Glencore Losses Widen, Confirms London Listing

Glencore reported a $655 million net loss for the first half of 2025, significantly widening from a $233 million loss the previous year, driven by falling coal prices, reduced copper production, and impairment charges, particularly in Colombian coal operations. The company's adjusted EBITDA fell 14% to $5.43 billion, missing analyst expectations. Glencore has set a $1 billion cost savings target by 2026 and plans to return $3.2 billion to shareholders in 2025. After considering a move to the US, Glencore announced it will keep its primary listing in London, arguing the switch would not benefit shareholders and providing a rare boost to the UK's shrinking capital markets. CEO Gary Nagle expressed cautious optimism about Glencore's future role in bridging global commodity supply gaps, despite ongoing geopolitical and market uncertainties. The decision to stay in London comes amid broader calls for reforms to strengthen UK financial markets.