20th Sep 2018 06:38
LONDON (Alliance News) - Miner Rio Tinto PLC said on Thursday it intends to return its coal disposal proceeds to shareholders through a USD3.2 billion share buyback programme.
The programme will combine an off-market buyback tender targeting up to 41.2 million shares, of around USD1.9 billion, and on-market purchases.
Details of the on-market purchases will be set out following the completion of the off-market buyback, which is expected on November 12.
The disposal proceeds come from the completed sales of Hail Creek, Valeria and Kestrel, all located in Australia.
Rio Tinto Chief Executive Jean-Sebastien Jacques said: "Returning USD3.2 billion of coal disposal proceeds demonstrates our commitment to capital discipline and providing sector leading shareholder returns."
"We continue to focus our portfolio on those assets which provide the highest returns and growth, which will ensure that we continue to deliver superior value to our shareholders in the short, medium and long term," he added.
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