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There’s some good news for the City this morning: mining giant Glencore has decided not to quit the London stock market in favour of New York.

Glencore told shareholders this morning that it has completed its analysis of potential alternative listing options, and concluded that shifting its listing to the US did not make sense.

Glencore explained:

Of the major global equity exchanges, the scale and depth of US capital markets is unrivalled, but having considered the costs and benefits, including in respect of indexation, we do not believe that becoming a US domestic issuer or having a sponsored ADR program [an American depositary receipt] would be value.

Back in February, Glencore said it was considering moving its primary share listing away from London, a journey already taken by major companies such as gambling firm Flutter.

Glencore also reported a 14% drop in adjusted profits in the first half of the year, on an EBITDA basis, as it suffered from weaker coal prices and lower copper production.

Glencore’s chief executive officer, Gary Nagle, says:

“While there is much uncertainty around the impacts of geopolitics and trade in the shorter-term, we remain of the view that, in certain commodities, the scale and pace of required resource development will struggle to meet the demand projections for such materials into the future.

We are well placed to participate in bridging this gap, through the flexibility embedded in both our Marketing and Industrial businesses to respond to global needs.”