RIO has completed the sale of the Coal & Allied business in Australia for $2.7b US announced today an off market buyback to eligible shareholders. RIO has already announced a $500m buyback to be completed by the end of 2017. The off-market buyback is $700m AUD, and this will be followed with an additional $1.9b USD of on-market purchases.

Eligible shareholders can tender their shares at discounts of 8-14% to the market price. As with most buy-backs of this type, the purchase comprises of a capital component and a deemed dividend component. The Australian Taxation Office has indicated that shareholders whose Shares are bought back by the Company under the Buy-Back will receive a cash capital component of A$9.44 per Share with the balance of the Buy-Back Price deemed to be a fully franked dividend for Australian tax purposes.

The closing date for the buyback is the 10th November 2017.

For further information please see www.riotinto.com/sharebuyback