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Rio Tinto to Start Additional $2.5 Billion Share Buyback

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09/21/2017 | 06:49pm CEST
   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]

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