Canada's Wheaton Precious Metals plans London listing


By Henry Sanderson and Neil Hume
Financial Times, London
Sunday, September 20, 2020

Canada’s Wheaton Precious Metals, one of the largest companies involved in buying gold and silver, is planning to list on the London Stock Exchange as it looks to tap pent-up demand for precious metals from investors.

The Vancouver-based group, which has a market capitalisation of about $23 billion, is listed in Toronto and New York, where its shares have risen more than 70 percent this year.

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Wheaton specialises in royalty and streaming transactions -- acquiring long-term rights to buy metal from mines in return for an upfront payment -- which have become big business in recent years.

"There is a bit of a void on the mining side in London and we think the streaming business model is a much better way of investing in precious metals," Randy Smallwood, chief executive of Wheaton, told the Financial Times. ...

Wheaton at present pays out 30 percent of its cash flow in dividends, but this could rise to between 40 and 50 percent with higher commodity prices, according to Mr. Smallwood, who was recently named chairman of the World Gold Council. ...

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