Glencore eyes ASX listing by October

• Glencore targets a secondary listing on the ASX by October.
• First-half net profit surged to US$4.4 billion following a 49% revenue increase.
• The dual listing aims to broaden its investor base and improve share valuation.

Swiss-headquartered mining giant Glencore plans to secure a secondary listing on the Australian Securities Exchange by about October to access local capital.

The planned expansion follows a first-half net profit of US$4.4 billion, reversing a US$655 million loss from the previous corresponding period.

"The Australian market has a very deep pool of knowledge and people who understand mining, and it’s something we don’t see in many places around the world," said Glencore CEO Gary Nagle.

The secondary listing will not raise new capital or issue new shares, operating instead via CHESS Depositary Interests for Australian investors.

Glencore stated that it expects the transaction to secure inclusion in the ASX 200 index within 12 months.

The company generates significant revenue from its Australian operations and previously held unsuccessful merger discussions with Rio Tinto (ASX:RIO).