Silver Wheaton proposes changing name to Wheaton Precious Metals

(Reuters) - Canadian mining financing company Silver Wheaton Corp SLW.TO is proposing changing its name to Wheaton Precious Metals Corp as half its revenue now comes from gold, it said on Tuesday.

Since 2013, the Vancouver-based company has seen a marked increase in gold production, and in the second half of 2016 its revenue was evenly split between silver and gold, the company said in a statement accompany its fourth-quarter results.

Shareholders will be asked to approve the name change at the company’s annual meeting in May.

Silver Wheaton in 2004 pioneered the concept of metals “streaming,” a type of alternative finance where miners receive upfront cash in return for future production at a discounted, fixed price. Initially most of the metal it received was silver.

Reporting by Nicole Mordant in Vancouver; Editing by Cynthia Osterman