() appointed Paul Smith as new non-executive chairman, effective June 21.
Smith was previously a senior executive at Glencore and worked for nine years for the mining and commodities trading company. He was most recently responsible for the group’s strategy before leaving in 2020.
Trident said that during his time at Glencore, the group completed numerous large-scale corporate and capital market transactions, including the $ 90 billion merger with Xstrata Plc. He also pointed out that Smith was at one point also CFO of Katanga Mining Limited, a subsidiary of Glencore listed on the Toronto Stock Exchange, and represented Glencore as a non-executive director of and of Glencore Agriculture Limited.
“I am exceptionally proud that in just over 12 months we have quickly implemented our strategy and transformed Trident into a diversified mining royalty company with an attractive portfolio of assets, operating cash flow and a board of directors and a leadership team of the highest caliber, ”said James Kelly, who will be moving from his role as president to non-executive director.
“We have benefited from strong growth in both the share price and market capitalization; is a testament to the strategy and hard work of everyone involved.
“We now have a solid platform to continue our growth, and I am delighted that Paul is joining us as our new president. I think Paul, with his experience and network, is well qualified to lead Trident for this next phase as we envision to scale the business quickly.
Smith, meanwhile, added, “Under James’ leadership, Trident has quickly established itself as a credible provider of royalties and metal streams, with 12 royalties already in place and more under consideration.
“Trident is well positioned to grow through a combination of primary royalty and stream issuance and by consolidating the large pool of existing ones.
“Decarbonizing the global economy will require significant increases in the production of enabling metals, such as copper. The cost of building the associated additional mining capacity will be in the hundreds of billions of dollars. This will lead to a growing demand for alternative sources of development capital, including royalties and flows.
“Trident’s goal is to create a large-scale royalty and streaming company that is also diversified by merchandise, geography and the maturity of the underlying projects. “
Smith intends to invest in Trident, agreeing to subscribe for £ 2million of shares – 2.5million shares priced at 40p each – through his firm Collingwood Capital Partners. An investment agreement also allows Collingwood to subscribe for an additional 2.5 million shares at any time during the following year.