Rio Tinto completes off-market buy-back

Company News

by Anna Napoli

Rio Tinto (ASX:RIO) has successfully completed its off-market buy-back.

The mining giant achieved its share purchase target of 41.2 million Rio shares for a total consideration of close to $2.9 billion.

The buy-back price was $69.69 per share which represented a discount of 14 per cent to the market price.

The buy-back is part of a US$3.2 billion share buy-back programme returning the post-tax proceeds from the sale of coal assets in 2018 to Rio shareholders.

Shares in Rio Tinto (ASX:RIO) closed 0.31 per cent lower to $81.23
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.