JOHANNESBURG (miningweekly.com) – Diversified mining company Rio Tinto is further reducing its debt, announcing this week that it would repurchase up to $3-billion of its US dollar-denominated notes.
The company had launched cash tender offers to buy back notes due in 2018, 2020, 2021 and 2022.
This was Rio Tinto’s second bond buyback in as many months, with the company in April having bought back $1.5-billion of its 2017 and 2018 notes.
Debt reduction was high on the priority list of major diversified miners. Rio Tinto has sold about $4.7-billion in assets since the start of 2013.