Glencore (LSE: GLEN) has flagged a secondary listing on the Australian Securities Exchange for October, in a move stockbroker Morgans said reflected domestic investment trends.

The Swiss-headquartered miner would keep its primary listing in London. Australian investors would access the stock through CHESS Depositary Interests, with admission targeted for October, subject to regulatory approval.

Glencore holds mature assets across Australia. In Queensland and New South Wales it operates 17 coal mines. Its Mount Isa Mines operation in north-west Queensland produces copper, lead and zinc, while the Murrin Murrin operation in Western Australia produces nickel and cobalt.

Main image: Black Star Mine Mount Isa Glencore

The Queensland coal sites include Collinsville, Clermont, Oaky Creek and Rolleston.

Morgans Financial senior analyst Adrian Prendergast said larger markets had been captured by tech stocks, and the listing was an effort to seek fair valuation. The Australian market was ready for another major resource player, he said.

“There’s certainly room for another major miner to be listed on our stock exchange,” Mr Prendergast said.

“I think the one thing we’ve lacked in the last 10 years is a natural cycle of new listed entities really coming in, especially in the copper space.

“And, if anything, consolidation has shrunk that space during a time of rising profitability. So I think it just gives investors another opportunity to get quite attractive global scale copper exposure into the portfolio.”

Copper outlook

Mr Prendergast said the decision reflected shifting global and domestic pressures, with economic conditions volatile and cost-of-living and industry inflation in focus.

“I certainly think that there’s a wide-ranging amount of pressure globally and domestically in Australia,” he said.

He said Australia was ahead of the curve on resources, with copper above US$6 a pound keeping most of the world’s producers profitable.

“I think it’s certainly inducing significant supply globally, which is helping at this stage to keep the prices where they are while that demand intensity builds across a number of widely covered mega trends like electrification, AI, energy transition, a glowing global middle class, all of these contributing meaningfully to copper intensity globally.

“What’ll be interesting is the next 10 years, how supply continues to perform against really accelerating copper demand will be very interesting in my view. And that’s where you might get more of a paradigm shift in copper prices.”