Australian investors have urged Glencore to abandon a plan to spin off its flagship coal business and shift its primary listing to the ASX, where a more “pragmatic” attitude to fossil fuels and the energy transition could add billions to its valuation.

Sydney’s Tribeca Investment Partners has told Glencore directors that London is no longer the global home of mining investment, and the experience of peers like BHP and Metals Acquisition Corp suggests Glencore’s value could rise between 30 per cent and 100 per cent if management adopts an ASX listing, among other recommendations.