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Rio Tinto Closer To Selling $6bn Stake In Iron Ore Of Canada

by juniorminingnews.com posted 9months ago 43 views
By Cecilia Jamasmie Rio Tinto (LON, ASX, NYSE:RIO), the world’s second-biggest producer of iron ore, is closer than ever to selling its $6 billion-stake in Iron Ore Company of Canada (IOC), as it hired investment bank Credit Suisse. Likely bidders include ArcelorMittal and Teck Resources. The miner, which owns 58.7% of the Canadian producer, is said to have been already approached by ArcelorMittal and Teck Resources, Canada’s largest diversified miner, Sky News reported. The alleged sale comes a time when iron ore prices have rebounded — now trading around $68 per tonne.

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