Rio Tinto CEO Walsh says no need to sell Canadian unit

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

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%.