Photo by: Bloomberg
PERTH (miningweekly.com) – Diversified giant Rio Tinto has completed a A$750-million off-market buy-back, with all shares purchased to be cancelled.
The miner in September initiated the buy-back, which was increased from an indicative A$700-million, as part of its $2.5-billion share buy-back programme, returning the proceeds from the sale of its Coal & Allied subsidiary to shareholders.
The company on Monday said that it had bought back 11.8-million shares, at A$63.67 a share, representing about 2.78% of Rio’s issued ordinary share capital. Following the completion of the buy-back, the miner had about 412.4-million shares on issue.
The on-market buy-back of Rio shares, up to a maximum amount of $1.95-billion, would start on December 27 and would be completed no later than the end of December 2018.