TORONTO — Vancouver-based streaming company Silver Wheaton Corp. is proposing a name change to Wheaton Precious Metals Corp. as it seeks a brand that better reflects the increasingly large contribution gold is making to its bottom line.
“A lot of investors judged our book by its cover and so we’ve decided to change the cover,” chief executive officer Randy Smallwood said in an interview Wednesday. “The name change really reflects the fact that we are truly a precious metals company and not just a silver company.”
In 2004, Silver Wheaton pioneered the concept of financing miners upfront in return for a portion of future production at a fixed discounted price. The company started off in the silver space but has seen a marked increase in gold production since 2013.
By the second half of last year, its revenue stream was equally split. By the fourth quarter, increased gold sales volumes and prices pushed gold’s share to 51 per cent of the company’s revenue.
Smallwood said he anticipates gold will make up an even larger portion of revenues this year given that workers at one of its key silver mines, San Dimas owned by Primero Mining Corp., are on strike.
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