Glencore targets secondary listing on ASX in October 2026

Published Aug 5, 12:29 PM UTC

Glencore, the Anglo-Swiss mining and trading giant with a £64.4bn market cap, announced it will pursue a secondary listing on the Australian Securities Exchange (ASX) in October 2026. CEO Gary Nagle stated the move aims to broaden the investor base and enhance trading liquidity, citing Australia's large pool of long-term investment capital and sophisticated resources-sector investors. The decision follows Glencore's long-standing complaint that its shares are undervalued and liquidity is too low in London. Shares rose 3.5% on the news. The move is the latest blow to London's stock market, following BHP's switch to a primary listing in Australia in 2022 and activist pressure on Rio Tinto. Glencore operates multiple mines in Australia and has significant coal exposure there. Anglo American, meanwhile, has kept its primary listing in the UK.