JOHANNESBURG (miningweekly.com) – Global mining giant Rio Tinto on Monday launched a $2.5-billion bond buyback plan to reduce its gross debt.
Under the plan, Rio Tinto has issued a redemption notice for $1.72-billion of its 2019 and 2020 dollar-denominated notes and started cash tender offers, through Rio Tinto Finance, to buy up to $781-million of its five 2021, 2022 and 2025 dollar-denominated notes.
This forms part of Rio Tinto’s ongoing capital management plan and follows the successful completion of a series of $7.5-billion note redemptions and repurchases in 2016.
The offers will expire on June 20.