Glencore considers ASX listing after Rio Tinto talks collapse  

Glencore, the Swiss mining and commodity trading company led by Chief Executive Gary Nagle, is considering a listing in Australia if it benefits the business, following the collapse of merger talks with Rio Tinto.

ASX listing under consideration 

Nagle said a secondary listing on the Australian Securities Exchange could broaden the company’s investor base and offer market participants another major mining stock alongside Rio Tinto and BHP. 

Before moving forward, Glencore would consult shareholders and seek advice from advisers, Nagle said. The company declined further comment on the report.

Rio-Glencore merger talks collapse

The listing discussion comes weeks after Rio Tinto ended takeover talks with Glencore in February, closing months of negotiations over a potential tie-up that would have created the world’s largest mining group. 

According to people familiar with the talks, Glencore believed the proposed terms undervalued its copper assets and development projects. Rio, meanwhile, said the deal would not provide enough value for its shareholders.

Last August, Glencore decided against moving its primary listing from London to the United States, choosing to remain in the U.K. after reviewing the costs and regulatory hurdles involved. 

The company already maintains a secondary listing in Johannesburg and delisted from Hong Kong in 2018. 

Glencore’s global mining, trading footprint

Founded in 1974, Glencore operates across 35 countries and trades a broad range of raw materials used in energy and industry. 

Under Nagle, the company has continued to run one of the world’s largest mining and commodity trading businesses while putting greater emphasis on metals tied to cleaner energy technologies. Glencore is a key supplier of copper, nickel and cobalt, materials widely used in electric vehicles, batteries and renewable power systems. 

Late last month, the company also agreed to buy nearly 2,000 metric tons of cobalt in a deal valued at about $115 million, strengthening its position in the battery metals market.