London-listed Glencore, one of the largest FTSE 100 companies with a market cap of £64.4bn, is preparing to seek a secondary listing on the Australian Securities Exchange (ASX) in October. CEO Gary Nagle stated the move aims to broaden the investor base and enhance trading liquidity, citing strong interest from Australian funds. The listing follows Glencore’s ongoing efforts to explore alternative markets, including New York and Sydney, amid concerns over undervaluation in London.

Nagle emphasized the strategy is about offering options, not exiting the UK market. Glencore’s share price rose 4.5% following the announcement. The company also confirmed it has stopped doing business with Singapore-based iron ore trader Radiant World due to concerns over alleged fake documents, taking a provision on existing contracts.

This comes after Vitol also distanced itself from Radiant. Glencore’s first-half earnings surged 86% to $10.1bn, driven by energy trading profits and high commodity prices. The ASX welcomed the potential listing, noting Australia’s A$4.4tn superannuation pool as a key draw.

The move reflects broader trends of mining companies favoring Australia over London, following BHP’s primary listing switch to Sydney in 2022.