By Joe Hoppe

Rio Tinto PLC said Tuesday that it has been issued with an amended tax bill of 359.4 million Australian dollars ($279.3 million) of primary taxes and A$47.1 million of interest by the Australian Taxation Office.

The world's second-biggest mining company by market value said it is confident of its position and it will dispute the assessments, and that in accordance with its usual practice it will pay 50% of the primary tax upfront as part of the objections process.

The assessments relate to the denial of interest deductions on an isolated borrowing used to pay an intragroup dividend in 2015, which was repaid in 2018, the company said.

Rio Tinto said that borrowing to fund the payment of a dividend is a normal commercial practice.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

March 02, 2021 02:42 ET (07:42 GMT)

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