Glencore has confirmed it is targeting a secondary listing in Australia, in the latest sign that London is losing its appeal to big-name miners.

The FTSE 100 miner, which has a market cap of around £64billion, has long argued that its shares are undervalued and had previously reviewed switching its listing venue.

Chief executive Gary Nagle today said Glencore is targeting admission to the Australian Securities Exchange (ASX) in October, ‘following a detailed review of opportunities to broaden our investor base and enhance trading liquidity.’

He said it would help ‘broaden our shareholder base, improve trading liquidity and enhance corporate financial flexibility.’

Glencore shares rose 3.36 per cent to 569.1p in early trading.

The move comes after Glencore held talks with rival Rio Tinto, which is dual-listed in London and Sydney, that failed to reach a deal.

BHP moved its primary listing to Australia in 2022 and retains a secondary listing in the City.

Australia has grown to become a hotspot for large-cap miners, with its investor base considered supportive of the sector. Glencore also operates 20 active mines and processing facilities across the country.

Nagle said: ‘Australia is home to one of the world's largest and fastest-growing pools of long-term investment capital, with A$4.4 trillion in pension assets expected to grow to approximately A$12.4 trillion by 2045. 

The market also offers access to a highly sophisticated investor base with deep expertise in the global resources sector.’

Glencore has been listed in London since 2011, when the company was valued at about £37billion making it the market’s biggest float at the time.

Nagle launched a listing review in February 2025, saying the company needed to ‘get the right and optimal valuation for our stock’. In August of that year, Glencore decided against switching its primary from London to the US, after assessing the ‘material friction’ costs involved.

The miner, which already has a secondary listing in Johannesburg, delisted from Hong Kong in 2018.

Nagle told reporters that the move was ‘nothing to do with the London market, it is about giving options,’ but it will undoubtedly raise concerns over the future of the London Stock Exchange as a destination for large-cap miners.

‘The mining sector was one area where the UK market enjoyed healthy representation, but Glencore’s announcement it will seek a secondary listing in Australia will raise fears this position could be further chipped away,’ said Russ Mould, AJ Bell’s investment director.

The announcement came as Glencore reported bumper results driven by volatile energy prices due to the Middle East conflict.

Revenue for the first half of the year rose 49 per cent to $174.4billion, lifting adjusted earnings up 86 per cent to $10.12billion.