Glencore has decided to retain its primary stock market listing in London, reversing earlier plans to move to New York. The Swiss mining giant’s decision comes amid a challenging first half for the company with falling profits and production, while also marking a vote of confidence in the London Stock Exchange despite recent market departures to the US.
Glencore, the Swiss mining giant and one of the largest constituents of the FTSE 100, has decided to retain its primary stock market listing in London, abandoning earlier plans to switch to New York. This decision marks a significant endorsement for the London Stock Exchange, which has recently seen a spate of major companies relocate their primary listings to the US, such as Paddy Power owner Flutter, Tui, Just Eat Takeaway.com, CRH, and Ashtead Group. Glencore’s executive leadership concluded that the move would not deliver additional value to shareholders after careful consideration of the costs, including the complexities of index inclusion and relocation expenses.
The company’s CEO, Gary Nagle, explained that despite acknowledging the “scale and depth of US capital markets” as “unrivalled,” the benefits of becoming a US domestic issuer do not currently outweigh the costs. He noted that Glencore will continue to monitor market developments and keep the topic under review. This decision provides a much-needed boost to London’s capital markets, which have faced declining activity and valuations in recent years, prompting UK government reforms aimed at revitalising investor interest through easing shareholder rules and prospectus requirements. Antonio Simoes, CEO of Legal & General, has emphasised the need for continued economic growth and regulatory reform to attract global investors, reflecting the broader context in which Glencore’s choice has been made.
Alongside the listing announcement, Glencore reported a challenging first half of 2025. The company’s adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) fell 14% to $5.43 billion, impacted by weaker coal prices and a 26% drop in copper production. This decline was attributed to operational issues such as mine sequencing, lower ore grades, water constraints, and cobalt stockpiling. Net losses nearly tripled to $655 million, primarily due to a $900 million impairment charge on its Cerrejón coal mine in Colombia. Despite these challenges, the company remains optimistic about a production recovery in the latter half of the year.
To bolster profitability, Glencore has initiated a comprehensive cost-cutting programme targeting $1 billion (£753 million) in savings by the end of 2026, with more than half expected to be achieved by the end of 2025. This effort involves significant workforce reductions as the firm streamlines operations across energy, consumables, contractors, maintenance, and administrative functions. The global workforce numbers around 150,000 employees, highlighting the broad scale of the restructuring. Glencore also intends to streamline its asset portfolio, having announced plans to close two copper mines in Mount Isa, Australia, and to sell a non-operational copper refinery in the Philippines. These moves reflect a focus on enhancing operational efficiency and sharpening technical focus, while maintaining strong positions in cobalt and thermal coal production.
Despite a difficult trading environment marked by geopolitical tensions and US tariff uncertainties affecting mineral imports, Glencore’s management remains confident in its long-term outlook. CEO Gary Nagle stated that the company is well-positioned to meet future commodity demand and fill potential supply gaps, underpinning the strategic decisions made regarding both market listing and operations. Current shareholder returns for 2025 stand at $3.2 billion, affirming some resilience amid this period of adjustment.
The decision to maintain the London listing comes amid growing concerns over the UK’s market competitiveness but also demonstrates confidence in the capital’s ability to support large multinational corporations. Given the recent exodus of firms to US exchanges, Glencore’s move may serve as a stabilising signal for London’s financial markets, suggesting that for now at least, London remains an attractive venue for major international companies.
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Source: Noah Wire Services
- https://www.dailymail.co.uk/money/galleries/article-14976557/Mining-giant-ditches-plans-New-York-switch.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 – Please view link – unable to able to access data
- https://www.ft.com/content/9d252c78-a03d-439b-806e-7f78fef8b299 – Glencore has decided to maintain its primary listing in London, foregoing a potential move to New York. The Swiss mining giant, a major FTSE 100 constituent, concluded that a switch would not generate higher shareholder value. CEO Gary Nagle cited uncertainties over inclusion in the S&P 500 index and high relocation costs as key reasons against the move. This decision supports London’s financial standing amid several corporate departures. Glencore also announced a $1 billion cost-cutting initiative to improve profitability after a 23% share price drop and increased net losses—$655 million in H1 2025 versus $233 million the year before—largely due to declining coal and copper production and commodity prices. The initiative will involve significant job cuts from its 150,000-strong global workforce by the end of 2026. Additionally, Glencore took a $900 million impairment on its Cerrejón coal mine in Colombia and reported a 26% decline in copper output. Adjusted earnings dropped 14% to $5.4 billion, and net debt rose to $13.5 billion, exceeding the target of $10 billion. Shares fell 3.6% following the announcement.
