Rio Tinto will have to look further afield after another potential bidder for its Iron Ore Company of Canada (IOC) operation withdrew from bidding.
Bloomberg reports China’s Minmetals considered the asking price, in the $3.5 billion to $4 billion range, too high. Beijing-based Minmetals will now turn its attention to a bid for a Glencore Xstrata’s massive Las Bambas copper project in Peru, which could fetch as much as $5 billion.