The Royal Canadian Mint (RCM) (TSX: MNT) has partnered with the world’s top gold miner Newmont Corporation (NYSE: NEM) (TSX: NGT) to produce a new batch of 1 oz gold coins sourced from a low-emission mining operation in Quebec.
On Wednesday, the Crown corporation announced the debut of the new coins. They will be sourced solely from Newmont’s Éléonore gold mine, an underground operation fully powered by hydroelecticity that produces over 260 kilo-ounces annually.
The RCM says the coin will become available through its network of distributors in the near future and that it can be purchased in a single package or 500-coin box. The coins come with a certificate of authenticity and purity signed by the chief assayer at the mint and have the Bullion DNA security feature, which micro-engraves them using laser technology so they are impossible to replicate by illicit means.
“With this new single mine coin, made of directly traceable gold from Newmont’s Éléonore mine to our gold refinery in Ottawa, we are demonstrating continued excellence in terms of precious metal sourcing, refining and manufacturing,” said the RCM’s President and CEO Marie Lemay.
The maple leaf on the coin was designed by Walter Ott, an Austrian artist who moved to Canada in 1952 and later served as the RCM’s chief engraver between 1977-1985. The coins have a face value of $50 but are really worth over $2,500.
Éléonore gold mine, northern Quebec. Photo via Newmont Corporation
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The Éléonore mine had it first gold pour in 2014 and started commercial production the following year. Gold at the mine is extracted from its Roberto deposit and it has an overall gold recovery rate of 92 per cent.
The RCM manufactures its coins at two facilities located in Ottawa and Winnipeg. The corporation says it produced the world’s first 99.9 per cent pure bullion coin in 1982 prior to achieving 99.999 per cent purity in 1998.
The coin manufacturer has a YouTube channel where it showcases some of its newest pieces, six of which were added on Wednesday.
Newmont shares are currently worth $48.65 and RCM stock is valued at $25.30 on the Toronto Stock Exchange.
rowan@mugglehead.com
