P. K. Saha forwarded this article from The Guardian about the Royal Mint's contract with Egypt.
Turmoil in Cairo is fraying nerves at the Royal Mint's factory in south Wales, which has a lucrative deal to supply the Egyptian authorities with more than four billion coins annually for a long-term "recoinage" programme in the north African nation.
Egypt is the Royal Mint's second-largest foreign customer, behind Russia, accounting for a substantial chunk of last year's £110m in overseas revenue. Asked if he was keeping an eye on events in Egypt, the mint's chief executive, Adam Lawrence, said: "We certainly would be. There's obviously a bit of volatility in Egypt but we've worked with the Egyptian mint for many years."
The Egyptian government had been renewing its coin supply and much of the new currency is being made at the Royal Mint, which employs 900 people in Llantrisant, near Cardiff. The mint supplies coins in four denominations: five, 10 and 50 piastres and one Egyptian pound.
The uncertainty comes at an awkward time for the mint, which is owned by taxpayers but was given commercial freedom to pursue profitable contracts at the end of 2009.
None of the mint's new coins being dispatched to Egypt, thankfully, bear an image of Hosni Mubarak, who has stepped down after 30 years of rule. Instead, the currency depicts a selection of historical sites, artefacts and figures.
Lawrence said he was unsure what the position of any new regime would be on recoinage: "I honestly don't know. I can't imagine it's top of their priority list."
To read the complete article, see:
Mubarak's downfall threatens Royal Mint's coinage contract in Egypt
Wayne Homren, Editor
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