Glencore Plc said it will keep its primary listing on the London Stock Exchange after concluding that a move to New York would bring limited benefits and entail “material friction” costs. The decision offers rare relief to London’s equity market, which has recently lost several high-profile listings to the United States. Alongside the announcement, the Swiss-based miner and trader reported first-half 2025 revenue of $117.4 billion, but earnings weakened. Adjusted EBITDA fell 14% to $5.43 billion and adjusted EBIT dropped to $1.8 billion, both below analysts’ estimates. Net debt rose to $14.5 billion, up $3.2 billion since end-2024, and the shares slid roughly 4% in early London trading. Management launched a $1 billion cost-reduction programme aimed at streamlining industrial operations and shoring up profitability. Results were uneven across businesses: metals marketing delivered a record half-year, while energy-trading EBIT was only about $40 million as lower coal prices and subdued oil and gas volatility bit into margins. Chief Executive Officer Gary Nagle said the company is keeping "a watching brief" on a possible future US listing. He added that Glencore could eventually sell its 16.4% stake in the enlarged agribusiness Bunge Global. The group also warned that the Democratic Republic of Congo’s ongoing cobalt-export ban may leave a sizeable share of its output unsold through end-2025, though it does not expect a material hit to earnings under current scenarios.