Commercial Arm Boosts British Manufacturing Industry
The Royal Mint today announces its most significant investment in over 40 years with a major new development at its site in Llantrisant, Wales. The £16.5m project will see the construction of two new nickel plating production facilities and an effluent plant and will double the organisation’s nickel plating production capacity.
With the first phase of the new development to be complete by September 2010, the facility represents one of the largest undertakings in the Royal Mint’s history. The bold new project marks an acceleration in the Royal Mint’s five-year growth plan – a decision it has made to capitalise on significant opportunities in the nickel plated coin marketplace both at home and abroad.
Andrew Stafford, Chief Executive and Deputy Master of the Royal Mint said, "The fact that we’re able to take advantage of these investment opportunities is testament to the excellent work of the team at the Royal Mint. It highlights how we are continuing to build for the future, compete internationally as a UK manufacturer and bring our vision of "Making Money for Everyone" to life."
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Royal Mint facts
The Royal Mint has a history dating back over 1000 years. By the late thirteenth century the organisation was based in the Tower of London, and remained there for over 500 years. By 1812, the Royal Mint had moved out of the Tower to premises on London’s Tower Hill. In 1967 the building of a new Royal Mint began on its current site in Llantrisant, South Wales
There were estimated to be 28.2 billion United Kingdom coins in circulation at 31 March 2009, with a total face value of £3.6 billion – all manufactured by the Royal Mint
1.3 billion United Kingdom coins were issued during 2008-09
Of the higher denomination coins, it is the 20p piece that is most in demand – with more than 2.4 billion now in circulation.