Rio Tinto
(ASX:RIO) has announced that it’s taking advantage of its strong liquidity position with a plan to reduce its gross debt. Today, the mining company is launching a bond purchase plan for up to $3 billion.
Rio Tinto has issued a redemption notice for around $1.5 billion of worth of its 2017 and 2018 US dollar-denominated notes. It has also commenced cash tenders offers to buy up to around $1.5 billion worth of its US dollar-denominated notes for the four years from 2019 to 2022.
This follows the company recently completed $4.5 billion cash tender offers earlier this year, as part of its ongoing capital management.
Rio Tinto reported a net profit of $2.34 billion at 30 June 2016.
