Reuters reported that Global miner Rio Tinto has received 13 to 15 initial bids for its majority stake in Canada's largest iron ore producer and has drawn up a shortlist of roughly half that number.

Sources with knowledge of the situation said that along with rivals, Rio has promised to focus on its key assets and sell off non core operations as, it wrestles with USD 19 billion debt burden sluggish demand and weaker prices.

Source said that the shortlist had been whittled down to 5 to 6 suitors after initial bids were submitted for Rio's 59% holding in Iron Ore Company of Canada last month.

He said that it was unclear when binding bids would be due, as Rio was still seeking additional interest in the coming weeks from buyers including some of China's largest players, so far absent.