Canadian miner Yamana aims to strike gold in London float as it predicts a bull run in precious metal prices
Canadian miner Yamana Gold will list on the London Stock Exchange today as it predicts a bull run in gold prices.
The gold group’s founder and executive chairman Peter Marrone said it was a ‘well timed’ move as the firm looks to reel in European shareholders.
The company, which is worth £4.5billion on the Toronto Stock Exchange, is due to produce nearly 1m tons of gold in 2021 and has mines in Canada, Chile and Argentina.
Heating up: Yamana Gold, which is worth £4.5bn on the Toronto Stock Exchange, is due to produce nearly 1m tons of gold in 2021 and has mines in Canada, Chile and Argentina
London is one of the best-respected hubs worldwide for metal trading and many companies based on foreign stock exchanges also seek listings on the LSE or AIM.
Yamana is also listed in New York.
Its share price in Toronto has risen by more than 57 per cent so far this year and last week it hiked its dividend by 50 per cent with gold is worth around $1,925.
Marrone said he wanted the firm to become the ‘investment of choice’ in London and to overtake LSE stalwarts such as Fresnillo, worth £9.7bn, and Polymetal, worth £8.1billion.