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WSJ: Wuhan opt outs of bidding for Rio Tinto's Canadian iron ore assets

  • China's Wuhan Iron & Steel says it isn't in the bidding for Rio Tinto's (RIO) Canadian iron ore assets, WSJ reports, another sign that the miner faces few options for offloading an asset that once attracted broad interest.
  • RIO apparently now will consider whether it should lower the price of the asset or put on hold the sales process for a deal that would have been the largest in the global mining sector in about a year.
  • RIO began shopping its 59% stake in Iron Ore Co. of Canada last spring, but interest appears to have fizzled.
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