By Dimitrios Kontos
Rio Tinto Ltd. (RIO.AU) said Thursday it plans to start an additional share buyback program worth $2.5 billion, returning to its shareholders the proceeds from the sale of Coal & Allied.
The U.K.-Australian mining company said it will allocate $1.9 billion for on-market purchases of existing Rio Tinto ordinary shares of 10 pence each, and initiate an off-market tender of approximately $560 million of shares.
The company had previously executed share buyback programs in February and August, with today's announcement bringing the total for 2017 to $4 billion.
Write to Dimitrios Kontos at [email protected]