PERTH (miningweekly.com) – Diversified miner Rio Tinto will proceed with an internal share buy-back plan of Rio Tinto Limited shares held by subsidiary Tinto Holdings Australia, it said on Thursday.

The group’s shareholders approved the internal buy-back at the annual general meeting earlier this year.

The buy-back would take place in two tranches, the first of which would be undertaken this month, and valued at around $9,2-billion.

The remainder of the shares would likely be bought back later this year.

Rio Tinto said on Thursday that it would only proceed with the buy-back if it remained satisfied that it was in the best interest of shareholders.

Tinto Holdings, a subsidiary of Rio Tinto plc, currently has a 37,45% shareholding of Rio Tinto, consisting of more than 171-million

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