Rio Tinto Secures Shareholder Backing to Maintain London Listing

About Rio Tinto Limited

Rio Tinto Limited (ASX: RIO), one of the world’s largest diversified mining companies, has confirmed that its shareholders have voted overwhelmingly against a proposal to abandon its London Stock Exchange (LSE) listing, effectively reaffirming support for the company’s existing dual-listed company (DLC) structure.

The shareholder resolution, raised during the company’s annual general meetings in both London and Australia, sought to consolidate Rio’s listing solely on the Australian Securities Exchange (ASX). However, investors expressed confidence in the benefits of the existing model, citing global capital access, balanced governance, and market visibility as key reasons for rejecting the proposal.

Resolution Outcome and Voting Results

The motion to remove the LSE listing was met with a clear majority of opposition from both institutional and retail shareholders. Under Rio Tinto’s DLC structure, resolutions affecting the overall structure require support from shareholders of both Rio Tinto plc (listed in London) and Rio Tinto Limited (listed in Sydney).

Results showed that more than 80% of votes cast were against the motion, signalling broad investor support for maintaining Rio’s global listing footprint. This decisive outcome sends a message of stability to international investors and underscores the continued relevance of Rio’s presence in both financial markets.

Rationale Behind the Dual-Listed Structure

Rio Tinto’s dual-listed company arrangement, established in 1995, allows the company to operate as a single economic entity with separate legal domiciles in the UK and Australia. The structure enables unified decision-making, joint cash flows, and equal shareholder rights across both listings, while still complying with local governance and regulatory frameworks.

Proponents of the current model argue that the dual listing provides Rio with broader access to capital markets, diversified investor bases, and strategic flexibility. Additionally, the arrangement strengthens the company’s position as a truly global miner, with assets, customers, and shareholders spread across key regions.

From a practical perspective, the LSE listing also enhances Rio’s engagement with European investors and institutions focused on ESG performance and corporate governance standards.

Arguments Against Delisting and Market Implications

Shareholders opposing the proposed delisting cited several potential downsides to removing the London listing. Their concerns included reduced liquidity and trading volume in European markets, a narrower investor reach—particularly among funds with UK or dual-listing mandates—and increased concentration risk by having all equity value tied to a single exchange and currency. Many long-term investors also noted that delisting from the LSE could be perceived as a step away from globalisation, at odds with Rio’s diverse operational footprint across five continents.

Given Rio’s significant presence in iron ore, copper, aluminium, and battery metals—industries that are deeply interconnected with global trends—maintaining access to global capital markets remains a strategic priority.

Leadership and Governance Response

Rio Tinto’s leadership welcomed the outcome, reaffirming the company’s commitment to transparency, long-term growth, and strong governance across both jurisdictions. The board emphasised that the dual-listed structure continues to serve the best interests of all shareholders and enables Rio to pursue its strategy from a position of financial and structural strength.

The result comes at a time when Rio is undertaking a series of transformational projects, including the Oyu Tolgoi underground copper mine in Mongolia, the Simandou iron ore project in Guinea, and expansions across the Pilbara iron ore hub in Western Australia.

Maintaining dual access to capital, talent, and investor engagement will be instrumental in supporting these developments.

Stability and Strategic Focus Going Forward

With the shareholder vote now settled, Rio Tinto can shift its focus back to core strategic priorities, which include delivering key growth projects on time and within budget, strengthening its decarbonisation efforts and broader ESG commitments, and enhancing shareholder returns through disciplined capital management and consistent dividend payments. The company has reiterated its long-term outlook for strong commodity demand—particularly in copper, aluminium, and lithium—driven by global electrification and infrastructure development.

Rio is also progressing efforts to lower its operational emissions, expand renewable power sourcing, and integrate sustainability into every level of decision-making.

Rio Tinto shareholders have delivered a clear mandate in support of the company’s dual-listed structure, rejecting the call to delist from the London Stock Exchange. The outcome reinforces Rio’s global identity, financial flexibility, and ability to attract capital from diverse markets.

As the company continues to execute on its growth, transition, and value delivery strategies, the stability offered by its ASX-LSE dual listing remains a core strength. With investor support reaffirmed, Rio is well positioned to move forward confidently in a complex global environment and deliver long-term value to shareholders across both hemispheres.