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Rio Tinto asked the shareholders to reject the proposal of an activist investor, to give up his main list in London and consolidate his shares in Australia, and argues that the move is not in the “best interests of the mining group”.
Rio, which reported a lower underlying result on Wednesday for 2024, was Under pressure from Palliser Capital And others to follow BHPS example and to leave its dual listing structure in Australia and Great Britain.
Palliser has argued that a single, Australly dominated holding company would unlock $ 50 billion in the shareholder value with a primary list of Sydney.
But Rio rejected the move as too expensive and put the top shareholders in Australia and Great Britain about the problem.
“The board goes from April and May.
The move follows the decision of the competing mining group Glencore this week Check his British listThe way for a move to New York or another market that fits his business better.
Rio Tinto’s income fell last year due to weaker iron ore prices and inflation pressure, the group said. The leading ore and aluminum producer of iron ore and aluminum said that the underlying profits in 2024 fell by 7 percent to USD 10.9 billion. However, net income that takes into account observations and assets increased by 14 percent compared to the previous year to $ 11.6 billion.
The average price of iron ore, which was sold by Rio in 2024, was 11 percent lower than in the previous year, so that a profit of steel production contributed to a decline in steel make -up ingredient.
Mining groups report their results this week, such as Glencore and BHPwere hit by lower prices for iron ore and coal as well as in inflation pressure that increase the operating costs.
Although Rio Has pointed out to the Chinese real estate market for “signs of stabilization”, which is a main driver for the demand for raw materials, it is merged with lower iron ore income due to the weaker general demand in the Asian country.
Ben Davis, Analyst at RBC, said that Rio’s annual results were “wonderfully uncomplicated” and found that the dividends of USD 6.5 billion still matched the expectations for 2024, even if the underlying profits are slightly below average forecast below average.
The income from Rio’s aluminum and copper transactions increased, which reflected an expansion of his huge Oyu Tolgoi copper mine in Mongolia.
According to analysts, Rio, who has significant aluminum operations in Canada in Canada, is heavily exposed to the US President Donald Trump. New measures announced by the administration 25 percent tariff On US imports from aluminum and steel.
Chief Executive Jakob Stanholm said Rio could redirect part of his Canadian aluminum due to the tariffs from the US market. Canada is the largest aluminum exporter to the United States.
“It will probably not be important for us, it could be more difficult for our customers,” said Sturkeholm, who is in Washington this week to meet Trump’s administrative officials.
The large raw material portfolio of Rio, which extends from lithium to copper to iron ore, will help to minimize the effects of specific tariffs.
Rio has several US mines and processing facilities and is waiting for a decision by the country’s Supreme Court, which could determine the fate of its proposed provisions Development of the copper mine of the resolution in Arizona.
Three members of Rio’s Board will withdraw this year – Sam Laidlaw, Simon Henry and Kaisa Hietala – shrink the size of 14 members to 11.
