Make Kitco Your Homepage

The Canadian Mint has seen an 81% jump in revenue

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Royal Canadian Mint (MNT:TSX) has reported a strong performance in Q1 2021. Revenue from precious metal business increased to $852 million in Q1 compared to 2020 Q1 performance of $465.2 million. The report also noted that gold bullion volumes increased more than 65% Q/Q and were 328.5 thousand ounces (Q1 2020 – 198.1 thousand ounces) while silver bullion volumes increased 52% and were 9.9 million ounces (Q1 2020 – 6.6 million ounces).

The Mint increased its overall revenue by 81% with consolidated profit before income tax and other items $26 million, compared to $6.5 million for the corresponding quarter in 2020.

The revenue increase was seen across both the Mint’s precious metal and circulation business. The former includes bullion, refining, storage services, numismatics and the Canadian Gold Reserves and Canadian Silver Reserves Exchange-Traded Receipt (ETR) programs. The Q1 performance was mainly due to higher sales of bullion.

Frank Caterina, of Royal Canadian Mint, stated “The Mint’s excellent performance in the quarter is a testament to the dedication, resilience and flexibility of its employees. The sustained strong demand for our bullion products and services that we witnessed last year continues into 2021. He added, “Throughout the COVID-19 pandemic, the Mint has continued to prioritize the health and safety of its employees while also ensuring that the essential services it provides to the mining and financial sectors remained uninterrupted.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.