<\/p>\n
Glencore Plc will launch a secondary listing in Australia as soon as October as the mining giant seeks to tap new investment in the nation\u2019s fast-growing A$4.4 trillion ($3.1 trillion) pension system.<\/p>\n
Chief Executive Gary Nagle confirmed the move on Glencore\u2019s earnings call on Wednesday, telling investors that the firm aims to be included in Australia\u2019s benchmark ASX 200 Index within 12 months.<\/p>\n
\u201cWe believe that is fully achievable, and our ambition goes well beyond the ASX 200. We believe soon thereafter, we can, in fact, get ASX 100 inclusion, which requires approximately A$5.5 billion on the Australian line,\u201d he said.<\/p>\n
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Nagle said the move was designed to help access new sources of investment in Australia, adding that major players in the country\u2019s pension sector were unable to invest further in the company without a local listing. The funds also have keen understanding of the mining industry given the nature of the domestic economy.<\/p>\n
\u201cThey have said to us that if there was an ASX line, that they\u2019d be able to invest a lot more in Glencore,\u201d he said.<\/p>\n
The announcement comes six months after talks between Rio Tinto Group and Glencore failed, ending for now a deal that would have created the world\u2019s biggest miner.<\/p>\n
The listing plans are positive for Glencore, the Australian exchange and domestic investors, Luke Smith, co-head of Australian equities at the nation\u2019s biggest pension fund AustralianSuper, said in an emailed statement. The proposal serves as a way for Glencore\u2019s share price to \u201cmove closer to intrinsic value,\u201d he added.<\/p>\n
The company has been looking for new ways to attract more liquidity and raise its share price. Last year, it weighed a possible US listing, before ditching the plan.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Glencore #eyes #Australia #listing #months #tap #pension #pot<\/p>\n","protected":false},"excerpt":{"rendered":"
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