Rio Tinto plans extra $3 billion cash return

Rio Tinto Plc, the world's second-biggest miner, said on Friday it would give back to investors $3 billion in cash, adding to a $4 billion programme announced early this year, after a boom in metal prices.
The cash-rich firm's latest plan will take the form of share buybacks between now and the end of 2007, and analysts said more payouts were likely. "With our balance sheet very strong, we are in a position further to invest heavily in growth and return capital to shareholders," Chief Executive Leigh Clifford told an investor seminar.
"Overall, we believe the outlook remains positive with the world GDP growth in excess of 4 percent. This is likely to be reflected in continuing good demand for most minerals and metals."