Mining giant Glencore has announced it plans to list its stock on the ASX, targeting admission in October 2026.<\/p>\n
In its half-year results, the major copper and coal producer said the plan had followed a review of opportunities to broaden its investor base and enhance trading liquidity.\u00a0\u00a0<\/p>\n
The firm is currently listed on the London Stock Exchange and is the third-largest miner on the FTSE 100 behind BHP and Rio Tinto. Shares in Glencore have risen 100 per cent over the past year to 5 August versus returns of 18 per cent by the FTSE 100.\u00a0 \u00a0<\/p>\n
Choosing the ASX, the company pointed to Australia\u2019s long-term investment capital via superannuation and its strength in resources.\u00a0<\/p>\n
\u201cAustralia is home to one of the world\u2019s largest and fastest-growing pools of long-term investment capital, with A$4.4 trillion in pension assets expected to grow to approximately A$12.4 trillion by 2045. The market also offers access to a highly sophisticated investor base with deep expertise in the global resources sector,\u201d Glencore wrote.\u00a0<\/p>\n
Having previously said its LSE shares were undervalued in the UK, Glencore is looking to launch its ASX secondary listing via CHESS Depositary Interests (CDIs).\u00a0Similar to American Depositary Receipts (ADRs), CDIs let local investors buy and sell foreign shares through the standard electronic settlement system.\u00a0<\/p>\n
The company said that an Australian listing is expected to strengthen Glencore\u2019s profile in one of its most important operating jurisdictions, while broadening its shareholder base and improving corporate financial flexibility.\u00a0\u00a0<\/p>\n
Glencore chief executive, Gary Nagle, added that mechanical inclusion in the ASX 200 would be achievable for the company within 12 months, once $1.5 billion of stock is held locally. \u00a0<\/p>\n
While Glencore\u2019s global market cap would rank it among the ASX top 20, index treatment follows the Australian-held float \u2014 so its local weighting will build gradually rather than displacing other companies immediately.\u00a0<\/p>\n
Local impact\u00a0<\/p>\n
For Australian investors, Glencore pitched the move as an opportunity for increased access to diversified copper exposure, \u201cat a time when local investment opportunities have diminished following industry consolidation and M&A activity in recent years.\u201d\u00a0<\/p>\n
Several major Australian investors including AustralianSuper and fund managers like Tribeca have been urging Glencore to list on the local exchange for some time.\u00a0<\/p>\n