FTSE 100 miner Rio Tinto said it has completed its $1.5bn share buyback programme announced in two stages during 2017. It will today start to buy back a further $1.925bn worth of shares, to be completed by the end of 2018.
The $1.925bn figure represents the remaining portion of the $2.5bn share buyback programme announced on 21 September 2017, returning money from the sale of a coal business to shareholders.
During 2017 Rio Tinto announced cash returns to shareholders of $8.2bn, comprising $4.2bn of dividends and $4bn of share buybacks.
Rio Tinto chief executive J-S Jacques commented: 'We are continuing to demonstrate our commitment to deliver superior returns for our shareholders.
'Our world-class assets, complemented by a strong balance sheet and disciplined capital allocation process, have provided the base for these cash returns. Just as importantly, the business is positioned for continued superior shareholder returns in the short, medium and long term.'