Key facts
- Glencore plans a secondary listing on the Australian Securities Exchange (ASX) in October 2026.
- The move aims to tap into Australia's substantial pension capital for copper growth and potential M&A.
- CEO Gary Nagle expects Glencore to be included in the ASX 200 index within 12 months.
- Reasons cited for the move include undervaluation and low liquidity in London.
- Glencore has reported four work-related fatalities this year.
Glencore is planning a secondary listing on the Australian Securities Exchange (ASX) in October 2026, aiming to tap into one of the world's fastest-growing pools of institutional capital. The company cited undervaluation and low liquidity in London as key reasons for the move, seeking to fund its copper growth ambitions and potentially facilitate transformational mergers and acquisitions. Australian pension funds, with substantial capital and an appetite for resources stocks, are seen as a key target audience. Glencore CEO Gary Nagle expressed confidence in achieving inclusion in the ASX 200 index within 12 months, followed by the larger ASX 100 index. The company also noted that a local listing could help unlock access to more capital for existing Australian shareholders who face limits on overseas investments. The move comes as Glencore's merger discussions with Rio Tinto have stalled, and a secondary listing could simplify future M&A with Australian-listed companies. Glencore acknowledged four work-related fatalities from two incidents this year, a point noted by some analysts. The company plans to significantly increase copper production by 2035, requiring substantial capital investment.