GLENCORE TO LAUNCH SECONDARY LISTING ON AUSTRALIAN STOCK EXCHANGE

Glencore announced plans to seek a secondary listing on the Australian Securities Exchange, with admission targeted for October 2026. The mining and trading company, which holds a market capitalisation of £64.4bn and ranks among the largest firms on the FTSE 100, said the listing would "broaden our investor base and enhance trading liquidity". Chief executive Gary Nagle cited Australia's position as home to one of the world's largest pools of long-term investment capital and access to a sophisticated investor base with deep expertise in global resources. Glencore's share price rose 3.5 per cent following the announcement, trading at 570.3p.

Glencore operates multiple mines across Australia, which the company describes as "one of our most important operating jurisdictions", and maintains significant exposure to the country's coal mining sector. The group has previously stated that its London-listed shares are undervalued and that trading liquidity remains insufficient. Nagle visited Australia earlier in the year to present the listing proposal to shareholders, following the collapse of merger discussions with Rio Tinto. The Australian Securities Exchange welcomed Glencore's intention to seek a listing, describing the market as "globally recognised as the natural home for world-class resources companies".

The move reflects a broader trend of major mining firms diversifying their exchange listings away from London. BHP switched to a primary listing in Australia in 2022, whilst retaining a secondary listing in London. Rio Tinto faced an activist shareholder campaign last year calling for a review of its position on the London exchange, though shareholders rejected the proposal. The shift raises questions about London's continued standing as a capital markets hub for the global mining and resources sector.