Wheaton Precious Metals to trade in London

The London Stock Exchange. Credit: Investopedia

Canada’s Wheaton Precious Metals (TSX: WPM; NYSE: WPM), one of the world’s largest gold and silver streaming companies, said today it has been approved by the U.K. financial regulator to list on the London Stock Exchange (LSE).

The Vancouver-based firm, which already trades in Toronto and New York, will make its debut on the LSE on Oct. 28 under the ticker WPM.

The move will make Wheaton the largest metals and mining company to join the exchange since Glencore (LSE: GLEN) in 2011. It will also boost its exposure to European investors seeking access to precious metals investments.

“We are excited that a new investor audience will soon have the opportunity to share in our story,” president and chief executive Randy Smallwood said in a statement.

“As a streaming company focused on precious metals, we believe Wheaton is the best way to invest in the sector, and we are confident in the underlying market dynamics.”

Some European funds, managing about US$500 billion, can only invest in LSE-listed companies.

Last month, Smallwood said that the company was not seeking to raise any money in conjunction with the listing. The company will apply for a standard rather than a premium listing, so Wheaton will not be eligible for inclusion in the indices run by FTSE.

Streaming companies provide upfront payments to miners in exchange for the right to buy metals at a discount in the future. These firms are some of the most profitable in the natural resources sector as they tend to have low overheads and costs. Wheaton employs only 40 people.

The group has streaming deals with 17 mining companies, including majors Barrick Gold (TSX: ABX; NYSE: GOLD), Vale (NYSE: VALE) and Glencore.

Fellow Canadian miner Yamana Gold (TSE: YRI; NYSE: AUY) began trading in London on Oct. 13, while B2Gold (TSX: BTO; NYSE: BTG said last month it may consider such a move.

— This article first appeared in MINING.com, part of Glacier Resource Innovation Group.

Print

Be the first to comment on "Wheaton Precious Metals to trade in London"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close