IPO watch: Iron Ore Co. of Canada

Article Excerpt

RIO TINTO PLC (ADR) $56 (New York symbol RIO; www.riotinto.com) is a major international mining group, based in the U.K. Its major products include aluminum, copper and diamonds. The company continues to consider selling shares in its 58.7%-owned Iron Ore Company of Canada (IOC). That firm operates a mine and processing facilities in Labrador City, Newfoundland. It also has port facilities at Sept-Iles, Quebec. Its other investors include Mitsubishi Corp. (26.2%) and Labrador Iron Ore Royalty Co. (15.1%). IOC had revenue of $1.9 billion U.S. in 2017. Prices for iron ore have spiked after a recent dam burst forced Vale to shutter a major mine in Brazil. That could enhance the appeal of an IPO. We’ll keep an eye on the progress of any IOC share offering and continue to update our advice. advice…