Rio Tinto plc and Rio Tinto Limited is conducting a $500 million share buy-back programme to repurchase Rio Tinto plc's ordinary shares of 10 pence each, which commenced on 1 March 2017 and will end not later than 31 December 2017.
The purpose of the Programme is to reduce the share capital of the Company. Accordingly, all shares repurchased will be cancelled.
On 1 March 2017, Rio Tinto entered into separate non-discretionary irrevocable instructions with each of Deutsche Bank AG, London Branch and J.P. Morgan Securities plc, each acting as riskless principal, in relation to the repurchase of shares for the period from 1 March 2017 until 28 July 2017 for an aggregate maximum consideration of up to £160 million (approximately $206 million at current FX rates).
Rio Tinto has recently increased the aggregate maximum consideration under these Instructions to $300 million for the period from 1 March 2017 to 28 July 2017.
