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Markets downbeat, Wheaton aims for LSE

Key markets closed lower and futures are down as more lockdown measures loom in Europe, while hopes fade on a US stimulus package and the gold price has tumbled.
Markets downbeat, Wheaton aims for LSE Markets downbeat, Wheaton aims for LSE Markets downbeat, Wheaton aims for LSE Markets downbeat, Wheaton aims for LSE Markets downbeat, Wheaton aims for LSE

Streaming company Wheaton Precious MetStreaming company Wheaton Precious Metals intends to list on the LSEals intends to list on the LSE

Staff reporter

The precious metal price fell below US$1,900 an ounce on the spot market earlier but was at $1,913/oz at the time of writing.

Meanwhile, Wheaton Precious Metals has announced it intends to seek admission to the London Stock Exchange in the fourth quarter.

"This proposed listing will support the company's plans for growth and brings the first senior precious metal streaming company to the LSE," it said.

The company said it wasn't planning to raise capital in conjunction with the admission and would retain its primary listing on the Toronto Stock Exchange and secondary listing on the New York Stock Exchange.

It closed down 2.46% in Toronto.

Also in Toronto, Mountain Province Diamonds (TSX: MPVD) closed up 12.2%, after it reported "encouraging" results from its first small sale since February and the start of the COVID-19 pandemic.
 
It owns 49% of the Gahcho Kué diamond mine in Canada's Northwest Territories.

Precious metals companies are in the spotlight at the Gold Forum Americas, virtually underway this week, while those focused on battery metals are keenly awaiting Tesla's Battery Day today

Finally among the majors, gold giant Newmont closed down 1.6% in New York and both Rio Tinto and Glencore lost more than 4% in London.