PERTH (miningweekly.com) – Mining major Rio Tinto on Friday launched cash tender offers for some $1.5-billion of its 2017 and 2018 notes.
The miner told shareholders that it was using its strong liquidity position to reduce gross debt through the early repayment of some near-marturing debt.
Subject to a number of conditions, Rio would spend capital to repurchase some $1.75-billion of notes due in 2017, and with any cash remaining, would move to purchase some of the $3-billion in notes due in 2018.
The tender period was expected to close in May.