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A U G U S T / S E P T E M B E R 2 0 1 8
O
n a recent weekday morning that was notable for its oppressive heat, Randy
Smallwood was explaining to a reporter why he wouldn't part with his white
Model S Tesla.
"Have you ever driven an electric vehicle?" he asks while chatting on the phone
in his Vancouver office. The Wheaton Precious Metals Corp. [WPM-TSX, NYSE]
President and CEO says the stellar performance and lack of maintenance costs are two
reasons why he is still driving the same Tesla five years after he bought it.
After notching 85,000 km on the odometer, he said the Tesla is still running on the
original brake pads. "I have had to replace the tires three times now because I am a
pretty aggressive driver," he confides. But the cost of other repairs has been minimal.
Smallwood's Tesla loyalty, however, should not be construed as a sign that
Wheaton Precious Metals is preparing to tie itself to the electric vehicle revolution
that is driving mining industry investment in battery-related metals such as cobalt,
lithium and nickel.
As the name suggests, Wheaton will remain focused on the two key metals, silver
and gold, which currently account for 100% of annual revenue ($843 million in 2017)
at a firm that ranks as the world's largest streaming company.
"We are all about long term value in precious metals, hard assets that maintain
their value through thick and thin," said Smallwood. This will continue to be the
Wheaton Precious Metals Profile
by Peter Kennedy
Randy Smallwood, President and CEO.
Photo courtesy Wheaton Precious Metals
Corp.
