Rio cancelling NZ listing

Rio Tinto, owner of the Tiwai Point aluminium smelter near Bluff, says it intends to cancel its secondary listing on the New Zealand stock exchange, effective October 28. "This decision reflects the reduced need for secondary listings and is an administrative procedure to reduce listing costs and streamline reporting processes," it said in a statement on Tuesday. "Rio Tinto plc has previously de-listed from the Frankfurt Stock Exchange for similar reasons. Rio Tinto said shareholders will continue to be able to trade their shares on the Australian Securities Exchange. Rio Tinto stock also trades on the London and New York exchanges.