The Brief:
Glencore lists on the ASX via CDIs, eyeing a spot in the ASX 100 within two years.
Mallesons advises the global mining giant on its secondary listing.
It’s not every day a FTSE 100 company joins the ASX.
Glencore, one of the world’s largest diversified miners, has been admitted to the Official List as a Foreign Exempt Listing, with trading set to kick off on 14 October 2026.
It joins around 80 international companies dual-listed on the ASX. With a A$132bn market cap in London, it’ll be among the most significant.
The listing
Glencore will trade via CHESS Depositary Interests (CDIs), each tied to one ordinary share in London. There’s no capital raise and no new shares.
The push came from local investors, including super funds, whose mandates stopped them buying more London stock.
CEO Gary Nagle expects $5bn+ of CDIs to be snapped up in the first two years. Around $1.7bn gets Glencore into the ASX 200. And around $5.5bn gets it into the ASX 100.
“We certainly think we can get into the ASX 100, which is around $5.5 billion. We think we can get there in one to two years,” said Nagle.
Why Australia
Australia is one of Glencore’s most important jurisdictions, with copper, coal, zinc and nickel operations and 16,800 employees.
Then there’s Rio Tinto. Merger talks to create a $320bn company broke down over price eight months ago, with Rio’s Aussie shareholders the more opposed. A local listing brings Glencore closer to those investors, and Nagle won’t rule out another tilt.
“Nothing is impossible,” he said. “I still think industry consolidation makes sense and there would be massive synergies with potential re-ratings.”
Who’s acting
Mallesons advised Glencore, led by David Eliakim (Partner and M&A Practice Leader) and Paul Schroder (Partner), supported by solicitor Bella Kidman, with specialist input from partner Mark McFarlane.
The mandate adds to the firm’s cross-border resources run, after acting on Wiluna’s $180m IPO and Greatland’s ASX and AIM cross-listing.
It is not every day that a company of Glencore’s scale joins the ASX, particularly in a period of subdued listing activity. Its arrival is a significant addition to the Australian market and reinforces the ASX’s standing as a leading resources exchange.
Source: Mallesons, AFR (9 Oct), AFR (12 Oct)