Glencore Targets Secondary Listing in Australia — 2nd Update

By Adam Whittaker

London-listed Glencore is planning a secondary listing on the Australian stock market a year after ditching a switch to New York.

Glencore said Wednesday that a listing on the ASX would broaden its shareholder base, improve trading liquidity and enhance its corporate financial flexibility. It said it intends to apply for the secondary listing and is targeting admission of its shares in October.

The move comes after Glencore held failed talks this year with rival Rio Tinto about a potential tie-up that could have created the world's biggest mining company and copper producer. Rio Tinto is dual-listed in London and Sydney.

Glencore said it expects to be included in key ASX indices within a relatively short time frame. The listing would also provide access to an investor base with "deep expertise in the global resources sector," it said.

Australia is home to a number of large mining companies and its investor base is seen as supportive of the sector. The country also has the fourth-largest pool of pension savings globally, and the fastest-growing among Organisation for Economic Co-operation and Development countries. It is expected to overtake both the U.K. and Canada to become second only to the U.S. by the early 2030s, according to the Super Members Council of Australia, an industry body.

Glencore's decision comes 12 months after the miner pulled plans to switch its main listing to New York from London. At the time it said that despite the scale and depth of U.S. capital markets, switching its listing or having a sponsored American depositary receipts program wouldn't offer better value for shareholders at that time. It promised to keep its listing under review.

Glencore also has a secondary listing on the Johannesburg Stock Exchange.

The announcement was made alongside its first-half results.

The period was exceptionally profitable for Glencore, which was aided by a vast trading arm that capitalized on energy market volatility triggered by conflict in the Middle East and posted a near-record first-half result. The company said it would buy back $500 million of shares and return around $1 billion to shareholders via a special cash distribution. Shares were up 4% in morning London trade.

Group adjusted earnings before interest, taxes, depreciation and amortization jumped 86% to $10.115 billion. The trading unit more than doubled its adjusted earnings before interest and taxes to $3.3 billion.

Glencore's energy traders are among the world's largest buyers and sellers of crude oil and its products. They source commodities and sell them to customers around the world. They also buy from third parties with the goal of selling for a higher price. Benefiting from price differences--or arbitrage--across locations is central to how traders make money.

The closure of the key Strait of Hormuz chokepoint on the Persian Gulf left countries scrambling for replacement oil and gas supplies. Jet fuel and diesel were particularly affected and commanded high premiums.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

August 05, 2026 04:11 ET (08:11 GMT)