Mining Giant Glencore Begins Trading in Australia

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, on July 18, 2017. Arnd Wiegmann/Reuters

Global mining giant Glencore has begun trading on the Australian Securities Exchange.

The company, which is Australia’s largest producer of coal, cobalt, nickel, lead and zinc, started trading on Oct. 14, adding Sydney to its existing share listings in London and Johannesburg.

The listing does not raise any new money for the company. Instead, each unit traded in Australia represents one existing Glencore share, with London remaining the company’s main market.

Many European funds won’t own coal companies, so part of the attraction for Glencore may be that it perceives Australian investors as more amenable to coal investments, who are already exposed to several mining stocks.

Australian investors are not uniformly comfortable with coal, however. Some of the country’s largest superannuation funds have excluded thermal coal from their investment portfolios in response to pressure from members concerned about climate change. That creates a potential tension for Glencore: an Australian listing may broaden access to local investors, but it does not guarantee demand from funds with restrictions on coal exposure.

Chief Executive Officer Gary Nagle said it was an exciting day for the company.

“Glencore has been investing in Australia for decades, and we know the Australian investment community has a sophisticated understanding of global resources and commodity markets,” he said.

When the company first announced the plan in August, Nagle said the listing would raise Glencore’s profile in one of its most important countries of operation, widen its group of shareholders, make its shares easier to trade, and give the company more financial flexibility.

He also said it would give Australians more chances to invest in copper, after mergers and takeovers in the mining industry reduced local options.

Glencore told The Epoch Times it would not comment beyond its press release on its first day of trading.

The company did not provide more detail on how much of its stock it expects Australian investors, including superannuation funds, to buy.

Nor has it said whether the listing is a step towards moving its main home away from London. Last year, Glencore looked at moving its main listing to the United States, before deciding in August 2025 that the switch would not add value for shareholders.

The Australian listing also comes after failed merger talks with rival miner Rio Tinto, which confirmed the talks in January, but said on Feb. 5 that it was no longer considering a merger after deciding it could not reach a deal that would deliver value to its own shareholders.

Glencore has not said whether having its shares traded in Australia is connected to any future deals.

RBC Capital Markets has suggested the listing could help revive merger talks with Rio Tinto, calling it a possible strategic first step rather than simply a liquidity exercise. Glencore shares have traded at a discount since the Rio Tinto takeover talks ended.

Glencore says it has 16,820 employees and contractors across 16 mines and seven metals processing plants in Australia.