Glencore Looks to Aussie Exchange for Copper Growth
Glencore intends to list its shares on the Australian Securities Exchange to finance its expansion in the copper sector. The company aims to increase its production to 1.6 million tons annually by 2035, up from approximately 810,000 to 870,000 tons currently. This move leverages the strength of Australian pension funds, which manage assets worth AUD 4.4 trillion, with expectations of rising to AUD 12.4 trillion by 2045. The company seeks to join the ASX 200 index within 12 months. Listing is seen as an opportunity to enhance its financial presence and facilitate acquisitions and mergers, although some investors remain cautious due to challenges such as safety record and environmental impacts.
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