Precious metals streaming firm Wheaton plans London listing

LONDON (Reuters) - Streaming firm Wheaton Precious Metals Corp said on Sunday it is planning a UK listing by year-end, potentially the largest metals and mining company to join the London Stock Exchange since Glencore in 2011.

Reuters September 21, 2020 02:05:31 IST
Precious metals streaming firm Wheaton plans London listing

Precious metals streaming firm Wheaton plans London listing

LONDON (Reuters) - Streaming firm Wheaton Precious Metals Corp said on Sunday it is planning a UK listing by year-end, potentially the largest metals and mining company to join the London Stock Exchange since Glencore in 2011. The Vancouver-based group, which is dual-listed in New York and Toronto, is valued at about $23 billion on the Canadian exchange.

"The listing is really about trying to open up new ways of investing in precious metals to the shareholders and funds based on the London Stock Exchange who don't have access to us in our other listings," said Chief Executive Randy Smallwood.

"London felt like the next natural home for us." The firm said it is not intending to raise capital via the listing.

Streaming is a type of alternative finance that generally involves an upfront payment by the streamer to a miner, which repays the loan by supplying metal at a later date.

Wheaton has streaming deals with 17 mining companies including Vale , Glencore, and Barrick Gold , which supply metals including gold, silver and cobalt.

Smallwood said Wheaton was in advanced talks on further agreements with several miners in Africa and two in Asia, but would steer clear of high-risk jurisdictions.

He said it would stick to precious metals in future agreements and not look for more cobalt deals or expansion into battery metals.

Wheaton operates in 11 countries, mainly in North and South America, but has no exposure in Africa, Asia and Australia.

Gold prices have soared to record levels above $2,000 an ounce this year, spurring investor interest in companies and acquisitions. Silver prices have also surged.

Wheaton will be joining smaller streaming rivals Anglo Pacific and Trident Royalties already listed in London.

(Reporting by Zandi Shabalala; Editing by Jan Harvey)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.