Glencore scraps plan for New York listing, flags cuts
The Swiss company, one of Australia's largest coal producers with mines across NSW and Queensland, revealed earlier this year that it was considering switching its primary listing to New York.
Glencore said on unveiling half-year results that moving its primary listing away from London would not deliver better value to shareholders in a welcome reprieve for the London Stock Market.
CEO Gary Nagle said the company had extensively researched a move to the major exchanges around the world.
"A move in our primary listing ... would not be value accretive for Glencore at this stage, having done that thorough analysis, and therefore we keep it on a watching brief, but will remain listed in London for the moment," he said.
In a blow to its 150,000 workers globally, Glencore said it was targeting cost cuts of about $US1 billion by the end of 2026, of which more than half will be completed by the end of the year.
It said savings would come from cutting its workforce as it streamlines its operations across "energy, consumables, contractors, maintenance and administrative functions".
The cost-cutting drive came as Glencore posted a 14 per cent drop in underlying earnings to $US5.43 billion.
Net losses nearly trebled to $US655 million from $US233 million a year ago.
Glencore's shares have fallen 26 per cent in the last year, prompting analysts to suggest the miner might get a boost by a relisting in New York. However, Nagle said the decline was due at least in part to lower coal prices.
with AAP and Reuters
Mining giant Glencore has scrapped proposals to move its main stock market listing away from London, but flagged job cuts as part of efforts to slash costs by about $US1 billion ($A1.5 billion).
The Swiss company, one of Australia's largest coal producers with mines across NSW and Queensland, revealed earlier this year that it was considering switching its primary listing to New York.
Glencore said on unveiling half-year results that moving its primary listing away from London would not deliver better value to shareholders in a welcome reprieve for the London Stock Market.
CEO Gary Nagle said the company had extensively researched a move to the major exchanges around the world.
"A move in our primary listing ... would not be value accretive for Glencore at this stage, having done that thorough analysis, and therefore we keep it on a watching brief, but will remain listed in London for the moment," he said.
In a blow to its 150,000 workers globally, Glencore said it was targeting cost cuts of about $US1 billion by the end of 2026, of which more than half will be completed by the end of the year.
It said savings would come from cutting its workforce as it streamlines its operations across "energy, consumables, contractors, maintenance and administrative functions".
The cost-cutting drive came as Glencore posted a 14 per cent drop in underlying earnings to $US5.43 billion.
Net losses nearly trebled to $US655 million from $US233 million a year ago.
Glencore's shares have fallen 26 per cent in the last year, prompting analysts to suggest the miner might get a boost by a relisting in New York. However, Nagle said the decline was due at least in part to lower coal prices.
with AAP and Reuters
Mining giant Glencore has scrapped proposals to move its main stock market listing away from London, but flagged job cuts as part of efforts to slash costs by about $US1 billion ($A1.5 billion).
The Swiss company, one of Australia's largest coal producers with mines across NSW and Queensland, revealed earlier this year that it was considering switching its primary listing to New York.
Glencore said on unveiling half-year results that moving its primary listing away from London would not deliver better value to shareholders in a welcome reprieve for the London Stock Market.
CEO Gary Nagle said the company had extensively researched a move to the major exchanges around the world.
"A move in our primary listing ... would not be value accretive for Glencore at this stage, having done that thorough analysis, and therefore we keep it on a watching brief, but will remain listed in London for the moment," he said.
In a blow to its 150,000 workers globally, Glencore said it was targeting cost cuts of about $US1 billion by the end of 2026, of which more than half will be completed by the end of the year.
It said savings would come from cutting its workforce as it streamlines its operations across "energy, consumables, contractors, maintenance and administrative functions".
The cost-cutting drive came as Glencore posted a 14 per cent drop in underlying earnings to $US5.43 billion.
Net losses nearly trebled to $US655 million from $US233 million a year ago.
Glencore's shares have fallen 26 per cent in the last year, prompting analysts to suggest the miner might get a boost by a relisting in New York. However, Nagle said the decline was due at least in part to lower coal prices.
with AAP and Reuters
Mining giant Glencore has scrapped proposals to move its main stock market listing away from London, but flagged job cuts as part of efforts to slash costs by about $US1 billion ($A1.5 billion).
The Swiss company, one of Australia's largest coal producers with mines across NSW and Queensland, revealed earlier this year that it was considering switching its primary listing to New York.
Glencore said on unveiling half-year results that moving its primary listing away from London would not deliver better value to shareholders in a welcome reprieve for the London Stock Market.
CEO Gary Nagle said the company had extensively researched a move to the major exchanges around the world.
"A move in our primary listing ... would not be value accretive for Glencore at this stage, having done that thorough analysis, and therefore we keep it on a watching brief, but will remain listed in London for the moment," he said.
In a blow to its 150,000 workers globally, Glencore said it was targeting cost cuts of about $US1 billion by the end of 2026, of which more than half will be completed by the end of the year.
It said savings would come from cutting its workforce as it streamlines its operations across "energy, consumables, contractors, maintenance and administrative functions".
The cost-cutting drive came as Glencore posted a 14 per cent drop in underlying earnings to $US5.43 billion.
Net losses nearly trebled to $US655 million from $US233 million a year ago.
Glencore's shares have fallen 26 per cent in the last year, prompting analysts to suggest the miner might get a boost by a relisting in New York. However, Nagle said the decline was due at least in part to lower coal prices.
with AAP and Reuters
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