Mining reported that Glencore Xstrata and Blackstone may be close to bidding on Rio Tinto's 59% stake in Iron Ore of Canada.

Blackstone is considered by some more likely to go ahead with the purchase as Glencore has its hands full integrating Xstrata.

Rio put its stake in the Canadian company up for sale earlier in 2013. The company appointed investment banks Credit Suisse and CIBC to lead the sale of most of it shares in IOC. Sale of the stake is estimated to fetch roughly USD 1.7 billion.