Yamana Gold Inc (TSE:YRI) (NYSE:AUY) has unveiled plans to list on the standard segment of the LSE’s main market in the next few months in a move to bring European investors into the fold.
The firm, which is one of Canada’s biggest gold producers and operates five mines across the Americas, said it is intending to become “the ‘investment of choice’ in London for those looking for exposure to gold, supported by a strong, sustainable dividend”.
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Yamana also noted that the LSE currently has “a limited number of sizeable pure-play gold producers” and that it believes a London listing will “provide UK and European investors with greater, more local exposure to a new high-quality investment choice of a type not currently available on the exchange”.
"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”, said executive chairman Peter Marrone, who added that the company has balance sheet strength to advance these opportunities while “continuing to increase shareholder returns”, highlighting three increases to its dividend over the last 12 months.
"Significant upside for gold equities remains, driven by recent events and the macroeconomic backdrop. As an Americas-focussed gold producer, with a first-class management team and Board, alongside a healthy dividend yield, Yamana offers a new, high-quality investment choice for the European investor looking for long-term exposure to gold”, Marrone said.