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Rio Tinto CEO Walsh says no need to sell Canadian unit

  • Rio Tinto (RIO) CEO Sam Walsh says the company doesn't need to sell its its 59% stake in Iron Ore Co. of Canada, although he expressed a willingness to sell the business at an attractive price; Rio began shopping the asset last spring but hasn't attracted buyers willing to pay Rio's asking price, which may have been as high as $3.7B.
  • Walsh says IOC "will become a more valuable business going forward... but we don't need to sell any of our major assets."
  • The Canadian business operates a mine in Labrador and owns transport infrastructure, such as a rail line and port facilities in Quebec.
  • Earlier: Rio Tinto underlying profit climbs 10%.
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