Commodities
Home›Commodities›Mining›Glencore to list on Australia’s ASX on Oct. 14
Glencore to list on Australia’s ASX on Oct. 14
The secondary ASX listing will trade under ticker GLC without a capital raise or new share issuance.
Glencore plans to start trading on the Australian Securities Exchange on Oct. 14 via a secondary listing, using the Australia pension market to support its copper expansion and potential acquisitions, Mining.com reports.
The company said the ASX listing, which met regulatory requirements, will trade under the ticker GLC and will not involve a capital raise or issuing new shares. Each Australian-listed CHESS Depositary Interest will represent one Glencore ordinary share, and Computershare Investor Services will manage the Australian CDI register.
Glencore also said UK and South Africa shareholders can begin requesting conversions of their ordinary shares into Australian-listed CDIs from Sept. 24, ahead of the planned October trading debut. The company previously weighed other listing venues, including New York, and abandoned a coal spin-off plan.
As background, Glencore’s CEO Gary Nagle said investors had shown strong interest in an Australian presence, particularly after Glencore’s failed merger discussions with Rio Tinto earlier this year. The article also notes the Round Top Mountain mine for USA Rare Earth is about 85 miles southeast of El Paso, Texas.
Latest closeCopper $6.751 ▲1.1%