Rio Tinto Plans $5 Billion Buyback by End of 2012

Global miner Rio Tinto Plc (RIO) is set to buy back $5 billion of shares, underlining the extent of its cash accumulation after a year when soaring iron ore prices allowed it to slash debt and more than double profits. The multinational mining company’s final dividend is 20% higher than earlier guidance at $1.08 per share compared with $0.45 in 2009. It said it would buy back $5 billion in shares before the end of 2012. – FT

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