Diversified miner and BHP Billiton spinoff South32 is launching a $US500 million ($A655 million) share buyback.
The company, which in February reported a $US620 million first-half profit, says the yearlong buyback will return the equivalent of 4.5 per cent of its market capitalisation based on Friday's closing share price of $A2.72.
"Our net cash balance continues to build giving us the financial strength and flexibility to invest in our existing operations, pursue opportunities where we can create value and return excess capital to shareholders," chief executive Graham Kerr said.
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