(Sharecast News) - Rio Tinto was said on Monday to have scrapped plans for a sale or initial public offering of its Canadian iron-ore unit following a year-long attempt to offload the business.
According to the Wall Street Journal, Rio has not been able to agree a price with any potential suitors for its 59% stake in Iron Ore Co. of Canada.
The unit produces iron-ore concentrate and pellets from mining operations and processing facilities in Newfoundland and Labrador. It also runs port facilities in Quebec.
The business is a joint venture between Rio Tinto, Mitsubishi Corp, which owns 26%, and the Labrador Iron Ore Royalty Income Corp., which owns 15%.
Rio Tinto (RIO)23 Apr 2024 16:55
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