Overview
- Glencore confirmed it will retain its main listing on the London Stock Exchange after a formal review launched in February.
- CEO Gary Nagle noted that despite the scale of US capital markets, becoming a US domestic issuer or sponsoring an ADR programme would not be value-accretive for shareholders.
- The company reported a first-half net loss of $655 million, nearly three times the prior-year loss as lower coal prices, copper output issues and tariff uncertainty weighed on results.
- Glencore unveiled a $1 billion cost-cutting programme through the end of 2026, targeting workforce reductions and operational efficiencies to shore up profitability.
- The decision provides a rare boost to the London market as other FTSE 100 firms have moved to US exchanges, though Glencore said it will continue to monitor listing options.