Glencore will launch a secondary listing in Australia in the latest blow to London\u2019s ailing stock market as miners continue to eye opportunities away from the UK.<\/p>\n
The mining and trading juggernaut, which is among the largest companies on the FTSE 100 boasting a market cap of \u00a364.4bn, is pursuing the listing following its group\u2019s long-standing complaint that its shares are undervalued and there is too little liquidity in London.<\/p>\n
Chief executive Gary Nagle said the listing would<\/a> \u201cbroaden our investor base and enhance trading liquidity\u201d, targeting admission to the Australian Securities Exchange (ASX) in October 2026.<\/p>\n Nagle said: \u201cAustralia is home to one of the world\u2019s largest and fastest-growing pools of long-term investment capital.<\/p>\n \u201cThe market also offers access to a highly sophisticated investor base with deep expertise in the global resources sector.\u201d<\/p>\n Shares climbed 3.5 per cent following the announcement, trading at 570.3p. The stock has climbed 39.4 per cent since the start of the year as the group, which boasts an enormous trading division, booked bumper profit off the back of market volatility caused by the Middle East conflict.<\/p>\n Australian shine<\/p>\n The Anglo-Swiss commodities firm operates a number of mines across Australia, branding it \u201cone of our most important operating jurisdictions\u201d, and has a large exposure to the country\u2019s coal mining industry.<\/p>\n Nagle visited Australia earlier this year to warm up shareholders on the idea of a potential listing, after talks of a merger with Rio Tinto fell apart.\u00a0<\/p>\n The ASX welcomed Glencore\u2019s intention to seek a listing, saying the market is \u201cglobally recognised as the natural home for world-class resources companies\u201d.<\/p>\n Glencore\u2019s pursuit of ASX is not the first time a London listed miner has looked down under for liquidity, creating concerns that the UK\u2019s standing as capital market hub for the industry is crumbling.<\/p>\n The London Stock Exchange lost out on the primary listing of BHP in 2022, when the Australian mining giant switched to its domestic market. It has obtained its secondary listing in London.<\/p>\n Rio Tinto, which has its primary listing in the UK, also faced an activist campaign last year that looked to review its place on the London exchange. Shareholders ultimately rejected the proposal.<\/p>\n Russ Mould, investment director at AJ Bell, said: \u201cThe mining sector was one area where the UK market enjoyed healthy representation, but Glencore\u2019s announcement it will seek a secondary listing in Australia will raise fears this position could be further chipped away.\u201d<\/p>\n But Anglo American, which is in the process of<\/a> merging with Canadian miner Teck for $53bn (\u00a339.3bn), has opted to keep its primary listing in the UK, while having its secondary listing in Toronto.<\/p>\n