Glencore seeks Australian stock exchange listing amid London market concerns

Mining giant Glencore plans a secondary listing on the Australian Securities Exchange by October 2026, marking another significant move away from the United Kingdom for major resource firms. The company cites undervalued shares and insufficient liquidity in London as primary drivers for seeking admission to Australia instead.

Chief executive Gary Nagle stated that this strategy aims to broaden their investor base while enhancing trading activity. He highlighted that Australia hosts a substantial pool of long-term investment capital featuring sophisticated investors with deep expertise in the global resources sector. Following the announcement, Glencore shares rose 3.5 per cent to trade at 570.3p.

The firm has already operated numerous mines across Australia and maintains significant exposure to its coal mining industry there. Nagle previously visited the country earlier this year to engage shareholders regarding a potential listing after discussions about merging with Rio Tinto concluded without success. The Australian market welcomed the move, describing itself as globally recognised for world-class resources companies.

This development follows BHP switching its primary listing back to Australia in 2022 and obtaining only a secondary presence on London exchanges. Similarly, activist campaigns last year sought to review Rio Tintos place on the UK exchange before shareholders ultimately rejected such proposals. Investment director Russ Mould noted that while mining previously enjoyed healthy representation within the British market, Glencores decision raises fears this position could be further eroded.

Conversely, Anglo American recently merged with Canadian miner Teck for $53bn and chose to retain its primary listing in London despite shifting headquarters to Canada. It maintains a secondary listing on Toronto exchanges rather than pursuing an Australian presence like its competitor.