September 30, 2019 / 4:01 AM / 2 months ago

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

FILE PHOTO: 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/

(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.

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 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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