Llanares - world champion for most of the past decade - took control over the second half of the race and could afford to thrust his arms into the sky at the finish at the Laoshan velodrome as he brough his glittering career to a perfect finish.
Llanares, Kluge and Newton all lapped the field twice over the course of the 160 laps of the track to collect significant bonuses and picked up further points in the sprints, which occur every 10th lap.
Middlesbrough-born Newton, 33, said he was delighted to win bronze after having climbed off midway through the same event in Athens four years ago.
"This more than makes up for Athens," he told BBC Sport.
Video - Newton relieved after bronze
"I knew he [Llanares] was one of the strongest riders. It's a game of cat and mouse and I used New Zealand rider Greg Henderson to keep in the race to start with.
"It was hard out there. I was very calm before today's race. I didn't think I was ready for it, but as soon as I pulled on a skinsuit something kicked in.
"Coming into a distance race like this, and with it being my only [individual] event, I was nervous beforehand. This means a lot.
"I've had fantastic support, from my wife and my baby girl who I've hardly seen for the last year-and-a-half."
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