There are a number of options for Glencore to follow in terms of generating access to major capital and not all of them involve the mooted London IPO (initial public share offering on the London Stock Exchange).
See http://www.mineweb.com/mineweb/view/mineweb/en/page67?oid=122368&sn=Detail.
Slim Mining Margins May Cloud Glencore’s IPO Value
Slim margins at Glencore’s mines and smelters could hamper the Swiss commodity giant’s efforts to attain a premium valuation from a planned multi-billion-dollar listing.
The narrow ratios contrast with better overall margins than its nearest listed rival, Noble Group (NOBG.SI), and further muddy the picture for prospective investors weighing up a firm that is a mixture of trader, miner and investor. A partial explanation is that margins are depressed as Glencore invests in new projects such as Kazakh gold mining, and in ramping up production at big existing mines — holding out the prospect of greater future profits, which it is likely to detail in any initial public offering prospectus.
Still, some analysts say they also highlight the contrast between Glencore’s ethos and that of London’s two biggest listed miners, BHP Billiton and Rio Tinto, who focus on so-called “Tier One” assets — world-class mines that are big, cheap, and easily expandable.
See http://uk.reuters.com/article/2011/03/14/uk-glencore-idUKLNE72D01320110314.