Cimbria Bulk Equipment A/SCleveland Cascades LtdMULTIMODAL 2019TelestackOvetSailors Society
  • Stemm
  • Docksolid
  • Vigan Engineering S.A
  • Cimbria Bulk Equipment A/S
  • Telestack
  • Port of Stockton

Rio Tinto share buy-back details

Rio Tinto share buy-back details

(Posted on 20/09/18)

Rio Tinto has unveiled the details of how it intends to return approximately $3.2 billion of post-tax coal disposal proceeds to its shareholders. 

The proceeds will be returned through a $3.2 billion share buy-back programme (the “Programme”), combining an off-market buy-back tender targeting up to 41.2 million Rio Tinto Limited shares (approximately A$2.7 billion  ($1.9 billion )) and further on-market purchases of Rio Tinto plc shares. The Programme is subject to market conditions and compliance with all applicable laws and regulations.

Rio Tinto chief executive J-S Jacques said “Returning $3.2 billion of coal disposal proceeds demonstrates our commitment to capital discipline and providing sector leading shareholder returns. We continue to focus our portfolio on those assets which provide the highest returns and growth, which will ensure that we continue to deliver superior value to our shareholders in the short, medium and long term”.

Rio Tinto Limited will target the completion of the off-market purchase of up to 41.2 million of its shares in 2018, being the maximum number of shares that may be repurchased by Rio Tinto Limited under the Buy-Back in accordance with the terms of the shareholder approval granted at Rio Tinto Limited’s 2018 annual general meeting. The aggregate maximum consideration and timing of the new on-market purchases by Rio Tinto plc under the Programme will be announced following the completion of the off-market buy-back tender for Rio Tinto Limited shares, which is expected to be on 12 November 2018.  This is in addition to the existing Rio Tinto plc buy-back programmes, of which $1.7 billion  in shares remain to be purchased and which will be completed no later than 27 February 2019.

All shares purchased will be cancelled.

The $3.2 billion of net disposal proceeds is derived from the completed sales of Hail Creek and Valeria (pre-tax $1.7 billion), Winchester South (pre-tax $0.2 billion) and Kestrel (pre-tax $2.25 billion). The sale of Rio Tinto’s Aluminium Dunkerque smelter in northern France for $500 million, subject to final adjustments, is yet to be completed.  As announced on 14 September, Hydro has withdrawn its offer to acquire the ISAL smelter in Iceland ($345 million) following initial feedback from the European Commission. The timing and form of shareholder returns in respect of further proceeds arising from disposals still to be completed will be announced with the 2018 full year results.

Latest News

BPH drones take flight

(Posted on 11/10/18)

BHP was an early adopter of drones across its mine sites. Now drones are taking flight at BHP’... Read more


thyssenkrupp awarded Thail mining contact

(Posted on 11/10/18)

thyssenkrupp Industrial Solutions, a leading partner for the engineering, construction and service of... Read more


Rio Tinto and Hancock Prospecting open new mine

(Posted on 11/10/18)

Rio Tinto and Hancock Prospecting have opened a new mine at Hope Downs in the Pilbara, Western Australia... Read more


Rio Tinto approves Pilbara iron ore investment

(Posted on 04/10/18)

Rio Tinto, together with joint venture partners Mitsui and Nippon Steel & Sumitomo Metal, have approved... Read more


DuPont Tate & Lyle’s new distribution centre

(Posted on 04/10/18)

DuPont Tate & Lyle Bio Products Company, LLC, a manufacturer of natural and renewably sourced ingredients... Read more


AAPA concerned over U.S. trade tariffs

(Posted on 28/09/18)

With the U.S. government’s announcement last week on the imposition of an additional $200 billion... Read more


Bühler’s digital service for food and feed drying

(Posted on 28/09/18)

At Microsoft Ignite, Bühler has officially launches MoisturePro, a cloud-based digital service... Read more


US Steel shipments up 5.8% from July 2017

(Posted on 20/09/18)

The American Iron and Steel Institute (AISI) has reported that for the month of July 2018, U.S. steel... Read more


ArcelorMittal’s revised proposal for Essar Steel acquisition

(Posted on 14/09/18)

In response to media speculation, ArcelorMittal has confirmed that on 10 September 2018, it submitted... Read more


TPP boost to Australian jobs

(Posted on 14/09/18)

Australian workers, jobs and business will benefit significantly from the Trans-Pacific Partnership (... Read more


TMS Awards 2016 winnersStemmDocksolidTMS Tanker Conference 2018Multimodal 2018Port of Stockton
  • MULTIMODAL 2019
  • Sailors Society
  • Bühler GmbH
  • Ovet
  • Multimodal 2018

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping