Mining and Heavy Industries

Rio announces $3bn debt buyback

Rio Tinto train - Photo Rio Tinto

Mining giant Rio Tinto says it is taking advantage of its strong liquidity position to further reduce gross debt, with the launch of a $3 billion debt purchase plan this week.

Under the plan, Rio Tinto has issued a redemption notice for approximately $1.5 billion of its 2017 and 2018 US dollar-denominated notes and commenced cash tender offers to purchase up to approximately $1.5 billion of its 2019, 2020, 2021 and 2022 US dollar-denominated notes.

“Today’s announcement is part of the Rio Tinto Group’s ongoing capital management and follows the successful completion of $4.5 billion cash tender offers earlier this year,” the company said on September 26.

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