Glencore Xstrata lists on JSE

2013-11-13 14:20

Shares in Switzerland-based global mining and commodities giant Glencore Xstrata were traded for the first time on the JSE today.

“Our listing on the JSE is a significant step for Glencore,” chief executive Ivan Glasenberg said today.

With a global market capitalisation of R732 billion, the company is among the top three largest listed on the exchange.

The listing “not only deepens our relationship with South Africa, it highlights our confidence in Africa as a place to invest,” said Glasenberg in a statement.

This will be Glencore’s third listing with its primary listing on the London Stock Exchange (LSE) and having a secondary quote on the Hong Kong Stock Exchange (HKEx).

Glencore which runs more than 150 mines, offshore oil production assets and agricultural outfits worldwide, operates ferrochrome, platinum group metals and coal mines in South Africa.

The head of the JSE, Nicky Newton-King, welcomed the listing as a “huge accolade” for the exchange and “reflects well on South African financial markets”.

Glencore is the 10th company to be listed on the JSE since the beginning of the year.

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