Labrador Iron Rises After Announcing Possible Company Sale

Bloomberg reported that Labrador Iron Ore Royalty Corp rose 1.8%, and shares rose as much as 4.1% earlier, its highest since March 1 after announcing its intentions to sell the company.

As quoted in the market news:

The move comes in response to Rio Tinto Group’s potential sale of its controlling interest in Iron Ore Co. of Canada, the country’s largest producer of the commodity used in steelmaking. Labrador Iron Ore Royalty owns 15 percent of Iron Ore Co. and collects a royalty of 7 cents on every dollar of revenue generated by the iron ore producer.

Click here to read the full Bloomberg report.