{"id":42280,"date":"2025-08-06T11:36:19","date_gmt":"2025-08-06T11:36:19","guid":{"rendered":"https:\/\/quickassetsmarket.com\/index.php\/2025\/08\/06\/glencore-sticks-with-london-listing-scraps-ny-plans-as-losses-widen\/"},"modified":"2025-08-06T11:36:19","modified_gmt":"2025-08-06T11:36:19","slug":"glencore-sticks-with-london-listing-scraps-ny-plans-as-losses-widen","status":"publish","type":"post","link":"https:\/\/quickassetsmarket.com\/index.php\/2025\/08\/06\/glencore-sticks-with-london-listing-scraps-ny-plans-as-losses-widen\/","title":{"rendered":"Glencore sticks with London listing, scraps NY plans as losses widen"},"content":{"rendered":"
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Glencore has ruled out a shift of its primary listing to the United States, reaffirming its commitment to the London Stock Exchange despite the market\u2019s recent struggles to retain large multinational firms. <\/p>\n

The Swiss-based commodities trader and miner made the announcement on Wednesday, alongside results showing a deepening of net losses in the first half of 2025 and a $1 billion cost-cutting initiative that will involve widespread job cuts.<\/p>\n

The decision to stay in London provides a temporary reprieve to the UK market, which has witnessed a steady exodus of high-profile companies in recent years<\/a>. <\/p>\n

Firms such as Arm Holdings and Flutter Entertainment have opted to list in New York in search of stronger valuations and broader investor interest.<\/p>\n

Glencore, one of the largest companies in the FTSE 100, had sparked speculation in February after saying it was reviewing its listing location.<\/p>\n

\u201cLondon is where we are happy with,\u201d said chief executive Gary Nagle in a call with journalists on Wednesday. <\/p>\n

\u201cWe don\u2019t believe there is a value-accretive proposition to move exchanges right now.\u201d<\/p>\n

Nagle confirmed that Glencore had reviewed alternative exchanges and had identified New York as the most attractive option, but the company ultimately decided that uncertainties around S&P 500 index inclusion and the high cost of such a move did not justify the change.<\/p>\n

He added that the firm would continue to evaluate its options, leaving the door open for future moves should conditions change.<\/p>\n

Glencore shares have fallen by more than 20% over the past year, with some analysts saying that a switch to the US could be a positive catalyst.<\/p>\n

Steep impairment and falling production weigh on earnings<\/h2>\n

The decision to retain the London listing came as the company posted worse-than-expected financial results for the first half of the year. <\/p>\n

Glencore reported a net loss of $655 million, sharply wider than the $233 million loss it posted during the same period last year. <\/p>\n

Analysts had anticipated a return to profitability, with estimates pointing to a net profit of around $337 million.<\/p>\n

The disappointing figures were driven by a $900 million impairment charge related to the company\u2019s Cerrej\u00f3n thermal coal mine in Colombia, which has been impacted by reduced production and lower global coal prices. <\/p>\n

Coal prices, which soared in the aftermath of the Ukraine war, have since come down, dragging on Glencore\u2019s core earnings.<\/p>\n

Copper production also fell 26% year-on-year due to lower ore grades and operational challenges at various sites. <\/p>\n

Glencore said it plans to offset the shortfall in the second half of the year. <\/p>\n

Its adjusted EBITDA for the first half fell 14% to $5.43 billion, falling short of analysts\u2019 expectations of $5.56 billion. <\/p>\n

Earnings from the company\u2019s industrial division, which includes mining operations, declined 17% to $3.8 billion.<\/p>\n

Cost cuts to hit workforce as debt rises<\/h2>\n

Facing pressure to restore profitability, Glencore unveiled a $1 billion restructuring plan that will see hundreds of jobs slashed from its 150,000-strong global workforce. <\/p>\n

The initiative is expected to be completed by the end of 2026. <\/p>\n

The company said the goal is to improve operational efficiency and better align the business with current market realities.<\/p>\n

The miner\u2019s adjusted net debt also increased to $13.5 billion, above its stated target of $10 billion, prompting concerns about balance sheet strength. <\/p>\n

Shares in Glencore dropped by 3.5% to 290.04 pence in early London trade following the announcement.<\/p>\n

While the decision to remain listed in London may reassure UK investors, analysts say Glencore\u2019s performance challenges are far from over. <\/p>\n

Jefferies analyst Christopher LaFemina described the results as \u201cweak\u201d and pointed to the higher-than-expected debt and impairments as headwinds that will continue to weigh on investor sentiment.<\/p>\n

Even as the company maintains its London base, a sustained recovery in commodity prices and operational performance will likely be needed to restore shareholder confidence and reverse the recent share price decline, which has exceeded 20% over the past 12 months.<\/p>\n

The post Glencore sticks with London listing, scraps NY plans as losses widen<\/a> appeared first on Invezz<\/a><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Glencore has ruled out a shift of its primary listing to the United States, reaffirming its commitment to the London Stock Exchange despite the market\u2019s recent struggles to retain large multinational firms. The Swiss-based commodities trader and miner made the announcement on Wednesday, alongside results showing a deepening of net losses in the first half <\/p>\n","protected":false},"author":1,"featured_media":42281,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-42280","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"_links":{"self":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts\/42280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/comments?post=42280"}],"version-history":[{"count":0,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts\/42280\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/media\/42281"}],"wp:attachment":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/media?parent=42280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/categories?post=42280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/tags?post=42280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}