Rio buys back more shares

2nd August 2018 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Diversified major Rio Tinto has launched a $1-billion share buy-back programme, priced at 10 pence a share.

The new share buy-back programme is in addition to the on-market buy-back programmes of $1.92-billion announced in September 2017, and of $1-billion announced in February this year, of which $1.75-billion has been completed.

The existing programmes are due to be completed at the end of December this year, with the latest buy-back scheduled to close at the end of February 2019.

Rio said on Thursday that the purpose of the share buy-back programmes was to reduce the company’s capital, noting that all the ordinary shares purchased would be cancelled.