Rio Tinto sees strong demand for share buyback
Mining giant Rio Tinto has completed a bigger-than-expected off-market share buyback due to strong demand.
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Rio Tinto
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Rio Tinto Limited
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The company, as part off its planned US$2bn capital return announced in February, repurchased 11.6m shares at a price of A$560m Australian dollars (US$431m).
This was higher than the A$500m (US$400m) initially indicated.
The buyback was made at a price of A$48.44 per share, a 14% discount to its trading price in Australia over the five days up to 2 April.
Rio, which had intended to buy back US$1.6bn-worth of shares through on-market repurchases this year, has now scaled this back to US$1.575bn.