Glencore, the FTSE 100 mining giant, has decided to keep its primary stock market listing in London, rejecting a potential move to the United States after a formal review. The Swiss-headquartered company said switching to a rival exchange such as New York would not deliver value for shareholders.
The decision provides a boost for the London Stock Exchange, which has faced a series of defections by major companies, including Ashtead Group, Flutter, Tui and Just Eat Takeaway. Glencore was valued at £35.9bn on Tuesday evening, making it the 21st largest FTSE 100 company by market capitalisation.
Glencore reported a net loss of $655m (£492m) in the first half of 2025, nearly triple the $233m loss in the same period last year, due to lower coal prices, copper production problems and uncertainty caused by US tariff policy. In response, the company launched a $1bn cost-cutting programme.
Chief executive Gary Nagle said the company was satisfied with its London listing, having launched the review in February to seek the optimal valuation. The company cautioned that the position could change in the future and it would continue to monitor market developments.
