INDEPENDENT NEWS

Queen’s head secures NZ Mint future

Published: Fri 23 Nov 2012 01:40 PM
Queen’s head secures NZ Mint future
The New Zealand Mint has today re-signed a ten year deal with the government of Niue for the management of the Queen’s effigy on Niuean collectable coins.
The deal is worth a minimum of $6m over ten years to Niue and secures the NZ Mint’s future in the global numismatic market estimated to be worth more than $1b.
“A coin is not a coin without an official government effigy so to cement the relationship we have with Niue for another ten years is not only great for business but also pleasing from a partnership point of view,” says NZ Mint chief executive Simon Harding.
The design and production of collectable coins equates to 20 per cent of the NZ Mint’s total revenue. Ninety-seven per cent of production is exported, mainly to Europe.
The deal also provides a valuable cash injection to the economy of Niue. The small Island nation is self-governed in free association with New Zealand and is home to just 1,500 inhabitants. It relies heavily on international aid and is working very hard to reduce this dependence and be more self-sustaining long term. More than 20,000 Niuens are thought to live in New Zealand.
“Niue faces many challenges but today’s agreement is a continuation of a partnership which will generate a vital revenue source and shows we are ready and willing to do business and be more self-reliant. It’s a good day for Niue and a good day for the NZ Mint,” says Niue Premier Toke Talagi.
In a nod to the on-going partnership between the two parties, the NZ Mint also announced it will fund an annual scholarship for two Niuean secondary school pupils to attend the Outward Bound leadership course in Marlborough.
Ends

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