Glencore is considering moving its primary listing from London, it said on Wednesday, after it posted lower earnings, recorded $2.3 billion in impairment losses and said it would return $2.2 billion to shareholders.

The commodities giant reported a fall in 2024 earnings, but will return around $2.2 billion to shareholders, adding that the optimal location for its primary listing remains under review.

Glencore Plc said it’s studying whether to move its primary listing away from London, potentially becoming the latest major miner to leave what has for decades been the industry’s global hub.

Glencore's share price fell sharply on Wednesday after the company posted lower earnings and recorded $2.3 billion in impairment losses, even as it returned $2.2 billion to shareholders. Glencore's share price fell 7% at 0923 GMT,

Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) -7% in London trading Wednesday after reporting lower full-year core earnings, even as it returned $2.2B to shareholders. FY 2024 adjusted EBITDA fell 16% Y/Y to $14.