Rio Tinto completes $1.5b share buy-back
RIO Tinto has completed its $1.5 billion share buy-back announced in two stages earlier this year.
The resources giant, which owns the Yarwun refinery and has significant stakes in Gladstone Power Station, Boyne Smelters Limited and Queensland Alumina Limited, yesterday announced it would also buy back a further $1.925 billion worth of on-market shares by the end of next year.
The announcement is part of Rio's commitment to return the proceeds from the sale of its Coal & Allied assets to shareholders.
Chief executive Jean-Sébastien Jacques said the company was continuing to demonstrate its commitment to deliver superior returns for its shareholders.
"Our world-class assets, complemented by a strong balance sheet and disciplined capital allocation process, have provided the base for these cash returns," he said.
"The business is positioned for continued superior shareholder returns in the short, medium and long term."