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Glencore has begun trading on the Australian Securities Exchange (ASX) under the code GLC, a move described as an exciting day for the company.
The listing marks a further step in Glencore’s long-standing presence in Australia, where the company has operated for 30 years across mining, processing, technology and energy businesses.
“Glencore has been investing in Australia for decades and we know the Australian investment community has a sophisticated understanding of global resources and commodity markets,” Glencore chief executive officer Gary Nagle said in a statement.
The company said its portfolio includes brownfield copper growth projects, traditional bulk commodities including steelmaking and energy coal, and its global marketing business.
Nagle said copper would play an important role in meeting demand from infrastructure including power grids, renewable energy, electric vehicles and artificial intelligence data centres.
“We believe our portfolio of mainly brownfield copper growth projects provides us with a clear pathway to become one of the world’s largest copper producers,” Nagle said.
Glencore has a primary listing in London and an existing secondary listing in Johannesburg. The company said it has announced $US28.7 billion ($41 billion) in shareholder returns since 2021, representing about one-third of its market capitalisation.
In Australia, Glencore employs 16,820 employees and contractors across 16 active mining operations and seven metals processing facilities.
The company said it is Australia’s largest producer of coal, cobalt, nickel, lead and zinc, while its Glencore Technology business provides mineral processing technology solutions to global smelters and refineries.
Glencore also operates an oil business that is one of the largest importers of liquid fuels, including diesel, into Australia.
Nagle said the company had made a significant economic contribution to Australia, including through supply chain spending and government payments.
“Over the past five years, Glencore has directly contributed $95 billion to the Australian economy, including support for more than 6,440 Australian-based businesses and payment of over $24 billion in taxes and royalties to Australian governments,” he said.
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