LONDON (Reuters) - Streaming firm Wheaton Precious Metals Corp WPM.TO said on Sunday it is planning a UK listing by year-end, potentially the largest metals and mining company to join the London Stock Exchange since Glencore GLEN.L in 2011. The Vancouver-based group, which is dual-listed in New York and Toronto, is valued at about $23 billion on the Canadian exchange.
“The listing is really about trying to open up new ways of investing in precious metals to the shareholders and funds based on the London Stock Exchange who don’t have access to us in our other listings,” said Chief Executive Randy Smallwood.
“London felt like the next natural home for us.” The firm said it is not intending to raise capital via the listing.
Streaming is a type of alternative finance that generally involves an upfront payment by the streamer to a miner, which repays the loan by supplying metal at a later date.
Smallwood said Wheaton was in advanced talks on further agreements with several miners in Africa and two in Asia, but would steer clear of high-risk jurisdictions.
He said it would stick to precious metals in future agreements and not look for more cobalt deals or expansion into battery metals.
Wheaton operates in 11 countries, mainly in North and South America, but has no exposure in Africa, Asia and Australia.
Reporting by Zandi Shabalala; Editing by Jan Harvey
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