20 Jul Wheaton Precious Metals signs sustainability-linked revolving credit facility
One of the world’s largest precious metals streaming companies has underlined its sustainability credentials with the signing of a US$2 billion sustainability-linked revolving credit facility.
Wheaton Precious Metals has added the sustainability-linked metric to its existing undrawn revolving credit facility, whereby the interest rate paid on drawn amounts and standby fees will be adjusted based upon Wheaton’s performance in three sustainability-related areas.
Those three areas are: Wheaton’s attributable emissions from third-party mining partners operations covered by science-based emissions targets; diversity at the Wheaton group’s board and management levels; and Wheaton’s S&P ESG score.
Toronto, New York and London-listed Wheaton has also extended the maturity date of the renewed revolving credit facility by one year to July 18, 2027. The company currently has no amounts drawn under the facility.
“At Wheaton, sustainability is integral to every aspect of our business, strategy and overall success,” said Randy Smallwood, Wheaton’s President and Chief Executive Officer.
“Integrating key performance indicators that are based on our ambitious sustainability goals into the renewal of our credit facility demonstrates that we are committed and accountable to creating value for all of our stakeholders, including our shareholders, mining partners and our neighbours.
“It is the right thing to do, and we hope to see more of our peers in the streaming and mining industry do the same.”
In a similar move last year, Newmont Mining sold $1 billion of sustainability-linked bonds, giving it a financial incentive to cut emissions and improve corporate governance, in a milestone transaction for the global mining sector.