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Rio Tinto completes US$1.5B buyback, launches US$1.93B buyback

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Rio Tinto completes US$1.5B buyback, launches US$1.93B buyback

Rio Tinto said Dec. 27 that it has completed the previously announced US$1.5 billion on-market buyback of Rio Tinto Plc shares.

The mining major is now undertaking a further US$1.93 billion on-market share buyback program, following the September increase of its buyback program by US$2.5 billion to return the proceeds from the sale of its Coal & Allied Industries Ltd. unit to shareholders.

The new buyback program will be finalized by Dec. 31, 2018.

Rio Tinto has announced cash returns to shareholders of US$8.2 billion, comprising US$4.2 billion of dividends and US$4 billion of share buybacks, during 2017.