Glencore has announced plans to launch a secondary listing on the Australian Securities Exchange (ASX), targeting admission in October 2026, in what marks the latest setback for London's struggling stock market as major miners increasingly look beyond the UK for capital and liquidity.

The Anglo-Swiss mining and commodities trading giant, one of the largest companies on the FTSE 100 with a market capitalisation of £64.4bn, has long maintained that its shares are undervalued on the London exchange and that liquidity is insufficient. The valuation gap between London and rival exchanges has been a recurring theme across multiple sectors, with companies in industries ranging from building materials to technology relocating primary listings or choosing alternative venues for IPOs in search of deeper trading pools and higher valuations.

Chief executive Gary Nagle said the move would "broaden our investor base and enhance trading liquidity."

"Australia is home to one of the world's largest and fastest-growing pools of long-term investment capital," Nagle said. "The market also offers access to a highly sophisticated investor base with deep expertise in the global resources sector."

Shares in Glencore climbed 3.5 per cent following the announcement to 570.3p. The stock has risen 39.4 per cent since the start of the year, with the company's substantial trading division booking strong profits amid market volatility driven by the Middle East conflict.

Operations in Australia

Glencore operates multiple mines across Australia, describing the country as "one of our most important operating jurisdictions." The company also has significant exposure to Australia's coal mining industry, where it ranks among the world's largest producers of thermal coal used in power generation.

Nagle travelled to Australia earlier in 2026 to gauge shareholder support for the listing, following the collapse of merger discussions with Rio Tinto.

The ASX welcomed Glencore's intention to list, stating that the exchange is "globally recognised as the natural home for world-class resources companies." The ASX already hosts many of the world's largest listed mining companies by market capitalisation, anchored by BHP and Rio Tinto, giving it a concentration of resources-sector expertise and capital that few global exchanges can match.

London's Diminishing Appeal for Miners

Glencore's pursuit of an ASX listing is not the first instance of a London-listed miner seeking greater liquidity in Australia, fuelling concerns that the UK is losing its status as the dominant capital markets hub for the global mining industry.

In 2022, the London Stock Exchange lost the primary listing of BHP when the Australian mining heavyweight shifted its primary quotation to its domestic market, retaining only a secondary listing in London.

Rio Tinto, which maintains its primary listing in the UK, faced an activist campaign last year aimed at reviewing its presence on the London exchange. Shareholders ultimately voted down the proposal.

Russ Mould, investment director at AJ Bell, said: "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."

Not all miners are abandoning London, however. Anglo American, which is currently in the process of merging with Canadian miner Teck in a $53bn (£39.3bn) deal, has opted to retain its primary listing in the UK while establishing a secondary listing in Toronto.