Rio Tinto to buy back up to $US3b debt

Mining giant Rio Tinto plans to buy back up to $US3 billion of its bonds as part of an ongoing capital management program.

Rio Tinto plans to buy back up to $US3bn of its bonds as part of its capital management program. (AAP)

Mining giant Rio Tinto has launched an offer to buy back up to $US3 billion ($A3.9 billion) of its US dollar-denominated bonds as part of its ongoing capital management program.

So far this year, Rio has completed buybacks for $US4.5 billion of its debt and repaid another $US1.5 billion of bonds on maturity.

Rio reported a $US866 million annual loss for 2015 amid the collapse in commodities prices, forcing the company to end its generous dividend policy and to outline further cuts in capital expenditure and operating costs.