We have advised all our 1,000 employees and their representatives that this means that around 200 jobs are at risk

Royal Mint spokesman

A spokeswoman for the mint declined to say whether talks would continue with the unions over the bank holiday.

The announcement comes as the 900 people at the ITV Digital call centre at Pembroke Dock in west Wales wait to learn their future - and Pirelli Cables said it is to close its Newport factory with the loss of 200 jobs.

The Royal Mint made its announcement late on Thursday night, just as people were gearing up for the Easter Bank Holiday weekend.

No further details of the job cutbacks are expected until after the Easter holiday but in a statement mint managers said it was no secret that there is significant overcapacity in the industry.

"Difficult process"

"We appreciate that this is a difficult process for everyone who works at the Royal Mint and it is important to emphasise that the whole of the mint's operations are under the microscope," said a spokesman.

"Managers at the mint have been working closely with union representatives for some time to look at longer-term deployment arrangements to take account of prevailing market conditions.

"We have now reached the stage in our discussions where we are in a position to begin formal consultation.

"That will involve examining options for a fundamental restructuring of the mint and we have today advised all our 1,000 employees and their representatives that this means that around 200 jobs are at risk.

"Responding quickly"

"It is hoped that this joint approach will result in any job losses being on a voluntary basis.

"It is because we want to maintain our capability for producing a range of quality products in an increasingly competitive world market that we need to take action.

"Responding quickly and competitively to our customers' requirements is our top priority."