to target, despite the sudden and significant decline in global bullion demand in the third quarter,” said RCM President Marie Lemay. “We expect that our strong performance in the first half of 2023, combined with our agility to adapt to the realities of a dynamic marketplace, will minimize the impacts of headwinds and maximize opportunities.”
Consolidated revenue decreased to $360.6 million in 2023 (2022 – $728.7 million).Gold bullion volumes decreased 52 per cent quarter over quarter to 170.1 thousand ounces (2022 – 354.3 thousand ounces) while silver bullion volumes decreased 64 per cdtn to 3.4 million ounces (2022 – 9.6 million ounces).
The Mint also reported revenue from the Foreign Circulation business decreased 44 per cent, quarter over quarter due to an unfavourable mix of coins and blanks in new contracts, despite higher volumes from new contracts awarded in 2023 as compared to 2022.
Revenue from Canadian coin circulation products and services decreased 12 per cent quarter over quarter as fewer coins were required to replenish inventories. Revenue from the Precious Metals business decreased to $328.4 million in 2023 (2022 – $687.2 million), and revenue from the Circulation business decreased to $32.2 million in 2023 (2022 – $41.5 million).