According to recent news in the market
Iron Ore Co of
Canada, a subsidiary of
Rio Tinto, has recently announced that the company reached a three-year collective agreement with the company's union.
As previously reported by SteelOrbis, the strike at the unit started on July 17, 2004 and
Rio Tinto and the union officials started the talks to end the strike on August 25, 2004.
With the votes of the majority of the employees in Labrador City, Labrador, Newfoundland and Sept-İles, Quebec, the
production operations at the mine will return to the normal pace.
Rio Tinto holds 58.7% stake in
Iron Ore Co of
Canada, which is the largest
iron ore pellets producer in
Canada. The remaining 26.2% and 15.1% shares are owned by Mitsubishi Corp and the Labrador
Iron Ore Royalty Income Fund, respectively.