The Rio Tinto Limited (ASX: RIO) share price is on course to make it two consecutive days of gains.
In afternoon trade the mining giant's shares are up 1% to $59.00.
Why is it higher?
Today's gain is likely to be attributable to an announcement out of Rio Tinto this morning which revealed that it has successfully completed the bond tender and redemption exercises announced on 22 May 2017.
As a result the company has reduced gross debt by a further $2.5 billion.
This latest move means that since the start of 2016 the miner has reduced the nominal value of its outstanding bonds from approximately $21 billion to about $9.5 billion.
While the early redemption costs are expected to reduce Rio Tinto's underlying first-half earnings by approximately $180 million and cash flow from operating activities by approximately $260 million, management expects these reductions to be offset by savings in future periods.
