Westaim to produce coin blanks for France's 5-cent Euro

FORT SASKATCHEWAN ALBERTA, CANADA - The Westaim Corporation announced today that it has signed an agreement with the French Mint to produce copper-bonded steel coin blanks for France’s Euro 5-cent coin. The contract, the first-ever for the Euro coin from any country in the European Union, is for 675 tonnes, or 172 million pieces, with an option for another 325 tonnes, or a further 83 million pieces. Production and shipment will take place in 1998.

“This contract is further validation of Westaim’s global reputation for superior coinage products and technology,” said Greg McGlone President of Westaim’s coinage operations. “This is the first Euro coin contract ever awarded and we are very confident that more will follow as other countries prepare to tender their coin blank contracts.”

The Euro is the new currency of the 11 countries from the European Union that have joined together to form the European Monetary Union (EMU). France, Spain, The Netherlands, Germany, Italy, Portugal, Ireland, Finland, Austria, Belgium and Luxembourg comprise the EMU. Each country is responsible for producing its share of the Euro coins, which will include eight denominations. All of the Euro coins will have a common insignia from the EMU on one side, and the country of origin on the other side.

In total, an estimated 80 billion coins will be produced in the next three years, making it the largest coinage project in history. Most of the contracts for the coin blanks will be awarded in 1998 and 1999, and will then be minted by their respective countries for introduction into circulation in January 2002. Approximately 45 billion of the coins (the one, two and five cent pieces) will be made of copper covered steel, for which Westaim’s copper-bonded steel technology is ideally suited.

Since 1961, Westaim’s facilities have manufactured superior, low cost coinage products for domestic and international markets. The company has developed proprietary technology to coat a wide range of core materials to meet market demand for white, yellow, red and bi-color coins. In Canada, Westaim supplies nickel strip for the 10 cent, 25 cent, 50 cent and two dollar coins and aureate-bonded nickel blanks for one dollar coins. With an annual production exceeding 7,000 tonnes, Westaim’s coinage products have been used in 37 countries for over 100 denominations.

Currently the coinage division manufactures coin blanks for many countries including Canada, France, Brazil, China, the Philippines, Ecuador, El Salvador, the Netherlands and the Czech Republic.


About Westaim

The Westaim Corporation’s technology businesses consist of Westaim Biomedical, Westaim Surface Engineered Products and Westaim Advanced Display Technologies. Its industrial businesses produce coin blanks, aerospace materials and chemical products. A TSE 300 company, Westaim’s common shares are listed on The Toronto Stock Exchange, The Alberta Stock Exchange and the Montreal Exchange under the trading symbol “WED”.

For further information please contact:
Carol Villeneuve
Manager, Communications
(403) 992-5041
cvillene@westaim.com