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The CPP Investment Board (CPPIB) and the Caisse de dépôt et placement du Québec are reportedly interested in purchasing assets from Rio Tinto, according to a report.
The Wall Street Journal reports that both investors are seeking partners for separate bids to acquire the miner’s 59% interest in Iron Ore Co. of Canada.
The stake is estimated to be worth approximately US$4 billion.
Mitsubishi Corp. and Labrador Iron Ore Royalty Co. own the other 41%.
The CPPIB has a team dedicated to investing in natural resources, and, just last month, the Caisse announced it would create a fund to invest in Quebec’s natural resources.
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