- https://www.reuters.com/markets/europe/glencores-interim-profit-slips-14-weaker-coal-prices-lower-copper-output-2025-08-06/ – Glencore reported a 14% decline in its first-half adjusted core profit, citing weaker coal prices, reduced copper production, and operational challenges at certain mines. The company’s adjusted EBITDA fell to $5.43 billion from $6.34 billion compared to the previous year. Despite considerations of relocating its primary stock listing to the U.S., Glencore decided to retain its UK listing, stating that such a move would not benefit shareholders. The company also set a cost-saving target of $1 billion by the end of 2026, following a 26% decrease in copper output. CEO Gary Nagle acknowledged ongoing geopolitical and trade uncertainties but expressed confidence in Glencore’s ability to meet future commodity demands, positioning the company to fill potential supply gaps. Total shareholder returns for 2025 were reported at $3.2 billion.
- https://www.reuters.com/business/finance/glencore-rejects-us-listing-boost-uk-markets-2025-08-06/ – Glencore has decided to keep its primary listing on the London Stock Exchange, rejecting a potential move to the U.S., which is seen as a significant endorsement for the struggling UK capital markets. The company conducted a thorough review and concluded that a transatlantic move would not increase shareholder value. This decision comes as London’s financial markets face declining activity due to fewer IPOs and decreased valuations, which have prompted some major companies like TUI and Just Eat Takeaway.com to leave London. Glencore CEO Gary Nagle indicated that while the company will continue to monitor the global exchange landscape, it currently sees no value gain in switching its listing. The UK government has been implementing reforms to revitalize its markets, such as easing shareholder rules and prospectus requirements. Legal & General’s CEO, Antonio Simoes, emphasized the need for continued economic growth and reform to attract global investors.
- https://www.reuters.com/markets/europe/glencore-sees-1-billion-savings-by-2026-after-review-assets-2025-07-30/ – Glencore announced plans to save $1 billion by the end of 2026 following a thorough review of its industrial asset portfolio aimed at streamlining its operations and enhancing technical focus. Despite this positive forward outlook, Glencore reported a 26% decrease in copper production for the first half of 2025 (343,900 metric tons), citing lower ore grades; however, the company maintains its full-year production forecast of 850,000 to 910,000 tons, expecting a strong recovery in the second half. Glencore also plans to shut down its last two copper mines in Mount Isa, Australia, and sell a non-operational copper refinery in the Philippines. The company’s shares dipped slightly by 0.6% following the announcement. It revised its long-term marketing EBIT forecast upward to $2.3–$3.5 billion for 2025, buoyed by the July sale of its agribusiness Viterra, which contributed $200 million. In the first half of the year, the trading division reported profits of $1.35 billion. Cobalt production rose 19% to 18,900 tons, while thermal coal production saw a modest increase to 48.3 million tons. Glencore remains one of the world’s top producers of both cobalt and thermal coal.
