Key facts
- Glencore expects strong investor demand for its Australian listing due to the electrification trend.
- The company is scheduled for a secondary listing on the Australian Securities Exchange on October 14.
- CEO Gary Nagle believes Glencore could be included in the S&P/ASX 200 index within 12 months.
- Copper is estimated to account for 50% of Glencore's earnings by 2030, up from around 30% currently.
- Glencore expects its 2026 marketing-adjusted operating profit to exceed $5 billion.
Glencore anticipates significant investor interest when it lists in Australia next week, driven by the global trend towards electrification, according to CEO Gary Nagle. The London-listed miner and trader expects demand from investors seeking exposure to copper, a critical material for the energy transition.
Nagle told reporters on Friday that the company has seen "very strong" interest from both new and existing investors, some of whom are limited by overseas mandate restrictions. He believes Glencore, with a market capitalization of $88 billion, could be included in Australia's benchmark S&P/ASX 200 index within 12 months, though analysts suggest it could happen sooner.
Copper is projected to constitute approximately 50% of Glencore's earnings by 2030, a substantial increase from its current contribution of around 30%, assuming its assets are developed on schedule. Despite being a top thermal coal producer, Nagle noted that investor views on the commodity have evolved, recognizing its continued importance amid energy crises.
"The world is energy short: it needs power, it needs electricity and it needs to be able to conduct that electricity," Nagle said, emphasizing the value of both copper and all forms of electricity generation, including thermal coal.
The company's commodity trading business, which offers Australian investors unique exposure as the only ASX-listed firm with such operations, is also a key draw. This business has significantly boosted Glencore's profits, with the company expecting its 2026 marketing-adjusted operating profit to surpass $5 billion, well above its previous guidance. The conflict in the Middle East has further constrained global energy markets, benefiting Glencore's trading division.
Earlier this year, Rio Tinto CEO Simon Trott had cited commodity trading as an appeal when discussing a potential, ultimately rejected, tie-up with Glencore. Nagle clarified that the Australian listing is not related to M&A activity but acknowledged that having a listed security in Australia could provide additional optionality.