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Wheaton Precious Metals - Streaming explained

After publishing its prospectus on Friday 23 October, Wheaton Precious Metals’ (WPM) first day of trading on the LSE was Wednesday 28 October 2020. While perhaps not perfectly timed in the sense that this was the day that the Dow Jones fell 943 points, or 3.4%, as resurgent coronavirus fears gripped world markets, it nevertheless marks the completion of WPM’s next step in its quest to become a truly global mining company. From the perspective of investors, WPM will be the second largest precious metals company listed in London (after Polyus), one of the top 40 largest companies listed in London and the largest listing since Glencore (filling the void left by Randgold among other things).This is at a time when WPM is increasingly focused on its dividend pay-out to investors, which is on track to reach 40–60% of cash flows in the longer term (currently 30%). It also introduces a truly exceptional, and almost unique, business model to the London market, which insulates investors from operating cost risks in particular and which this report explains in detail.