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Rio Tinto to buy back up to $US3b debt

AAP logoAAP 26/09/2016

Mining giant Rio Tinto has launched an offer to buy back up to $US3 billion ($A3.9 billion) of its US dollar-denominated bonds as part of its ongoing capital management program.

So far this year, Rio has completed buybacks for $US4.5 billion of its debt and repaid another $US1.5 billion of bonds on maturity.

Rio reported a $US866 million annual loss for 2015 amid the collapse in commodities prices, forcing the company to end its generous dividend policy and to outline further cuts in capital expenditure and operating costs.

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