Trident Royalties appoints former Glencore exec as new chair


Trident Royalties PLC (LON:TRR) appointed Paul Smith as its new non-executive chair, with effect from 21 June.

Smith was formerly a senior executive at Glencore and was with the mining and commodities trading firm for nine years. He was most recently head of strategy for the group before leaving in 2020.

Trident said during his time at Glencore the group successfully completed numerous large scale corporate and capital markets transactions, most notably the $90bn merger with Xstrata Plc. It also highlighted that Smith was at one stage also CFO of Katanga Mining Limited, Glencore`s TSX listed subsidiary, and represented Glencore as a non-executive director of Lonmin Plc and Glencore Agriculture Limited.

“I am exceptionally proud that in a little over 12 months, we have rapidly executed on our strategy and built Trident into a diversified mining royalty company with a portfolio of attractive assets, operating cash flow and a board and management team of the highest calibre,” said James Kelly, who will move from his position as chair to non-executive director.

“We have enjoyed strong growth in both the share price and market capitalisation; testament to the strategy and the hard work of all involved.”

“We now have a solid platform for further growth, and I am delighted that Paul will be joining us as our new chairman. I believe that Paul, with his experience and network, is well qualified to lead Trident for this next phase as we look to rapidly scale the business.”

Smith, meanwhile, added: “Under James’s leadership, Trident has quickly established itself as a credible provider of metals royalties and streams, with 12 royalties already in place and others under consideration. 

“Trident is well positioned to grow through a combination of primary issuance of royalties and streams and by consolidating the extensive pool of existing ones.

“De-carbonising the global economy will require material increases in the production of enabling metals, such as copper.  The cost of building the associated incremental mine capacity will be in the hundreds of billions of dollars.  This will lead to an increasing demand for alternative sources of development capital, including royalties and streams.

“Trident’s goal is to build a large-scale royalty and streaming company which is also diversified by the commodity, geography and maturity of the underlying projects.”

Smith intends to invest in Trident, agreeing to subscribe for £2mln of shares – 2.5mln shares priced at 40p each – via his company Collingwood Capital Partners. An investment agreement also allows for Collingwood to subscribe for a further 2.5mln shares at any time in the next year.


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