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".

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