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Westaim announces multi-million dollar contract with China’s Nanjing Mint |
12/09/1999 |
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Download this Press Release
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FORT SASKATCHEWAN, ALBERTA, CANADA - The Westaim Corporation today announced that it has signed an agreement worth more than $20 million with the People’s Republic of China to supply equipment and technological expertise to the Nanjing Mint’s new Aureate-Bonded-Steel (A-B-S) plating facility.
The new facility will be constructed in 24 months. Once operational, it will be capable of producing two billion ready-to-strike 5-Jiao coin blanks per year. The coins will have the same golden-colored bronze coating as the Canadian one-dollar coin.
“The surging Chinese economy requires the capacity, quality and value that Westaim brings to coinage manufacture,” said Mark Benz, President, Westaim Coinage Products. “The Nanjing Mint contract further confirms our global leadership position in plated coin blanks and establishes a solid presence in Asia.”
Recently, Westaim’s coinage division has had contracts awarded for products to be used for coinage in many countries including Canada, Brazil, China, the Philippines, Ecuador, El Salvador, Venezuela, the Netherlands, Uganda, Ghana, Lebanon and the Czech and Slovak Republics. A coin blank production facility using Westaim's copper and bronze plating technology was commissioned for the Brazilian Mint earlier this year.
In addition, Westaim is the largest non-European supplier of plated coin blanks for the Euro coins, which will enter circulation in 2002. The Euro is the new common currency for the European Monetary Union (EMU) and will be the largest coinage project in history. Westaim has been chosen to be a supplier for Finland, Spain, France, Portugal and Germany.
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 capacity exceeding 10,000 tonnes, Westaim’s coinage products have been used in more than 40 countries for more than 100 denominations.
The Westaim Corporation specializes in launching exceptional technologies into the marketplace. In addition to coin blanks, Westaim also operates two industrial businesses that produce aerospace materials and chemical products. Its technology businesses include: Westaim Biomedical Corp, which has developed an infection control technology for use in the treatment of wounds; Surface Engineered Products Corp., which has developed surface engineering technologies and materials for severe applications in the petrochemical industry; and Westaim Advanced Display Technologies Incorporated, which is developing a revolutionary low-cost flat panel display. A TSE 300 company, Westaim’s common shares are listed on The Toronto Stock Exchange, CDNX and The Montreal Exchange under the trading symbol WED.
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For more information, please contact:
Tony Johnston
Senior Vice President, Corporate Affairs
(403) 234-3103
info@westaim.com
www.westaim.com
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