{"id":98776,"date":"2026-08-06T20:17:47","date_gmt":"2026-08-06T20:17:47","guid":{"rendered":"https:\/\/www.europesays.com\/britain\/98776\/"},"modified":"2026-08-06T20:17:47","modified_gmt":"2026-08-06T20:17:47","slug":"glencore-asx-secondary-listing-no-capital-raise-planned","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/britain\/98776\/","title":{"rendered":"Glencore ASX secondary listing: No capital raise planned"},"content":{"rendered":"

Glencore plans to list its shares on the ASX, targeting Australia\u2019s massive pool of superannuation funds as future shareholders.<\/p>\n

Glencore chief executive Gary Nagle told The Australian the decision to seek a secondary listing came in response to multiple requests from Australian funds \u2013 particularly super funds \u2013 whose mandates prevented them from investing too heavily in overseas markets.<\/p>\n

Mr Nagle said Glencore would not be seeking to raise any capital as part of its listing, and expected to be trading on the Australian exchange by October.<\/p>\n

Glencore is capitalised at about $134bn on the London market, and Mr Nagle said that given the number of queries the company had received, he believed the company would quickly meet the threshold of about $5bn needed for inclusion in the ASX 100.<\/p>\n

\u201cAustralian investors are very smart, they\u2019re savvy, and they understand mining. Given its economy, Australia has a very well-educated mining investor community. Australians really know their stuff,\u201d he said.<\/p>\n

After running a similar secondary listing on South Africa\u2019s Johannesburg exchange, Mr Nagle said about $10bn worth of Glencore stock was now held in the country, and said he expected Australian funds would quickly drive a similar take-up through the ASX when it completes the listing later this year.<\/p>\n

Glencore\u2019s decision to seek an ASX listing comes after the expiry of a standstill imposed by UK corporations laws on Rio Tinto relating to a return-to-talks with Glencore over a potential tie-up between the two companies. Rio walked away from negotiations in February, and is not believed to be in any hurry to revisit merger talks with Glencore.<\/p>\n

Entry on to the ASX 100 would likely also help underpin Glencore\u2019s share performance, and potentially deliver a short-term boost, as demand for its shares would then be driven by mandatory buying from index-based funds.<\/p>\n

Speaking to reporters after the release of Glencore\u2019s first-half financial results, Mr Nagle pointed to low levels of copper exposure on the Australian market other than BHP and Rio Tinto as a reason for the demand for Glencore stock.<\/p>\n

\u201cThere\u2019s no longer a Metals Acquisition Corp, there\u2019s no longer an OZ Minerals. So if Australian investors want a proxy for copper investments, we\u2019re a very strong copper play given our existing portfolio and our pipeline,\u201d he said.<\/p>\n

\u201cSo it gives them more optionality to invest in a copper portfolio on the ASX, which they currently don\u2019t have that kind of optionality.\u201d<\/p>\n

The secondary listing would make it easier for Glencore to issue performance-based stock incentives to local workers, and potentially use scrip if it were considering acquisitions inside Australia.<\/p>\n

Glencore is one of the biggest coal miners in the country, and its Australian thermal coal operations delivered earnings before tax, interest depreciation and amortisation of $US638m in the first half of the year. Its coking coal operations delivered EBITDA of $US238m. <\/p>\n

Glencore booked total EBITDA of $US10.1bn for the first half of the year.<\/p>\n

But the company\u2019s struggles at its Mt Isa base metals and Murrin Murrin nickel operations in WA are continuing.<\/p>\n

Glencore booked a fresh $US457m impairment against Murrin Murrin. It wrote the book value of the ageing laterite nickel operation to nothing, and warned that the high sulphur prices \u2013 partly the result of the war in the Middle East and partly the result of BHP\u2019s decision to close its Kalgoorlie nickel smelter \u2013 were putting further pressure on the operation.<\/p>\n

Glencore shut down its underground copper mines near Queensland\u2019s Mt Isa last year, and is running the regional city\u2019s copper smelter on third-party feed. The long-term survival of that smelter is in doubt, despite the state and federal governments agreeing to a $600m bailout of the smelter last October which would keep the smelter open until at least 2028.<\/p>\n

Glencore booked a $US4.4bn net profit for the first half of the year.<\/p>\n

\"Nick<\/a>Nick Evans<\/a>Margin Call Columnist and Resource Writer<\/p>\n

Nick Evans has covered the Australian resources sector since the early days of the mining boom in the late 2000s. He joined The Australian\u2019s business team from The West Australian newspaper\u2019s Canberra bureau, where he covered the defence industry, foreign affairs and national security for two years. Prior to that Nick was The West\u2019s chief mining reporter through the height of the boom and the slowdown that followed.<\/p>\n","protected":false},"excerpt":{"rendered":"Glencore plans to list its shares on the ASX, targeting Australia\u2019s massive pool of superannuation funds as 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