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October 14 ASX debut for Glencore

Glencore expects to begin trading on the Australian Securities Exchange on October 14 after meeting all regulatory requirements.

The Swiss-headquartered company sees the listing as the route to tapping an investor base with deep expertise in the global resources sector.

The company, which already trades on the London Stock Exchange and the Johannesburg exchange, will have a CHESS Depositary Interest on the ASX.

Each CDI traded represents a beneficial interest in one Glencore ordinary share.

Glencore, which will trade under the ticker GLC on the ASX , said shareholders in the UK and South Africa ⁠could request the conversion ​of ordinary shares into CDIs from this week.

The global mining and resources trading company’s assets include the Collinsville, Hail Creek, Clermont, Oaky Creek and Rolleston coal mines in the Bowen Basin.

It operates the George Fisher zinc-lead-silver mine at Mount Isa, copper and lead smelters at Mount Isa and the Townsville copper refinery.

The company recently reported a first-half net profit of $US4.4 billion ($6.24 billion), up from a $US655 million loss in the previous corresponding period.

Glencore announced this week that the US Government had selected it to be a founding partner in the launch of VaultCo, a strategic critical minerals reserve designed to strengthen US critical minerals supply chains.

“We are pleased to be partnering with the US Export-Import Bank and VaultCo to support critical minerals security and help ensure American industry has access to the materials it needs,” Glencore head of marketing for metals and bulks Jyothish George said.

“Glencore’s participation in this initiative reflects our longstanding role connecting global production with industrial consumers and our commitment to supporting resilient and diversified supply chains for critical minerals.”

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