Investor calls on Rio Tinto to drop London primary listing

The UK-based hedge fund, which has a roughly 250 million US dollar (£197 million) stake in Rio Tinto, has called for it to follow rival BHP, which moved its primary listing to Sydney in 2022.

Australian investment firm Blackwattle Investment Partners has also backed the plans to unify around a main listing in Sydney, according to the Financial Times.

Rio Tinto shares would still trade in London under Palliser’s plans, but as part of a secondary listing.

It comes amid a period of pressure for the London markets, with a raft of other firms, including travel company Tui and Paddy Power owner Flutter, shifting their main listings overseas in recent years.

The fresh demands came as the boss of Rio Tinto said at its investment day in London that the company has a “clear plan for a decade of profitable growth”.

The company also said it is on track to produce significantly more copper next year as part of its latest production forecasts.

Rio Tinto told shareholders it expects copper production of 780,000-850,000 tonnes in 2025, compared with 660,000-720,000 tons expected this year.

It said it is being boosted by strong production at its Oyu Tolgoi operation in Mongolia and hopes for one million tons by 2030 as part of its growth plans.

Rio Tinto held its 2024 Investor Seminar in London, where it provided updates on its strategy of investment which it said would lead to long-term delivery of attractive shareholder returns.

Rio Tinto Chief Executive Jakob Stausholm said: "We have all the building blocks we need to become a global leader in energy transition materials, and we have a clear plan for a decade of profitable growth.

"We remain focused on our four objectives which ensure our progress is aligned with societies' interests.

He added: “We are moving the dial on impeccable ESG, our ability to excel in development and we continue to deepen our social licence, while we intensify our efforts to become Best Operator to ensure we can deliver growth safely, efficiently and profitably for our stakeholders.

"As we ramp up the Oyu Tolgoi underground copper mine, deliver the Simandou high-grade iron ore project in Guinea, and build out our lithium business through the proposed acquisition of Arcadium, we are underwriting a decade of profitable growth.”

Mr Stausholm said Rio Tinto’s management plans to use its strong balance sheet to unlock and accelerate Arcadium's tier one projects, timed to meet future demand growth.

He continued: "We have reached a new era in our decarbonisation journey.”