Glencore Reports $10.1 Billion Profit and Plans Australia Listing

Glencore reported first-half core earnings of $10.1 billion, representing an 86% increase over the previous year. The profit surge was driven by record copper prices linked to artificial intelligence demand and trade tariffs, as well as a trading boom caused by market dislocations from the war in Iran. Specifically, the closure of the Strait of Hormuz in February drove up energy prices, boosting coal earnings by 35% to $2.4 billion and trading profits to $3.3 billion.

In tandem with these results, the company announced plans to seek a secondary listing on the Australian Securities Exchange (ASX), targeting admission in October. The move aims to broaden the shareholder base and improve corporate financial flexibility. This decision follows failed merger talks with Rio Tinto earlier this year and comes approximately one year after Glencore abandoned a plan to move its primary listing from London to New York.

To reward investors following the earnings jump, the company is returning $1.5 billion to shareholders through a $1 billion distribution and a $500 million buyback.