Key facts
- Glencore is pursuing a secondary listing on the Australian Securities Exchange (ASX).
- The company aims for admission to the ASX in October 2026.
- CEO Gary Nagle stated the listing will broaden the investor base and enhance trading liquidity.
- Glencore cited undervaluation and insufficient liquidity in London as reasons for the move.
- Shares rose 3.5% on the announcement.
- The move follows BHP's primary listing switch to Australia and Rio Tinto's activist campaign concerning its London listing.
Glencore is planning a secondary listing on the Australian Securities Exchange (ASX) in October 2026, a move that underscores concerns about the declining attractiveness of London as a capital market for mining companies. The Anglo-Swiss commodities firm, a significant entity on the FTSE 100 with a market capitalization of £64.4 billion, stated that its shares are undervalued and lack sufficient liquidity in London.
CEO Gary Nagle expressed that the Australian listing would "broaden our investor base and enhance trading liquidity." He highlighted Australia as a major source of long-term investment capital and home to a sophisticated investor base with expertise in the global resources sector. Following the announcement, Glencore's shares rose 3.5% to 570.3p, marking a 39.4% increase year-to-date, driven by strong profits from market volatility linked to the Middle East conflict.
Australia is a key operational jurisdiction for Glencore, particularly in coal mining. Nagle had previously visited Australia to discuss the potential listing idea. The ASX welcomed the move, recognizing itself as a natural home for global resources companies. This development follows similar trends, such as BHP's decision to move its primary listing to Australia in 2022 and an activist campaign targeting Rio Tinto's London listing last year.
Russ Mould, investment director at AJ Bell, noted that Glencore's announcement could further erode the UK market's representation in the mining sector. However, Anglo American, after merging with Teck for $53 billion, has opted to retain its primary listing in the UK while establishing a secondary listing in Toronto and shifting its headquarters to Canada.