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Diversified major Rio Tinto will spend an additional $2.5-billion on its ongoing share buy-back programme, funded by the recent sale of its Coal & Allied subsidiary to ASX-listed Yancoal.
The capital return programme will be executed through a combination of an off-market buy-back tender, targeting A$700-million of Rio’s shares, with the balance of around $1.9-billion of additional funds allocated to the company’s existing on-market purchase of Rio shares.
Platinum group metal (PGM) and chrome co-producer Tharisa Minerals on Friday announced the unconditional purchase of mining equipment from MCC Contracts as part of its switch to owner mining, which includes the employment of 900 MCC employees, effective from October 1. The company, which has until now used mining contractors at its operations, believes the transition to owner mining is the next logical step in its development, the Johannesburg Stock Exchange-listed company said in a release to Creamer Media’s Mining Weekly Online.
Diversified miner South32 has made two addition to its board of directors, with the appointment of Dr Xiaoling Liu and Karen Wood, who will join the board as independent non-executive directors.
Xiaoling will join the South32 board on January 15, and will seek election at the company’s next annual general meeting, while Wood’s appointment will be effective from November 1, and she will seek election at this year’s annual general meeting.