Glencore to Pursue Secondary Listing on Australian Stock Exchange

Global mining powerhouse Glencore has confirmed its intention to pursue a secondary listing on the Australian Securities Exchange (ASX), a move signaling a potential shift in appeal for major mining firms away from London.

The FTSE 100 company, with a market capitalization of approximately £64 billion, aims for admission to the ASX in October. Chief executive Gary Nagle stated that the decision follows a comprehensive review of opportunities to expand its investor base and improve trading liquidity. He further elaborated that the secondary listing is expected to broaden the shareholder base, enhance trading liquidity, and increase corporate financial flexibility.

Glencore's shares saw a modest increase of 3.36 percent to 569.1 pence in early trading following the announcement.

This strategic step by Glencore comes after previous considerations of relocating its primary listing, including discussions with rival Rio Tinto, which currently holds dual listings in London and Sydney. Australia has emerged as a significant hub for large-cap mining companies, supported by an investor base perceived as favorable to the sector. Glencore also operates 20 active mines and processing facilities within Australia.

Nagle highlighted Australia's position as a major center for long-term investment capital, with projected pension assets to grow significantly by 2045. He also noted the Australian market's access to a sophisticated investor community possessing deep expertise in the global resources sector.

Glencore has been listed in London since its IPO in 2011, which valued the company at around £37 billion, making it the largest float on the market at that time. The company had previously reviewed its listing arrangements, with Nagle launching a review in February 2025 to ensure the company's stock achieved optimal valuation. In August 2025, Glencore opted against switching its primary listing from London to the U.S. due to the significant associated costs.

The miner, which already maintains a secondary listing in Johannesburg, previously delisted from Hong Kong in 2018. Nagle emphasized that the move to Australia is not a reflection on the London market but rather an effort to provide additional options. However, the decision is expected to raise concerns about the future of the London Stock Exchange as a venue for large-cap mining enterprises.

Russ Mould, investment director at AJ Bell, commented that Glencore's announcement could further erode the UK market's representation in the mining sector. The news coincides with Glencore reporting strong financial results for the first half of the year, driven by volatile energy prices influenced by geopolitical events in the Middle East. Revenue for the period increased by 49 percent to $174.4 billion, with adjusted earnings rising 86 percent to $10.12 billion.