1 QATAR PLEDGES $15BN OF DIRECT INVESTMENTS IN TURKEY – ANKARA WWW.RT.COM PUBLISHED:2018/08/16      2 GENERAL AGENCY FOR DEVELOPMENT OF PERSONS WITH DISABILITIES ESTABLISHED WWW.MONTSAME.MN PUBLISHED:2018/08/16      3 CHINA EVERGRANDE INVESTS IN PROJECT TO BUILD WORLD'S FASTEST SUPERCOMPUTER WWW.REUTERS.COM PUBLISHED:2018/08/16      4 ECONOMY GROWS 6.3 PERCENT ON THE BACK OF CONSUMER SECTOR WWW.ZGM.MN PUBLISHED:2018/08/16      5 SALARY DISCUSSION MAY RETURN AS LABOR MINISTER HINTS OF A DRAFT WWW.ZGM.MN PUBLISHED:2018/08/16      6 RIO TINTO CLOSER TO SELLING $6BN STAKE IN IRON ORE OF CANADA WWW.MINING.COM PUBLISHED:2018/08/16      7 NUMBER OF HIV-INFECTIONS IN MONGOLIA RISES TO 264 WWW.CHINADAILY.COM.CN PUBLISHED:2018/08/15      8 CROSS BORDER SECURITIES SERVICE LAUNCHES WWW.MONTSAME.MN PUBLISHED:2018/08/15      9 MINING AND QUARRYING GROSS OUTPUT INCREASES BY 23.9 PERCENT WWW.MONTSAME.MN PUBLISHED:2018/08/15      10 TAX REVENUE REACHES MNT4.5 TRILLION, WITH 33 PERCENT INCREASE WWW.MONTSAME.MN PUBLISHED:2018/08/15      LHAMOUR ДОЛООН УЛСАД БҮТЭЭГДЭХҮҮНЭЭ ЭКСПОРТОЛНО WWW.ZGM.MN НИЙТЭЛСЭН:2018/08/17     ХӨГЖИЖ БУЙ ЗАХ ЗЭЭЛИЙН ЭКСПОРТ ТАРИФААС Ч ӨМНӨ БУУРЧЭЭ WWW.ZGM.MN НИЙТЭЛСЭН:2018/08/17     “ЭНЕРЖИ РЕСУРС” 146.1, “ЭРДЭНЭС ТАВАНТОЛГОЙ” 60 АМ.ДОЛЛАРААР НҮҮРСЭЭ ЭКСПОРТЛОЖ БАЙНА WWW.MEDEE.MN НИЙТЭЛСЭН:2018/08/17     ОНЫ ЭХНИЙ ХАГАСТ ХЯТАДЫН НҮҮРСНИЙ КОМПАНИУДЫН АШИГ НЭМЭГДЖЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/08/17     НИЙСЛЭЛИЙН ӨВӨЛЖИЛТИЙН БЭЛТГЭЛ АЖИЛ 65.5 ХУВЬТАЙ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/08/17     МАЛ АЖ АХУЙН САЛБАР ДНБ-ИЙ 10 ХУВИЙГ БҮРДҮҮЛЖ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/08/17     "КОНРАД АДЕНАУЭР САН НЬ МОНГОЛ УЛСТАЙ ЯМАР Ч САЛБАРТ ХАМТРАН АЖИЛЛАХ БҮРЭН БОЛОМЖТОЙ" WWW.IKON.MN НИЙТЭЛСЭН:2018/08/16     БАНКУУД ИРГЭДЭД ЗЭЭЛ, ХАДГАЛАМЖИЙН БОДИТ ХҮҮГ ТОДОРХОЙ МЭДЭЭЛЭХ ҮҮРЭГТЭЙ БОЛСОН WWW.ZGM.MN НИЙТЭЛСЭН:2018/08/16     ПОЛЬШ УЛСАД АЖИЛЛАЖ, АМЬДАРЧ БУЙ ИРГЭД ТЭТГЭВЭР, ТЭТГЭМЖ АВАХ БОЛОМЖТОЙ БҮРДЭНЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/08/16     МАХНЫ ЭКСПОРТЫН ХЭМЖЭЭ 2,8 ДАХИН НЭМЭГДЖЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/08/16    

Rio Tinto considers float of Canadian iron ore business www.mining.com

LONDON, Aug 9 (Reuters) – Rio Tinto, the world's second largest listed mining company, is exploring a public listing of its Iron Ore Company of Canada business, banking and industry sources said, as it focuses on boosting revenue from its flagship Australian assets.

Iron ore, which accounts for most of Rio's profit and is used in making steel, has provided healthy margins for years but the outlook is uncertain as major buyer China is expected increasingly to rely on recycling rather than importing raw material.

Following a commodity price crash in 2015, Rio put a string of assets on the block, mostly in coal, to decrease its debt load. In iron ore, its push to refocus has meant concentrating on Australia's Pilbara region, where it has lower costs and higher grades.Rio Tinto's revenues are more dependent on iron ore than its rivals, in 2017, iron ore making up more than 60 percent of Rio's earnings.

IOC, 59 percent owned by the Anglo-Australian miner, 26 percent by Japan's Mitsubishi Corporation and 15 percent by Labrador Iron Ore Royalty Company, is one of Canada's largest producers of iron ore. It had revenues of $1.9 billion in 2017.

Rio had tried to sell its stake in IOC in 2012 as it already deemed it a non-core asset but it withdrew the process, saying the sale was not essential.

One banking source said that offers from private equity funds and rival miners had not met Rio's target of between $3.5 billion and $4 billion back then.

Rio was now considering an IPO of its stake on the Toronto Stock Exchange (TSX) as part of its ongoing work to hold only its best assets, but the process was at an early stage and it had not yet hired a financial adviser, the banking source added.

Rio Tinto and Mitsubishi declined to comment. Labrador Iron Ore Royalty Company was not immediately available to comment.

The Pilbara region of Western Australia produces high quality iron ore that sells at a premium and Rio invested heavily in the region's assets, installing driverless trains and maximising productivity.

It is also poised to expand there, having approved $146 million of funding to undertake initial work at the Koodaideri iron ore project, ahead of a final investment decision expected by the end of the year.

IOC produces iron ore pellets and concentrate from operations in Newfoundland and Labrador, and runs port facilities in Sept-Iles, Quebec, as well as a 418-kilometre railway that links the mine to the port.

A labour dispute earlier this year that resulted in a two-month suspension of operations was part of the reason for Rio reducing its underlying core profit by $137 million compared with the 2017 first half, Rio Tinto said when it reported half-year results last week.

(By Clara Denina, Barbara Lewis and Yuka Obayashi; Editing by Jane Merriman)



Published Date:2018-08-10