Three bidders for Rio Tinto's Canada sale reportedly drop out

|About: Rio Tinto plc (RIO)|By:, SA News Editor

Three bidders for Rio Tinto's (RIO -1.6%) majority stake in Iron Ore Co. of Canada, including Apollo (APO), Blackstone (BX) and Glencore (GLCNF.PK), have dropped out after second round bids were due last month, Reuters reports.

Teck (TCK) is said to be one of two remaining bidders for the stake.

The low offers, at a time when dozens of mining assets are for sale and demand for steelmaking commodities is uncertain, raise questions over the future of a sale that could still take months to tie up should Rio decide to push ahead.