The deal between London 2012 and the 1,100-year-old Mint was signed following a competitive tender process, with the opportunity originally advertised on the business opportunities portal CompeteFor.

A total of 4,700 Olympic and Paralympic Games medals will be produced at its headquarters in Llantrisant, South Wales.

London 2012 chief executive Paul Deighton said: "The Olympic and Paralympic medals are presented to elite athletes at the biggest sporting events in the world – a moment which represents the pinnacle of their career - and we're pleased to announce that they will be produced in South Wales."

Adam Lawrence, chief operating officer at the Royal Mint, said: "As a UK manufacturer, this is great news for the country, the 800 people we employ and our suppliers."

The medals will be designed by a UK-based artist.

London 2012 is currently short-listing invited artists and an announcement on the chosen design will be made in summer 2011.

To date, 98 per cent of contracts awarded by London 2012and the Olympic Delivery Authority (ODA) have gone to businesses based in the UK.

The London 2012 Games-time procurement process will see £700 million ($1.1 billion) worth of contracts awarded before the summer of 2012.


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