Rio Tinto announce $4.41b buyback

Company News

by Rachael Jones

Global miner Rio Tinto (ASX:RIO) have released information about a $4.41 billion buy back.

Proceeds of its coking coal divestment proceeds will be used to fund the buyback.

Shareholder approval was obtained on the 2 May this year.

The record date for participation in the offer is 26 September 2018.

(Last day shares can be acquired on the ASX to be eligible to participate, 24 September 2018).

Rio announced the sale of its stakes in the Hail Creek, Valeria, Winchester South and Kestrel coking coal assets in March.

Shares in Rio Tinto (ASX:RIO) are trading 2.69 per cent higher at $77.43.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.