Glencore plans to seek a secondary listing on the Australian Securities Exchange (ASX), targeting an October admission as its earnings soar.CEO Gary Nagle said the intention to list on the ASX comes after a detailed review of opportunities to broaden Glencore’s investor base and enhance trading liquidity.The commodity trader and miner on Wednesday reported that group adjusted earnings before interest, tax, depreciation and amortisation (ebitda) increased 86% to $10.1bn in the six months to end-June. Net income attributable to equity holders increased to $4.4bn after a loss of $655m a year ago.It also announced a special dividend and a new share buyback programme.“Consistent with prior practice, recognising our Bunge shares as surplus capital, we announce today a top-up special cash distribution of $8.5c per share (about $1bn), alongside a new $500m share buyback to be completed by February 2027,” the group said.Glencore acquired the Bunge shares when its agricultural business, Viterra, officially completed its multi-billion-dollar merger with Bunge.This brings the company’s total 2026 announced shareholder returns to about $3.5bn, Glencore said.The group said the first half was characterised by the significant repricing of energy and closely related markets and risks after escalation of the Middle East conflict.“What began the year as a relatively well-supplied energy complex quickly shifted towards a focus on security of supply and access to physical commodities. Constraints across oil, refined products, LNG and freight capacity drove heightened volatility across global energy and other markets,” it said.Nagle said the group delivered another strong operational and financial performance, with its assets performing in line with market guidance. This, along with substantially higher average prices for its core commodities and a favourable marketing backdrop, underpinned a material increase in earnings, said Nagle.He said an ASX secondary listing would provide a number of compelling strategic benefits, “both on an absolute basis and relative to other global exchanges”. He said Australia is home to one of the world’s largest and fastest-growing pools of long-term investment capital, with A$4.4-trillion (about R51-trillion) in pension assets expected to grow to about A$12.4-trillion by 2045. “The market also offers access to a highly sophisticated investor base with deep expertise in the global resources sector.”Nagle said an Australian listing is also expected to strengthen the group’s profile in one of its most important operating jurisdictions, broaden its shareholder base, improve trading liquidity and enhance corporate financial flexibility.“For Australian investors, it would provide increased access to diversified copper exposure at a time when local investment opportunities have diminished after industry consolidation and M&A activity in recent years,” he said.Glencore, which is headquartered in Baar, Switzerland, is listed on the London Stock Exchange and the JSE.Business Day