Rio Tinto Compiling Names of Potential Iron Ore. Co of Canada Buyers; Shares Up 4%

By Staff,

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Mining group Rio Tinto Plc ( RIO ) is actively trying to sell its majority stake in Canada's largest iron ore producer, Iron Ore. Co. of Canada, reports Reuters. According to the report, the company has drawn up a shortlist of six potential buyers.

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 story's sources said, roughly double industry estimates when the asset was earmarked for sale earlier this year.

Shares of RIO are up 3.8% to $44.13, but are still trading in the low end of their 52-week range of $41.59 - $60.65.

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This article appears in: Investing Commodities
Referenced Stocks: IOC , RIO

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