Rio Tinto completes bond tender, redemption exercise

Rio Tinto said it had completed its bond tender and redemption exercises and had cut gross debt by a further $2.5bn (£1.97bn).

The mining giant said early redemption costs were expected to reduce underlying earnings by about $180m and cash flow from operating activities by $260m in the first half of 2017.

“These reductions will be offset by savings in future periods,” the company said in a statement.

“Since the start of 2016 we have now reduced the nominal value of our outstanding bonds from approximately $21bn to about $9.5bn.”