Rio Tinto seeks to reduce debt through $2.5bn bond buyback

Global mining giant Rio Tinto on Monday launched a $2.5-billion bond buyback plan to reduce its gross debt. Under the plan, Rio Tinto has issued a redemption notice for $1.72-billion of its 2019 and 2020 dollar-denominated notes and started cash tender offers, through Rio Tinto Finance, to buy up to $781-million of its five 2021, 2022 and 2025 dollar-denominated notes.