Rio Tinto Confirms No Plans to Sell Its Canadian Iron Ore Operations

Deep News08-05 16:50

Rio Tinto PLC has signaled it has no intention of divesting its Canadian iron ore business, despite ongoing strategic reviews of other parts of its portfolio. Matthew Holcz, the company's chief executive of iron ore, made the position clear during a media briefing in Melbourne on Wednesday.

When asked about the potential sale of the Canadian assets, Holcz stated, "We have been very transparent about the strategic reviews we are conducting on other assets, but the Canadian iron ore company is not part of that process." He added, "A clear decision has been made during our portfolio adjustments that the Canadian iron ore company belongs within the iron ore division."

Rio Tinto PLC reports annual iron ore sales of 366 million tonnes. The Canadian operation, which includes a mine and concentrator, accounts for approximately 18 million tonnes of that total. The company holds a 58.7% operating stake in the project, with Mitsubishi Corporation owning a 26.2% share and Labrador Iron Ore Royalty Income Corporation holding a 15.1% interest.

The mining giant is targeting around $5 billion in proceeds this year from the sale of other assets. These include its titanium business, borates operations, and various infrastructure assets such as power systems and desalination plants.

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