Glencore begins dual listing on the Australian Securities Exchange

Mining giant Glencore has officially commenced trading on the Australian Securities Exchange (ASX) under the ticker code GLC. The company is utilizing a dual listing strategy through CHESS Deposit Interest (CDIs), which provides holders with a one-for-one holding relative to ordinary shares on the London Stock Exchange.

While already listed in London and Johannesburg, Glencore sought an Australian listing to increase access to local capital. Chief Executive Gary Nagle noted that the move was driven by reverse inquiries from investors whose mandates previously restricted them from investing in London-listed securities. The company aims to attract approximately $5 billion in new capital over the coming year and hopes to close the valuation gap between itself and Australian rivals like BHP.

Glencore maintains a significant presence in Australia with 13 operations, including coal mines in the Hunter Valley and the Bowen Basin. The company employs approximately 16,820 staff and contractors within the country.