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Glencore PLC on Wednesday confirmed that it won’t be seeking a primary share listing in the US, keeping its listings in London and Johannesburg. The comment came the Barr, Switzerland-based miner and commodities trader revealed a wider interim loss, as it battled against rising costs while grappling with weaker coal prices and lower copper production. Glencore shares were down 4.4% to 287.95 pence in London early Wednesday. There were down 4.8% to R 68.58 in Johannesburg. ‘We have completed our analysis of potential listing jurisdictions and exchanges. We have done a comprehensive review of the various exchanges around the world. Clearly the US capital markets remain the unrivalled, leading markets to explore,’ Glencore executives told an analyst briefing on Wednesday. ‘We do not believe that becoming a US domestic issuer or having a sponsored ADR programme will be value-accretive for shareholders at this point in time. However, we will continue to monitor market developments and this will become a watch brief for management and the board going forward.’ The Barr, Switzerland-based commodity trading and mining company suffered a pretax loss of $1.13 billion for the six months that ended June 30, deteriorating from a loss of $370 million a year earlier, due to higher costs. Selling and administrative expenses rose 22% to $1.21 billion from $991 million, while interest expense was up 11% to $1.57 billion from $1.41 billion. Share of income from associates and joint ventures declined 22% to $527 million from $679 million. Impairment of impairments of financial assets amounted to $136 million, compared to reversal of $16 million. Revenue for the first-half was up marginally to $117.40 billion from $117.09 billion. Adjusted earnings before interest, tax, depreciation and amortisation was $5.43 billion, down 14% from $6.34 billion, mainly due to weaker coal prices and lower copper volumes. The average Richards Bay coal terminal export price dropped 8.9% to $92 per tonne from $101 a year before, Glencore noted, while the Newcastle benchmark coal price slumped 21% to $103 a tonne from $131. Glencore’s own copper production fell 26% to 343,900 tonnes for the six months that ended June 30 from 462,600 tonnes a year prior. Marketing adjusted earnings before interest and tax fell 8% to $1.4 billion. ‘An overall solid result against a macroeconomic environment that was heavily influenced by US tariff policy uncertainty and tensions in the Middle East,’ Glencore said. Basic loss per share was $0.05, widened from $0.02. Glencore said it will pay a second tranche of a $0.05 dividend in September. Glencore also launched a new $1 billion share buyback to return funds from its Viterra deal. Early last month, Glencore said the merger between its agriculture investment Viterra Ltd and New York-listed Bunge Global SA had closed. It received 32.8 million Bunge shares, equal to a 16.4% stake in the enlarged group, as well as around $900 million in cash. As at June 30, net debt was $14.47 billion, up 30% from $11.17 billion at December 31. ‘A comprehensive review of our industrial portfolio during the period has recognised opportunities to streamline our industrial operating structure, to optimise departmental management and reporting, and to support enhanced technical expertise and operational focus,’ Glencore Chief Executive Officer Gary Nagle said. This review also identified $1 billion of recurring cost savings opportunities across various operating structures, Nagle said. With the completion of the Viterra sales process, Glencore increased its long-term through-the-cycle adjusted Ebit marketing guidance range to between $2.3 billion and $3.5 billion. The new midpoint of $2.9 billion represents an increase of 16% from $2.5 billion. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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