Glencore begins trading on the Australian Securities Exchange on Wednesday, October 14, after being admitted as a foreign exempt listing. The Sydney line trades as CHESS Depositary Interests, with each CDI representing one Glencore ordinary share. The listing is additional to London and Johannesburg, involves no new shares and raises no funds.
The strategic target is Australia’s pension pool, put at A$4.8 trillion, or about $3.3 trillion, in reporting on the listing. Chief executive Gary Nagle has said some funds indicated they would hold more Glencore if it listed locally, and the company hopes the added demand supports the share price and index standing. Nagle has targeted inclusion in the S&P/ASX 200 within 12 months, which requires the CDIs to reach about A$1.5 billion in market value, while S&P/ASX 100 entry would need about A$5.5 billion. Analysts cited by Mining Weekly think top-100 entry could come as early as March or April next year if liquidity builds.
Coal is the friction. Glencore is the world’s largest thermal coal exporter, and coal generated about 25 percent of its industrial revenue in 2025, although revenue from coal used in power generation fell by more than half from the previous year. Several Australian superannuation funds restrict coal holdings. Nagle has argued investor attitudes to fossil fuels have shifted, and briefings run by JPMorgan, Barrenjoey and UBS were described as well attended.
The equity story Glencore is selling in Sydney is copper. Reporting on the listing puts copper at potentially 50 percent of earnings by 2030, alongside a commodity trading business the company expects to deliver more than $5 billion in marketing adjusted operating profit in 2026. Whether Australian benchmark money prices the copper and trading story above the coal discount is the question the first weeks of CDI trading will answer.