Rio Tinto scraps plans for Canadian iron ore unit sale, floatation - WSJ

[September 30, 2019]  (Reuters) - Anglo-Australian miner Rio Tinto PLC <RIO.L> <RIO.AX> has cancelled plans for the sale or floatation of its Canadian iron ore business, following unsuccessful attempts to find buyers, the Wall Street Journal reported on Sunday.

A Rio Tinto logo is displayed on the front of a wall panel during a news conference in Sydney November 29, 2012. REUTERS/Tim Wimborne/

Rio Tinto, which owns 59% stake in Iron Ore Co of Canada, was unable to settle on a suitable price with potential buyers, the report https://on.wsj.com/2oshOd8 said.

Several global mining companies including Rio have been selling off a string of assets in recent years to decrease their debt load and focus on operations that are more profitable.

Rio Tinto did not immediately respond to a Reuters request for comment.

(Reporting by Rebekah Mathew in Bengaluru; Editing by Aditya Soni)

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