Wheaton Precious Metals joins LSE in quest for European exposure

One of the world’s largest gold and silver streaming companies – Wheaton Precious Metals – began trading on the London Stock Exchange (LSE) earlier this week.

The London listing will compliment Vancouver-based Wheaton’s primary position on the Toronto Stock Exchange (TSX) and its secondary listing on the New York Stock Exchange (NYSE).

“We’re a Canadian company, so we’re not moving anywhere, we’re just expanding,” said Wheaton’s president and CEO Randy Smallwood. “For us, a listing on the LSE is the next step in becoming a truly global company.”

He added that the company is not aiming to raise money from the listing but instead looking to expand its investor base in Europe, particularly in the United Kingdom.

Wheaton currently has purchase agreements with 17 mining companies, including majors Barrick Gold, Vale and Glencore, and was recently recognised in the TSX30 list of the best performing stocks across the entire exchange over the last three years, with an average share price growth of 144%.

With a total market capitalisation of C$26.5 billion, Wheaton is the largest metals and mining company to join the LSE since Glencore in 2011.

“Our business is to supply capital to the mining industry, and we’re blessed with the fact that the industry always needs capital,” Smallwood said. “Right now, we are looking at companies with copper, lead-zinc, and nickel assets to purchase gold and silver offtakes from them.”