Rio Tinto (ASX:RIO) has announced it will buy back an additional $2.5 billion in shares, returning proceeds of the Coal & Allied Industries sale to shareholders.
This brings the miner’s total share buy backs announced this year to $4 billion.
The program will be executed through a combination of an off-market buy-back tender and an additional allocation of funds to Rio’s existing on-market purchases.
The maximum number of shares that may be repurchased by the mining company under the buyback has been set at 42.4 million.
Shares in Rio Tinto (ASX:RIO) last traded at a 0.85 per cent loss to $65.50.