Glencore has shifted more than $30 billion in foreign assets into an Australian subsidiary in a huge restructure designed to make it easier to strike a future mega-merger with a rival commodities giant.
Coal mines in Canada, South Africa and Colombia, a copper resource in Argentina and a South African manganese, chrome and vanadium business are among the assets shifted into the local Glencore Investment Pty Ltd. The restructure comes less than a year after Glencore publicly debated the merits of demerging its flagship coal division, and eight months after it tried to engage Rio Tinto in merger talks for the second time in a decade.
Despite deciding against the divestment of the company’s coal division, which delivered 38 per cent of earnings last year, Glencore chief Gary Nagle has shifted all of Glencore’s global coal assets into the same Australian entity that holds its NSW and Queensland coal mines.
For the rest of this column: https://www.afr.com/companies/mining/glencore-shifts-30b-in-assets-to-australia-in-major-restructure-20250529-p5m3dc