LONDON -(Dow Jones)- Rio Tinto PLC (RIO) has identified assets within its aluminum business that could be sold off and is targeting a margin on earnings before interest, taxes, depreciation and amortization of 40% within its aluminum business, the company's chief financial officer said Tuesday.

At the company's investor day conference, Guy Elliott told analysts that "through divestment of non-core assets ...plus targeted investment [in its aluminum business] we are confident that we will achieve 40% Ebitda margin."

Elliot also said Rio Tinto has completed about $4 billion of its current $7 billion share buyback program and has $18.3 billion in gross debt, with an average nine-year maturity debt profile.