Glencore, the Swiss-based mining giant, is considering shifting its primary listing from the London Stock Exchange to a more favorable venue, with New York among the top candidates. Speaking to reporters, CEO Gary Nagle explained that the decision hinges on ensuring that Glencore’s securities are traded on an exchange that delivers the right and optimal valuation for the company’s stock.
Since its London listing in 2011 when Glencore was valued at around £37 billion the company has been a fixture on the LSE. However, recent trends have seen a series of high-profile exits from London, as companies cite declining liquidity and lower valuations as key issues. Glencore’s potential move would mark one of the largest delistings from London, given its market value of over £40 billion.
The consideration to relocate follows a challenging financial period for Glencore. The company’s underlying profits fell by 16% in 2024, from $17.1 billion to $14.36 billion, due to lower commodity prices. This decline in earnings has contributed to a drop in share prices Glencore’s stock fell about 7% recently adding further pressure to reassess its listing location.
The debate over London’s competitiveness as a primary trading venue has grown louder, with several companies such as Ashtead Group, Flutter, Tui, and others already opting for exchanges like New York. The potential relocation of Glencore would be another significant blow to London’s blue-chip market, which has seen 88 companies delist or switch primary listings over the past year.
Nagle underscored that the decision is driven purely by the need to secure an optimal valuation for Glencore’s shares and is not politically motivated. As the company continues to navigate a volatile market environment, finding a trading platform with deeper capital pools and higher trading volumes could be key to restoring investor confidence and supporting future growth.
Glencore’s move, if it materializes, will not only signal a strategic shift for the company but could also further undermine the position of the London Stock Exchange as a global hub for mining and resource companies.
