Glencore is aiming to secure a secondary listing on the ASX as early as October, chief executive Gary Nagle confirmed on the company's earnings call this week. The Swiss headquartered miner is currently listed on the London Stock Exchange and the Johannesburg exchange. A secondary listing means Glencore's existing shares would also trade on the ASX, without issuing new stock or raising capital.
The listing is designed to unlock demand that's currently structurally restricted. Nagle said major Australian pension funds have told Glencore directly that they would invest more in the company if there were a local line to buy, something many super fund mandates prevent while the stock is only listed offshore. Glencore is targeting Australia's $4.4 trillion pension pool, which it expects to grow to around $12.4 trillion by 2045. Tribeca's Ben Cleary has separately argued that Glencore's Australian tax position could unlock fully franked dividends, given the scale of tax it already pays locally.
The announcement follows strong first half results. Underlying earnings rose 86 per cent to $10.11 billion on revenue up 49 per cent to $174.4 billion, and the company lifted 2026 shareholder returns to roughly $3.5 billion.
For the ASX, the listing cements its position as the world's leading mining exchange, following a run of local takeovers that thinned out pure play copper options. For Glencore, it's an attempt to close the valuation gap it has long argued exists in London, where AustralianSuper's Luke Smith says the listing should help the share price move closer to intrinsic value.
