Glencore plans to apply for a secondary listing in Australia after reporting a sharp rise in first-half earnings and announcing an additional $1.5bn of shareholder distributions and buybacks.
The commodities and mining group is targeting admission to the Australian Securities Exchange in October 2026. Its shares would trade through CHESS Depositary Interests, allowing Australian investors to gain exposure while the company retains its primary listing in London.
Chief executive Gary Nagle said: “We intend to apply for a secondary listing on the ASX, targeting admission in October 2026.”
Glencore said the listing would broaden its shareholder base, increase trading liquidity, strengthen its profile in a major operating jurisdiction, and give it greater financial flexibility. The group also pointed to the depth of Australian institutional capital and investors’ familiarity with global mining and resources companies.
Australia has around A$4.4tn in pension assets, which Glencore expects to grow to approximately A$12.4tn by 2045. The superannuation system creates a large pool of long-term capital, while the ASX has an established investor base specialising in mining, energy, and commodity cycles.
The company believes an Australian quotation could give investors greater access to diversified copper exposure. Domestic investment options have narrowed following consolidation and takeover activity across the resources sector, while long-term expectations for copper demand have strengthened interest in producers with scalable assets.
The listing plan accompanied results showing adjusted earnings before interest, tax, depreciation, and amortisation of $10.1bn for the six months, an increase of 86% from $5.43bn a year earlier. Revenue rose 49% to $174.43bn.
Adjusted operating profit increased 269% to $6.65bn, while net income attributable to shareholders reached $4.41bn after a $655m loss during the equivalent period in 2025. Funds from operations rose 158% to $8.13bn.
Glencore attributed the improvement to stronger commodity prices, operational performance, and a favourable trading environment. Volatility in energy and freight markets increased the value of its marketing, logistics, and risk-management activities, with marketing adjusted operating profit rising 142% to $3.3bn.
The industrial division generated adjusted EBITDA of $6.5bn, up 72%. Higher prices were partly offset by increased operating costs, a weaker US dollar, and supply chain disruption affecting diesel, sulphur, sulphuric acid, and other inputs.
Net debt declined by approximately $1bn during the period to $10.19bn, broadly in line with the group’s ordinary operating cap. Glencore announced a special cash distribution of about $1bn and a new $500m share-buyback programme expected to run until February 2027.
Total shareholder returns announced for 2026 now amount to approximately $3.5bn. The distribution decision reflects the group’s view that its Bunge shareholding represents surplus capital, although commodity volatility and project investment continue to influence future cash allocation.
The balance between distributions and reinvestment will remain central to Glencore’s capital strategy. Mining projects require long development periods and substantial expenditure, while shareholders may expect cash generated during stronger commodity markets to be returned rather than retained indefinitely.
A secondary listing does not involve abandoning London, but it reflects competition between exchanges for liquidity, institutional participation, and the attention of sector-focused investors. Companies with international operations increasingly assess whether additional quotations can improve access to capital without the disruption of moving their primary listing.
Dual-market access also introduces additional administrative and investor-relations demands. Glencore will need to support trading, disclosure, and engagement across different time zones while ensuring that information reaches investors consistently.
The plan connects Glencore’s financing strategy with its operational exposure to Australia. A local listing may strengthen relationships with investors, employees, regulators, suppliers, and communities in a market where the company already owns significant assets.
Australian investors may value the ability to trade the company through a familiar domestic platform and hold it within local mandates. The extent of the benefit will depend on inclusion in relevant indices, trading volume, institutional appetite, and whether the new quotation attracts investors who do not already access the London-listed shares.
Glencore continues to target annualised copper production of approximately one million tonnes by the end of 2028 and around 1.6m tonnes by 2035. Several development projects are progressing, with the Alumbrera restart now expected to deliver first production during the second half of 2027.
Copper has become increasingly important to mining investment because of its use in electricity networks, renewable-energy infrastructure, transport, data centres, and industrial equipment. Delivering additional supply remains difficult, however, because projects face lengthy approvals, complex engineering, capital inflation, and community and environmental requirements.
The group’s marketing division gives it a different earnings profile from producers dependent solely on mine output. Trading, freight, storage, processing, and risk-management activities can benefit from market dislocation, although they also require working capital and expose the company to credit, operational, and commodity risks.
The ASX application remains subject to exchange processes and final implementation. If completed as planned, it will give Glencore a larger Australian capital-markets presence at a point when earnings, shareholder returns, and investment in copper growth have all increased.
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