Why is AustralianSuper urging Glencore to list on the ASX?

AustralianSuper believes a secondary listing on the S&P/ASX 200 would help Glencore close the gap between its current market trading price and its higher intrinsic value.

How could an ASX listing impact Glencore’s overall valuation?

According to analysis by Tribeca Investment Partners, an ASX listing could potentially boost Glencore’s valuation by 30% to 100%. This upside scenario relies on Australian investors historically assigning higher trading multiples to mining stocks compared to overseas exchanges.

Has Glencore management agreed to an Australian share market listing?

Glencore CEO Gary Nagle has stated the company is willing to consider an ASX listing and will actively engage with shareholders and advisers for guidance.

What are the main bull and bear cases for Glencore listing in Australia?

The bull case is that an ASX listing unlocks higher trading multiples and improves investor familiarity, giving traders a clear local alternative to BHP and Rio Tinto. The bear case is that a secondary listing adds regulatory costs, and any valuation upside depends heavily on local market sentiment remaining favorable toward large diversified miners.

Why is AustralianSuper investing in Whitehaven Coal (ASX:WHC) despite its big share price run?

AustralianSuper views Whitehaven Coal as highly attractive because rising environmental regulations and high barriers to entry make it incredibly difficult to develop new competing coal projects.

How does AustralianSuper reconcile its Whitehaven Coal investment with its net-zero goals?

The superannuation fund faces criticism from environmental advocates who argue that backing Whitehaven Coal contradicts the fund's commitment to achieving net-zero portfolio emissions by 2050.

Image for illustrative purposes only. Not a real photo.

AustralianSuper urges Glencore to pursue ASX listing

Written by Heidi Cuthbert Published May. 27 2026Last Updated May. 27 2026

AustralianSuper has urged Anglo-Swiss mining giant Glencore to pursue a secondary listing on the S&P/ASX 200.

Speaking at the Australian Financial Review Mining Summit in Perth, AustralianSuper senior portfolio manager Luke Smith confirmed the country’s largest retirement fund has engaged in active dialogue with Glencore.

Smith argued that a local listing would bridge the gap between Glencore's current market trading and its intrinsic value, a sentiment previously backed by Tribeca Investment Partners, who suggested an ASX debut could boost Glencore's value by up to 100 per cent due to local investors' pragmatic approach to resources.

Glencore CEO Gary Nagle has signalled a willingness to engage with shareholders on the move, which follows a major internal restructure that shifted $30 billion in foreign assets into an Australian subsidiary.

Concurrently, Smith defended AustralianSuper’s controversial reinvestment in Whitehaven Coal, branding the stock "absolutely" attractive despite a 58% share price surge.

While facing criticism from environmental advocates over the fund's 2050 net-zero targets, Smith noted that soaring barriers to entry for new projects protect existing producers.

The summit also highlighted growing enthusiasm for Endura Mining, a private copper and gold vehicle backed by AustralianSuper and Glencore.

Meanwhile, VanEck portfolio manager Imaru Casanova praised ASX-listed gold miners as "boring in the best way", urging sidelined generalist investors to return to local gold equities amid a sustained commodity rally.