Strike ceases at Rio Tinto's unit Iron Ore Co

Strike ceases at Rio Tinto’s unit Iron Ore Co

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.