LONDON, March 9, 2026, 21:36 GMT
Glencore plc may consider listing in Australia if it means attracting more investors, the Australian Financial Review reports, suggesting the miner is still hunting for a boost after its merger bid with Rio Tinto fell through. Chief executive Gary Nagle said a second listing would let investors “another option other than Rio and BHP.” 1
The Rio move has spotlighted a valuation gap, just as copper—essential for power grids and building projects—becomes central to mining industry playbooks. Glencore argued that the proposal failed to reflect the real worth of its copper unit and its expansion prospects. According to the AFR, Nagle views an Australian listing as a route to better acquaint local investors with Glencore and maybe give its shares a boost. 2
Glencore is weighing a secondary listing—put simply, adding the Australian Securities Exchange as another trading venue for its shares, in addition to London. Nagle told the paper the company still has to consult shareholders and get advice before making a move. Glencore wouldn’t comment beyond that. 1
Glencore just posted what could be described as uneven annual earnings. The Feb. 18 release showed adjusted EBITDA slipping 6% to $13.51 billion for 2025. Still, the company is sticking with its $2 billion shareholder payout. CEO Nagle, in remarks then, said consolidation remains a viable path for mining sector investors. 2
With Rio out of the picture, investor attention has shifted to Glencore’s next move. “Asset sales could help build a more focused copper-and-trading business and attract a higher multiple,” said Iain Pyle, investment manager at Aberdeen. George Cheveley, portfolio manager at Ninety One, also sees room to “release value” as Glencore reshapes its portfolio. 3
Back in February, Rio dismissed the idea of a merger, saying it wouldn’t generate sufficient value for its shareholders. Glencore, for its part, argued the opposite—the bid undervalued its copper business. “Not our base case,” said Jefferies analyst Christopher LaFemina on the odds of another offer surfacing. BHP, meanwhile, made it clear there’d be no counterbid. 4
Glencore has faced decisions about its listings before Australia entered the picture. The Swiss-based mining giant holds a secondary listing in Johannesburg, pulled out of Hong Kong back in 2018, and opted last August to keep its main listing in London, citing “material friction” costs over a possible switch to New York. 1
An ASX listing is still only on the table, with no timeline set and shareholder input required—so the plan could still hit a wall. Whether simply moving to another exchange would actually fix the valuation gap that derailed the Rio negotiations is also uncertain. 1
