[miningmx.com] – FUND managers hailed GlencoreXstrata’s secondary listing on the JSE as a clear signal that South Africa was a valid destination for mining investment, said Business Times, a weekly newspaper.
“Where you can argue that BHP Billiton and Rio Tinto, and to a lesser extent Anglo American, have been reducing their exposure to South Africa, the Glencore listing sends a powerful signal about South Africa as a mining investment opportunity,” the paper quoted Investec Asset Management’s Hanre Rossouw as having said.
GlencoreXstrata will make its debut on the JSE on November 13. It will retain its primary listing in London and Hong Kong.
Adrian Saville, chief investment officer of Cannon Asset Managers, told the newspaper: “The Glencore listing will probably make little difference to real economic activity – they’re not starting up a business; they’re not raising capital; it’s not a new investment.
“Where it makes a difference is to positive sentiment, and that should be welcomed’.
