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Rio Tinto urged the shareholders to reject the active investor’s proposal to abandon its basic list in London and unify its shares in Australia, on the pretext that the move was not in “the best interests of the mining group.”

Rio, who was reported on Wednesday about the decrease in the basic profits of 2024, was Under pressure from Palliser Capital Others to follow the example of BHP and abandon its dual runway in Australia and the United Kingdom.

Palliser has argued that one Australian holding company with a basic list on the Sydney Stock Exchange will open $ 50 billion in the value of shareholders.

But Rio rejected the expensive move, and has collected the major shareholders in Australia and the United Kingdom on this issue.

The company said on Wednesday, before its annual general meetings in London and Burth in Barth: April and May.

This step follows the Glencore Glencore decision this week Review the UK listThe way to switch to New York or another market would be paved that would “fit” better.

The group said that Rio Tinto’s profits decreased last year due to the weakest iron ore prices and inflationary pressure. Raed Ore from iron and aluminum ore, the basic profits decreased by 7 percent to $ 10.9 billion in 2024. However, net profits, which take into account weakness and assets, increased by 14 percent compared to the previous year to 11.6 One billion dollars.

He said that the average price of iron ore that was sold by Rio in 2024 was 11 percent less than the previous year, which contributed to the decrease in profits than the components of the steel industry.

Mining groups that have been reported this week, such as Glencore and BHPLess prices for iron and coal have been hit, as well as inflationary pressures that pay the operating costs.

Although Rio He referred to “stability marks” in the Chinese real estate market, which is a major driver to demand commodities, and it is struggling with a decrease in iron ore profits due to poor total demand from the Asian country.

Ben Davis, an analyst at RBC, said that the annual results of Rio were “clear and direct”, noting that the profits of $ 6.5 billion for 2024 were still in line with expectations even with the decrease in latent profits to a little less than expectations.

Rio’s Aluminium and Copper’s profits were picked up, reflecting the expansion of the Oyu Tolgoi giant copper in Mongolia.

Rio, who has great aluminum operations in Canada, is highly exposed to rapidly changed tariff policies for US President Donald Trump, according to analysts. The new measures announced by the administration include a A 25 % tariff We have aluminum and steel imports.

CEO Jacob Stosholm said Rio may redestroize some Canadian aluminum away from the American market as a result of definitions. Canada is the largest source of aluminum for the United States.

“Maybe it will not be important to us, it may be difficult for our customers,” said Stosholm, who works in Washington this week to meet with Trump administration officials.

He added that the large Rio portfolio of commodities – which extends from lithium to copper to iron ore – will help reduce the effect of the specified tariffs.

Rio has many American mines and treatment facilities, and a decision is awaited by the country’s Supreme Court, which can determine its proposed fate Development of the copper mine decision In Arizona.

Three members of the Rio Board of Directors – Sam Lidlo, Simon Henry and Kaisa Heitala – will rely on the size of 14 members, to 11 members.