Glencore will apply for a secondary listing on the Australian Securities Exchange through CHESS Depositary Interests, with admission targeted for October 2026. The move comes as the miner sets ambitious copper production goals and reports a sharp jump in first-half earnings.
A Two-Year Runway to the Copper Target
The CDIs would arrive about two years before Glencore's stated goal of reaching roughly 1.0 million tonnes of annualised copper production by end-2028. That timing gives local funds a window to price construction and ramp execution before the milestone lands. AustralianSuper called the potential listing positive for the market and investors.
Glencore also aims for ASX200 inclusion within 12 months of listing. The company hasn't said which index it expects to join first, but the ASX200 is the benchmark most domestic funds track.
Copper Ambitions vs. the Peers
If Glencore hits that 1.0 million tonne figure, it would sit between Rio Tinto's roughly 883 thousand tonnes in 2025 and BHP's approximately 2.02 million tonnes in FY2025. The company's longer-term target is 1.6 million tonnes by 2035.
Own-sourced copper production totalled 397 thousand tonnes in the first half of 2026, up 15% year on year. That's the kind of growth the ASX listing is meant to showcase to Australian investors who've had limited direct exposure to Glencore's copper pipeline.
Strong Half-Year Numbers
Group adjusted EBITDA rose 86% year on year to about $10.1 billion in the first half of 2026, up from $5.43 billion a year earlier. Mining margins were 52% for copper, 38% for steelmaking coal, and 19% for energy coal.
Net cash purchases of property, plant and equipment rose to $4.0 billion in H1 2026 from $3.2 billion in the prior period, with a substantial part attributed to copper-portfolio investments. That spending is the engine behind the production targets.
Coal Still in the Mix
Glencore reported 13.5 million tonnes of steelmaking coal and 47.4 million tonnes of energy coal in the first half of 2026. Coal remains a significant part of the business, and it was a sticking point in merger discussions with Rio Tinto earlier this year.
The ASX listing doesn't change that. But it does give Australian investors a clearer view of how Glencore balances its coal cash flows against copper growth spending.
The listing application is expected to proceed over the next year, with admission targeted for October 2026. That's when local funds will get their first direct chance to price the copper ramp.
