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Rio Tinto launches debt reduction programme

LONDON, Sept 26 (Reuters) - Major minor Rio Tinto (LSE: RIO.L - news) on Monday announced a bond buyback plan for up to $3 billion, saying it was taking advantage of its healthy cash situation to further reduce debt.

Under the plan Rio Tinto has issued a redemption notice for approximately $1.5 billion of its 2017 and 2018 U.S. dollar-denominated notes.

It said it commenced cash tender offers to purchase up to approximately $1.5 billion of its 2019, 2020, 2021 and 2022 U.S. dollar-denominated notes. (Reporting by Barbara Lewis; Editing by Greg Mahlich)