Glencore
Mg Guys Just a quick one here . Your thoughts on Glencore listing next month on ASX. wait and see ? I Maybe wrong a base metals miner ? cheers Paul M
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Answer
Hi Paul,
Glencore is a GBP64bn diversified resources business, headquartered in Switzerland, which is looking to dual list on the ASX in mid-October. Its one of the world’s largest diversified commodity groups, combining a huge global trading business with major mining operations across copper, coal, zinc and nickel.
Its marketing division generates the bulk of revenue due to the enormous volume of commodities traded, while its mining and processing assets generate most of the earnings.
- In 1H26, Glencore generated US$174.4bn of revenue and US$10.1bn of adjusted EBITDA, with copper and coal among its most important earnings drivers.
Glencore is set to begin trading on the ASX through CDIs, with each CDI representing one ordinary Glencore share, while London remains its primary listing. The move is designed to broaden its Australian shareholder base and tap the country’s large pool of superannuation and institutional capital, particularly as local investors seek greater exposure to copper following the disappearance of several large ASX-listed copper names.
- Glencore is targeting inclusion in the ASX 200 within 12 months, which could ultimately attract index-related buying.
Strategically, the listing also highlights Glencore’s increasing focus on copper as a key growth commodity, with significant capital being directed toward expanding its portfolio. The ASX listing itself doesn’t change the underlying business or provide Australian franking credits, but it should improve accessibility and liquidity for local investors while adding another large, diversified resources company to the Australian market.
As we’ve seen with Capstone Copper’s (CSC) dual listing on the ASX we don’t immediately see selling of say Sandfire Resources (SFR) but in the years ahead if we see operational hiccups both CSC and GLEN will become viable alternatives to the long term ASX incumbents.
- At this stage, we would simply watch and wait as you said.
