On December 4, 2024, Palliser Capital (UK) Ltd. urged Rio Tinto to consolidate its listings on the London Stock Exchange and Australian Stock Exchange into a single Australian-domiciled holding company. Palliser disagreed with CEO Jakob Stausholm's July 31 comment that the dual structure offers "the best of two worlds," highlighting the $24 billion valuation gap between the two shares and claiming the dual-listing structure has led to about $50 billion in value destruction for shareholders. Stausholm, however, argued that the dual-listing structure remains ideal, making it efficient for international investors and providing tax benefits for Australian investors.

Unifying the shares would come with billions of dollars in "friction costs" and reduce the value of Australia-listed shares, according to CFO Peter Lloyd Cunningham. Despite a slump in iron ore prices impacting the company's market value, Stausholm maintained that the benefits of the dual-listing structure justify the value difference