Glencore Picks Sydney Over New York for Secondary Listing as Trading Profit Doubles

Glencore will seek a secondary listing on the Australian stock exchange, targeting admission of its shares in October, the company said on August 5, 2026, alongside half-year results driven by its trading division. The move comes a year after the miner abandoned plans to shift its primary listing from London to New York.

Glencore's shares trade in London, and the company said Australian trading should widen its shareholder base, improve liquidity and increase its financial flexibility. It intends to file the secondary listing application and is aiming for share admission in October.

The decision follows failed talks this year with rival Rio Tinto over a possible combination that could have made Glencore the world's largest miner and largest copper producer. Rio Tinto carries a dual listing in London and Sydney.

When it walked away from the New York move, Glencore said neither the transfer nor a sponsored American Depositary Receipts programme would deliver better value to shareholders at that time. The company promised to keep the question under review.

Group adjusted EBITDA rose 86% in the first half to USD 10.115 billion. In the trading unit, adjusted EBIT more than doubled to USD 3.3 billion.

The trading arm captured energy market volatility caused by the conflict in the Middle East and delivered a half-year result close to a record, according to the Broadcast newsroom report carried by Diário de Notícias. Glencore's energy traders rank among the largest global buyers and sellers of crude oil and refined products.

The listing choice sets Glencore's venue strategy against the benchmark set by its would-be merger partner. Rio Tinto's London and Sydney pairing is the structure Glencore is now partly replicating, having rejected the deeper capital pool argument for New York and having failed to secure the combination that would have delivered scale in copper.

The reporting was produced with information from Dow Jones Newswires and translated with the aid of artificial intelligence, then reviewed and edited by the Broadcast newsroom of Grupo Estado. The article was published on 05/08/2026 at 07:39.