Rio completes first stage of $3.2bn share buy-back
Date: Nov 13, 2018
Global miner Rio Tinto has completed a A$2.8-billion off-market share buy-back, purchasing some 41.2-million shares at a price of A$69.96 each, representing a discount of 14% to the market price.
The share buy-back, which was announced in September, forms part of a $3.2-billion share buy-back programme returning proceeds from the sale of coal assets.
“We are delighted to be returning $2.1-billion to our Rio Tinto shareholders through this off-market buy-back. Strong demand has enabled us to return the maximum amount, and at a discount of 14%. The remaining $1.1-billion of funds will be returned through our ongoing buy-back of Rio Tinto shares,” said Rio CEO Jean-Sebastian Jacques.
