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Rio Tinto has drawn up a shortlist of half a dozen buyers of its majority stake in Iron Ore Company of Canada (IOC), Canada’s largest iron ore producer, reported Mining Weekly.
Rio Tinto (LSE:RIO) has drawn up a shortlist of half a dozen buyers of its majority stake in Iron Ore Company of Canada (IOC), Canada’s largest iron ore producer, reported Mining Weekly.
As quoted in the market news:
Rio values Iron Ore Co of Canada (IOC) at around $8-billion and is seeking between $3.5-billion and $4-billion for its stake, one of the sources said – roughly double industry estimates when the asset was earmarked for sale earlier this year.
Like some rivals, Rio has promised to focus on its key assets and sell noncore operations as it wrestles with a $19-billion debt burden, sluggish demand and weaker prices.