moved that Bill C-41, an act to amend the Royal Canadian Mint Act and the Currency Act, be read the second time and referred to a committee.
Madam Speaker, 10 years ago the legislation governing the mint was amended to allow it to become a full commercial crown corporation. It is now time to review the legislation to bring it up to date, to reflect market realities and to provide the mint with the power to meet the challenges of the future.
Its mandate is to provide Canadians with high quality, cost effective circulation coins while operating profitably. It also manufactures and markets high quality collector coins and foreign circulation coinage.
Indeed, Canadians can be proud of the fact that last year the mint produced one billion coins for 16 different countries. By the end of this year the total will rise to an awesome two billions coins.
This global business, which on average accounts for 70% of the mint's revenue, works to reduce the overall cost of Canadian circulation coinage.
The mint not only covers its costs, but returns a profit to its shareholder, the Government of Canada. Last year that profit reached an admirable $4.1 million.
I trust that hon. members will agree with me that the Royal Canadian Mint is a source of national pride, providing an essential service to the Canadian economy while creating the beautiful coins that help celebrate proud symbols of our nationhood.
The mint's strategic vision is to be a world leader in minting through people, innovation and quality. The proposed changes to the Royal Canadian Mint Act that we are discussing today are essential for the mint's achievement of this strategic vision.
Let us get into these amendments a little more. To modernize the act, we propose that the process for approving coins be simplified so that the Royal Canadian Mint can meet market needs more quickly. The markets for these coins are extremely competitive and constantly changing.
Investors buy coins of various denominations and degrees of purity. Collectors and people shopping for a gift expect to have a large selection of models, denominations and metals to choose from. In order to keep generating revenues for Canadians, the mint requires a legislative framework allowing it to respond quickly and efficiently, to take advantage of opportunities on the market for coins not intended for circulation.
These are in large part coins made of precious metals to celebrate or commemorate major national events and sold to coin collectors and enthusiasts across Canada and around the world.
Our proposed amendments would give the mint the power to set and change any of the coins' features except their design. It would still be up to the minister responsible for the mint to approve coin design. These amendments would streamline the mint's decision-making process, so that it can stay attuned to the market and continue to be client centred while at the same time retaining control over coin design.
Indeed, coin design would continue to be decided by an elected representative. As I said previously, the mint's mandate is to supply Canadians with circulating coins that are of high quality, cost effective and delivered on time.
The proposed amendments will rationalize the approval process, thus improving the mint's capacity to fulfil its mandate.
I want to assure the House that, with respect to the coins Canadians use on an everyday basis, elected representatives and the minister responsible before this House will continue to have the last word.
Therefore, I would encourage my colleagues to support this legislation and send it to committee where we can look at it clause by clause and hear witnesses. After a good debate in committee we can come back to the House for a final debate and accelerate the process so the mint can make the necessary decisions in order that Canadians and the rest of the world will continue to enjoy the high quality of the coinage produced by the Royal Canadian Mint.