Economy

Rio announces $2.5 billion buyback

Rio announces $2.5 billion buyback”

Rio Tinto has boosted its current share buyback to $4 billion with adding an additional $US2.5 billion to its program from the proceeds of the sale of Coal & Allied to Yan Coal of China. The move follows the sale of Coal & Allied, its New South Wales business, to Yancoal Australia, a Chinese-backed company, for $2.7 billion. This brings the total amount this year up to $4 billion.

The 3.2 billion-Australian dollar (2.5 billion USA dollars) buyback will be undertaken via a combination of an off-market tender of around 700 million Australian dollars (560 million dollars) worth of shares, with the balance remaining being added to their already ongoing buyback scheme.

Rio paid the biggest dividend in its history in August after first-half profit more than doubled.

Chief executive Jean-Sébastien Jacques commented: "Returning the $US2.5 billion proceeds from our Coal & Allied divestment shows our continued commitment to delivering superior value and returning cash to our shareholders".

"In the past, Rio. have been guilty of poor investments but now they do have a very disciplined focus on treading a good line between investing for the future on the one hand and returning (money) to shareholders on the other".



Like this

Latest


22 September 2017
Saudi Arabia lifts VoIP ban on FaceTime, Snapchat, Skype
The Saudi-led coalition responded with a statement saying that a "military solution was never and will never be on the table". Qatar is home to the largest U.S. military base in the Middle East. "It's my great honor to be with the emir of Qatar".

22 September 2017
The Way You Watch The Premier League Could Be Changing Very Soon
United published its annual financial results on Thursday that showed its broadcast revenue soared 38 percent to 194.1 million pounds.

22 September 2017
Shocking Video! BJP Mahila Morcha president slaps girl for dating Muslim boy
The couple was first hounded by UP chief minister Adityanath's outfit Hindu Yuva Vahini. Upon torture, the pair told that they had remained in a love affair for over two years.

22 September 2017
Two teenagers arrested in Md. after allegedly raping high-school classmate
She told police that there were several fake social media accounts associated with her name, but they did not belong to her. Alcorn said he didn't know the correct degree of the discussion the more youthful young lady had with the suspects.

22 September 2017
Woman Armed With Gun, Machete Goes To Kardashian Store, Rants About Cuba
Law enforcement sources tell TMZ . the woman showed up Thursday at 11:19 AM, and pointed a revolver at an employee. A woman walked into a Kardashian-owned store Thursday and pointed a handgun at an employee, police said.

22 September 2017
Allstate reveals $576m Hurricane Harvey loss
Combined, the company reported $774 million in pretax losses for July and August. About 55% of the firm's Harvey losses are related to auto cover.

22 September 2017
Elisabeth Moss hid this secret message to Trump in her Emmy outfit
But most people have assumed the other shoe may have borne a word to send a message to a real-world patriarchy in Hollywood and beyond.

22 September 2017
HTC U11 Plus with 18:9 display coming this November
If you hate bezels but love HTC, it's been a bad year for you so far, considering the U11 and U Ultra 's screen-to-body ratios. A 12 MP camera will be on the back (the same unit that is in the U11), and an 8 MP shooter will take care of selfies.

22 September 2017
Lava Jato 'não sofrerá revés' com Raquel, garantem magistrados
Raquel e Janot são de grupos opostos na PGR. "O presidente da República não foi alvo exclusivo do procurador-geral da República". Rodrigo Telles e Fernando Antonio de Alencar haviam manifestado vontade de permanecer no grupo de trabalho.

22 September 2017
7-Eleven clerk pulls out box cutter, suspected robbers flee
The clerk told police she approached a group of people who were trying to shoplift and one of the women told her she had a knife. Police said it happened around 1 a.m.at the store at the intersection of South Nevada Avenue and Cimarron Street.



Recommended