Rio announces $2.5 billion buyback

Company News

by Kathy Skantzos

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.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.