Rio Tinto Faces Shareholder Pressure Over London Listing as Profits Decline
The mining giant opposes a proposal to consolidate its dual listing in Australia, citing shareholder interests, while reporting its lowest earnings in five years.
- Rio Tinto has urged shareholders to reject a proposal from activist investor Palliser Capital to collapse its dual UK-Australian listing into a single Australian entity.
- The company reported underlying earnings of $10.87 billion for 2024, its lowest in five years, due to weaker iron ore prices driven by China's property sector struggles.
- Palliser Capital claims the dual-listed structure has destroyed $50 billion in value, but Rio refutes this, calling the assumptions flawed and selective.
- Rio Tinto's aluminium and copper segments showed strong growth, with operating earnings increasing by 61% and 75%, respectively, partially offsetting the iron ore decline.
- Rio's leadership changes include the planned departures of senior board members Sam Laidlaw and Simon Henry later this year, as the company focuses on integrating its $6.7 billion Arcadium Lithium acquisition.
The Times 
The Sydney Morning Herald 
