Yamana Stock- Wheaton Precious Metals to trade in London
The move will make Wheaton the largest metals and mining company to join the exchange since Glencore in 2011. It will also boost its exposure to European investors seeking precious metals deals.
“We are excited that a new investor audience will soon have the opportunity to share in our story,” president and chief executive officer, Randy Smallwood, said in the 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 $500 billion, can only invest in LSE-listed companies.
Not raising money
President and chief executive Randy Smallwood said last month that the company was not seeking to raise any money in conjunction with the listing. Paired with the fact that it will apply for a standard rather than a premium listing, 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 just 40 people.