(Alliance News) - Yamana Gold Inc on Monday said it is in advanced stages of the listing process on the London Stock Exchange and intends for common shares to be admitted to the standard segment of the Official List and to trading on the LSE's Main Market in "the next few months".
The company, already listed in the US and Canada, has a market capitalisation of USD5.1 billion according to a US Security & Exchange Commission filing.
Yamana, one of Canada's biggest gold producer, said that in addition to its other listings on the New York Stock Exchange and the Toronto Stock Exchange, it believes that a listing on the LSE will bring European investors on to the company's share register. It added that is not intending to raise equity capital in conjunction with the LSE listing.
Yamana is a Canadian-based precious metals producer with significant gold and silver production, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina.
"This is an ideal time to be joining the London market. Yamana is in as strong a position as it has ever been, with a strong and rising cash flow profile, an outstanding portfolio of producing mines and projects, and a number of compelling opportunities to grow organically. We have the balance sheet strength to advance these opportunities while continuing to increase shareholder returns, as evidenced by the three increases to our dividend over the past 12 months," said Chair Peter Marrone.
Fresnillo PLC currently is the only pure gold miner in the FTSE 100 index, though Polymetal International PLC and some other blue-chip miners have gold in their mix. London lost Randgold Resources to a takeover by Canada's Barrick Gold Corp at the start of 2019, and Barrick then came back and bought out Acacia Mining later that year.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Fresnillo (FRES)
