07:23 AM EST, 12/04/2024 (MT Newswires) -- Rio Tinto (RIO) on Wednesday was urged by activist investor Palliser Capital to unify its dual listed structure on the London and Australian stock exchanges into a single Australia-based holding company.

The investment firm, which said it holds a "significant" position in the mining company, said in a letter and presentation that the dual structure has destroyed about $50 billion in shareholder value by limiting the company's ability to pursue all-stock acquisitions and creating other inefficiencies.

"So compelling is the case for unification that every other large cap public company with a dual-listed company structure has already successfully unwound it, with overwhelming support from their directors and shareholders alike," the company said. "Every day that this archaic structure remains in place, shareholder losses continue to mount."

Palliser urged Rio Tinto's board to launch an independent review of a possible unification and publish a report for shareholders.

Rio Tinto did not immediately reply to MT Newswires' request for comment.