Mining giant Rio Tinto Plc (RTNTF.PK, RIO, RIO.L, RTPPF.PK) is planning to sell all or part of its 58.7 per cent stake in Iron Ore Company of Canada, which could fetch more than $1.7 billion, according to several reports, citing people familiar with the matter.
In mid-February, Rio Tinto reported a loss for full-year 2012, reflecting price decline in all of its major commodities as well as $14.36 billion impairment charges. For the full year, the company posted a net loss attributable to owners of $2.99 billion or 161.7 cents per share, compared to net earnings of $5.83 billion or 301 cents per share in the prior year.
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