US EditionFTSE mining giant ditches plans to move listing to America
GREATER LONDON, ENGLAND, AUG 6 – Glencore will cut about $1 billion in costs, including job reductions, after a 14% earnings drop and tripled net losses, deciding against moving its primary listing from London.
- On Wednesday, Mining giant Glencore announced it had scrapped plans to move its main listing away from London, as CEO Gary Nagle said the move to New York would not be value accretive.
- In the first half of 2025, the company missed earnings estimates amid tariffs, low coal prices and copper issues, causing financial headwinds.
- Following an operational review, Glencore identified approximately $1 billion in recurring cost savings opportunities through cuts to its workforce and streamlining energy, consumables and maintenance functions.
- Despite the efficiencies update, shares dropped 4.6 per cent on Wednesday and Glencore warned of workforce reductions affecting 150,000 global workers.
- After the announcement, Glencore said it would keep the decision under review, maintaining its London listing offers a reprieve for the London Stock Market.
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Glencore Scraps London Listing Move
Glencore has scrapped plans to move its primary listing from London as part of a major overhaul to reverse its declining share price and stuttering production. Boss Gary Nagle confirmed on Wednesday the Anglo-Swiss commodities juggernaut was no longer assessing whether to move its main listing to New York, telling reporters it decided the move would not be “value accretive”. Glencore revealed earlier this year that alongside an root-and-branch o…
·London, United Kingdom
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The Independent+2 Reposted by 2 other sources
Glencore to stick with main listing in boost to London market
The Swiss mining giant also warned over job losses as it aims to cut costs by the end of 2026.
·London, United Kingdom
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Total News Sources15
Leaning Left4Leaning Right4Center2Last UpdatedBias Distribution40% Left, 40% Right
Bias Distribution
- 40% of the sources lean Left, 40% of the sources lean Right
40% Right
L 40%
C 20%
R 40%
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