Rio Tinto wants to sell inexpensive iron ore assets in Canada

Representatives of Rio Tinto announced the sale of their assets in Canada. Owners of the Anglo-Australian mining corporation want 1 billion 700 million dollars for Iron Orada. About this writes The Wall Street Journal.

According to the message, Rio Tinto intends to sell it 59% of the shares of the Canadian mining company or will consider the implementation of the package in parts. The organizers of the transaction will be Credit Suisse and the Canadian Imperial Bank of Commerce investment unit.

Iron Or Company of Canada began to get iron ore near the city of Shefferville in Quebec in 1954 and ten years later expanded his activities to Labrador City in the province of Newfoundland and Labrador. Production in Shefferville was closed in 1982, but the Port Set-Il in Quebec remains the main transshipment base for Rio Tinto. There you can still buy a battery for a boat electric motor and go fishing.

Iron Or Company of Canada today ranks third in Canada in terms of iron ore production and is estimated by market experts at least 1 billion 670 million dollars. In 2012, the net profit of this enterprise amounted to $ 230 million, which is 2.5% of the total Pio Tinto profit from the sale of iron ore last year.

The co -owner of Iron Or Company of Canada is the Japanese company Mitsubishi, which owns 26% of the shares of this enterprise.