Wheaton launches $5 million covid-19 support fund

In 2019, Wheaton produced nearly 22,000 ounces of palladium from Stillwater, the only US-based PGM producing mine. (Image courtesy of Sibanye-Stillwater)

Wheaton Precious Metals (TSX: WPM, NYSE: WPM) announced on Monday a $5 million fund to support global efforts to combat the covid-19 pandemic.

The fund is designed to meet the immediate needs of the communities in which the company operates.

“Although both Wheaton and our partners have been impacted as result of the pandemic, it is clear that many of our neighbors face even greater challenges,” said Wheaton CEO Randy Smallwood in a media release.

Communities that are directly influenced by the company’s mines will receive 80% of the fund. Wheaton said the company will work closely with partners to identify the needs of the community and assess where funds could help fill an immediate gap.

Wheaton has already identified community healthcare and food security initiatives with its partners around the San Dimas, Constancia, Sudbury, Stillwater and 777 mines that will target providing resources such as mobile lab facilities, ventilators and personal protective equipment to those local communities as well as providing support to the local food banks.

The remainder will be allocated to local programs in Vancouver and Grand Cayman, where Wheaton’s offices are located.  

In 2019, Wheaton produced over 400,000 ounces of gold for the first time in its history.

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