Rio Tinto operates under a dual listed companies (DLC) structure. Since its formation in 1995, this cost effective structure has been designed to, in a tax efficient way, place the shareholders of Rio Tinto plc and Rio Tinto Limited in substantially the same position as if they held shares in a single entity owning all of the assets of both companies. 

Under the DLC structure, the businesses of Rio Tinto plc and Rio Tinto Limited are managed together, the boards of directors of each Company are the same, and shareholders of each Company have a common economic interest in the DLC structure.

Rio Tinto has been clear that collapsing the DLC structure would incur significant costs to the detriment of shareholders. We regularly review the company structure to ensure it's providing value, and as recently as 2024, an extensive independent review was conducted. The Board unanimously concluded that the DLC structure continues to be effective and provides benefits to Rio Tinto and our shareholders. 

Benefits of a DLC structure:

  • Access to global markets

    • The DLC structure provides access to significant depth of liquidity in demand for, and trading of, Rio Tinto shares. This is achieved through primary listings and premium index inclusion in 2 major capital markets and mining investment centres. 
    • Rio Tinto plc has a pre-eminent position in the UK market as the default investment in the mining sector.
    • Rio Tinto plc is one of the 10 largest companies and top 5 dividend payers in the FTSE-100 index.
  • Above industry average shareholder returns

    • Since implementing our shareholder returns policy in 2016, we have consistently delivered cash returns to shareholders at the upper end of the 40% to 60% range, in line with or above key peers. 
    • Total cash returns to shareholders over the longer term are expected to be in the range of 40% to 60% of underlying earnings in aggregate through the cycle.
  • Franking credit tax benefits

    • The DLC structure means we can use franking credits more efficiently. 
    • Rio Tinto Limited has paid fully franked dividends to shareholders since the DLC structure was formed in 1995 and will continue to do so in the long term under the DLC structure.

Markets

Rio Tinto plc

The principal market for Rio Tinto plc shares is the London Stock Exchange with the shares trading through the Stock Exchange Electronic Trading Service (SETS) system.

Rio Tinto plc American Depositary Receipts are listed on the New York Stock Exchange.

Rio Tinto plc discloses the number of shares in issue, the number of treasury shares and the number of publicly owned shares, in its monthly Total Voting Right announcement.

Rio Tinto Limited

Rio Tinto Limited shares are listed on the Australian Securities Exchange (ASX). The ASX is the principal trading market for Rio Tinto Limited shares. The ASX is a national stock exchange with an automated trading system.

There are currently 371,216,214 publicly held Rio Tinto Limited ordinary shares on issue.

American Depository Receipts (ADRs)

Rio Tinto plc has a sponsored ADR facility with JPMorgan Chase Bank NA (JPMorgan) under a Deposit Agreement, dated 13 July 1988, as amended on 11 June 1990, as further amended and restated on 15 February 1999, 18 February 2005 when JPMorgan became Rio Tinto plc’s depositary, and on 29 April 2010. The ADRs evidence Rio Tinto plc American Depositary Shares (ADS), each representing one ordinary share. The shares are registered with the US Securities and Exchange Commission (SEC), are listed on the NYSE and are traded under the symbol RIO.

  • Footnotes

    1 These declarations are set out in ASIC instruments numbered 01/1038, 01/1039, 01/1040 and 01/1041, which were gazetted by ASIC on 28 August 2001.

    2As defined in Division 2 of Part 1.2 of the Corporations Act, as modified by ASIC instrument 01/1038.

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