Glencore, the Swiss commodities group, expects its planned Australian stock market listing to attract investors seeking exposure to copper and the global shift toward electrification, Chief Executive Gary Nagle said Friday.

The London-listed miner also sees opportunities to expand its local business, although it has no specific acquisition targets lined up. Glencore has received “very strong” interest from prospective investors and existing shareholders whose investment mandates restrict them from buying shares listed overseas, Nagle told reporters ahead of its Oct. 14 secondary listing on the Australian Securities Exchange.

Copper drives investor interest

Glencore, valued at about $90 billion, is targeting inclusion in Australia’s benchmark S&P/ASX 200 index within 12 months. Some analysts believe the shares could qualify for major local indexes in half that time, potentially broadening the company’s investor base and increasing its visibility among domestic fund managers.

Copper is central to that investment case. The metal is essential to electricity networks, electric vehicles and renewable energy infrastructure, positioning Glencore to benefit from rising demand as economies electrify. Analysts estimate copper could account for about 50% of the company’s earnings by 2030, up from roughly 30% currently, if its assets are developed on schedule.

Coal remains part of the pitch

Glencore is also one of the world’s largest thermal coal producers, an exposure that has deterred some investors facing environmental restrictions on their portfolios. Nagle said attitudes toward coal have shifted as energy shortages and geopolitical disruptions underscore the need for reliable electricity supplies.

“The idea that thermal coal is going to disappear overnight seems to be a fallacy and everyone seems to recognise that,” Nagle said, pointing to recent energy crises. He argued that demand for electricity supports investment across multiple energy sources, including coal, even as electrification increases the importance of copper.

“The world is energy short: It needs power, it needs electricity and it needs to be able to conduct that electricity,” Nagle said.

Trading business adds appeal

Glencore’s Australian listing will also give local investors access to its commodities trading operations, a business that distinguishes it from other companies on the exchange. The division has delivered stronger-than-expected earnings as conflicts in the Middle East disrupt energy markets and tighten global commodity supply chains.

The company said last week that it expects its 2026 marketing-adjusted operating profit to exceed $5 billion, well above its previous long-term guidance range of $2.3 billion to $3.5 billion. The forecast highlights the growing contribution of trading to earnings as geopolitical risks reshape flows of oil, gas and other commodities.

Listing fuels takeover speculation

Glencore’s trading business was also an attraction for Rio Tinto Chief Executive Simon Trott during discussions about a potential $240 billion combination earlier this year. Rio ultimately rejected the proposed tie-up, but Glencore’s Australian listing has fueled speculation that a broader local investor base could influence future deal discussions.

Nagle dismissed suggestions that the listing was designed to advance merger and acquisition plans, while acknowledging that a local share listing could create additional options. “The decision to list here had nothing to do with any sort of M&A activity or ideas that we have around deals,” he said.

Glencore operates in more than 30 countries, producing, processing, recycling, sourcing and marketing more than 60 commodities for industries ranging from automotive manufacturing and steel to power generation, batteries and oil. In Australia, the company recently secured regulatory approval to extend the life of its Hunter Valley Operations coal mine, potentially allowing parts of the operation to continue until 2045.