Rio Tinto to sell IOC??

It has been quite unsettling at work this week as everyone has been talking about Rio Tinto divesting the Iron Ore Comapny of Canada (IOC).  There is no official word from Rio Tinto although the media is full of articles like the one below from Business Spectator.

Rio Tinto to sell Canadian iron ore assets: report

Published 5:23 PM, 1 Mar 2013 Last update 0:32 AM, 2 Mar 2013

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QUICK SUMMARY | FULL STORY | RESOURCES & ENERGY | RIO TINTO

By a staff reporter, with AAP

Rio Tinto Ltd will sell its iron ore assets in Canada and is reportedly eyeing a price tag of around $1.7 billion, sources told The Australian today.

The newspaper reports the miner has enlisted Credit Suisse and the investment banking arm of Canadian Imperial Bank of Commerce to offload either part of or its enritre 58.7 per cent stake in Iron Ore Company of Canada.

The news comes a month after Rio Tinto boss Tom Albanese stepped down after the global miner announced a multi-billion dollar writedown of its aluminium and coal assets.

Rio Tinto recently announced a full year net loss for 2012 of almost $US3 billion ($A2.91 billion) and was criticised for its near total dependence on iron ore despite calling itself a diversified resources company.

The Australian reports the sale is latest move by a major miner to offload assets in the face of a slowdown in commodities demand.