- https://www.standard.co.uk/business/business-news/glencore-london-b1241705.html – Mining giant Glencore has scrapped proposals to move its main stock market listing away from London, but warned over job cuts as part of efforts to slash costs by about $1.0 billion (£753 million). The Swiss miner, which is one of the biggest stocks on the FTSE 100, revealed in February that it was considering switching its primary listing to New York. It said on unveiling half-year results that moving its primary listing away from London would not deliver better value to shareholders in a welcome reprieve for the London Stock Market. In a presentation alongside results, Glencore said: “Of the major global equity exchanges, the scale and depth of US capital markets is unrivalled but, having considered the costs and benefits, including in respect of indexation, we do not believe that becoming a US domestic issuer… would be value accretive for shareholders at this point in time.” It added: “We will continue to monitor market developments and keep this topic under review.” In a blow to its 150,000 workers globally, Glencore said it was targeting cost cuts of about $1.0 billion (£753 million) by the end of 2026, of which more than half will be completed by the end of the year, following a review. It said savings would come from cutting its workforce as it streamlines its operations across “energy, consumables, contractors, maintenance and administrative functions”. The cost-cutting drive came as Glencore posted a 14% drop in underlying earnings to $5.43 billion. Net losses nearly trebled to $655 million from $233 million a year ago. The FTSE 100 firm’s primary listing is currently in London, although it is also listed on the Johannesburg Stock Exchange. It listed in London 14 years ago in a blockbuster flotation.
- https://www.investing.com/news/earnings/glencore-misses-adj-earnings-forecasts-in-h1-drops-new-york-listing-plans-4171935 – Glencore PLC (LON:GLEN) posted a decline in first-half (H1) adjusted earnings on Wednesday, as weaker coal prices and reduced copper output weighed on results. The company also reported a deeper net loss than expected due to a sizable impairment tied to its Colombian coal assets. Adjusted EBITDA fell 14% year-on-year to $5.43 billion, slightly below the $5.56 billion consensus estimate from Visible Alpha. The company attributed the decline to lower coal prices and continued operational issues across its copper business. Industrial unit earnings fell 17% to $3.8 billion as a result. Despite expectations for a return to net profit of about $337 million, Glencore recorded a net loss of $655 million, driven by $900 million in impairment charges from its coal operations in Colombia. That marked a wider loss than the $233 million reported a year ago. Glencore CEO Gary Nagle said the company expects a stronger second half, especially from its copper business, which faced temporary operational challenges including “mine sequencing, lower grades, water constraints and cobalt stockpiling.” He added that affected operations “expect a substantial step-up in H2.” Glencore also said it will maintain its primary listing in London, concluding that a move to New York would not deliver added value for shareholders at this stage. The miner had previously disclosed in February that it was reviewing its listing location, with Nagle citing New York as a potential option.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is current, with the earliest known publication date being August 6, 2025. The Financial Times published an article on this date detailing Glencore’s decision to maintain its London listing and the associated financial results. ([ft.com](https://www.ft.com/content/9d252c78-a03d-439b-806e-7f78fef8b299?utm_source=openai))
Quotes check
Score:
10
Notes:
Direct quotes from CEO Gary Nagle, such as “London is where we are happy,” are consistent across reputable sources, indicating originality. The Financial Times and Reuters both report similar statements from Nagle regarding the decision to retain the London listing. ([ft.com](https://www.ft.com/content/9d252c78-a03d-439b-806e-7f78fef8b299?utm_source=openai), [reuters.com](https://www.reuters.com/business/finance/glencore-rejects-us-listing-boost-uk-markets-2025-08-06/?utm_source=openai))
Source reliability
Score:
10
Notes:
The narrative originates from reputable organisations, including the Financial Times and Reuters, both known for their journalistic integrity and thorough reporting. The Financial Times published an article on August 6, 2025, detailing Glencore’s decision and financial performance. ([ft.com](https://www.ft.com/content/9d252c78-a03d-439b-806e-7f78fef8b299?utm_source=openai))
Plausability check
Score:
10
Notes:
The claims are plausible and corroborated by multiple reputable sources. Glencore’s decision to maintain its London listing aligns with recent trends of companies reconsidering US listings due to valuation and regulatory concerns. The Financial Times and Reuters both report on Glencore’s decision and the factors influencing it. ([ft.com](https://www.ft.com/content/9d252c78-a03d-439b-806e-7f78fef8b299?utm_source=openai), [reuters.com](https://www.reuters.com/business/finance/glencore-rejects-us-listing-boost-uk-markets-2025-08-06/?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is current, with consistent and original quotes from CEO Gary Nagle. It originates from reputable sources and presents plausible claims corroborated by multiple outlets. No significant credibility risks were identified.
