Global diversified miner Glencore has increased its $1-billion share buy-back programme by a further $1-billion, and also extended the duration of the programme until the close of dealings in February 2019.
The implementation of the programme is in line with the company’s financial policies and thresholds, and will be effected in accordance with the terms of the authority granted by shareholders at the 2019 annual general meeting, the company said in a release.
It is, however, currently intended that any ordinary shares of the company bought will be held in treasury.
As of September 24, over 230-million shares, valued at $939.13-million, have been bought under the existing programme.
Glencore will, meanwhile, enter into an agreement with an investment bank to conduct the programme on its behalf and, if required, to make trading decisions concerning purchases under the programme independently of the company.