Anglo Australian mining giant Rio Tinto Plc may hold on to its majority stake in Iron Ore Company of Canada after receiving bids that it finds low from interested suitors including India's Aditya Birla Group.

The move comes two months after Rio Tinto also abandoned plans of divesting its diamonds business worth AUD 2.5 billion since selling commodity assets has become tough in a depressed global economy.

In March, the London based miner had hired investment banks Credit Suisse and Canadian Imperial Bank of Commerce to sell its 59.7% stake in IOC, Canada's largest iron ore producer.

Early last month, Vedanta Resources pulled out of the race, but companies that reportedly tabled bids included Aditya Birla Group, private equity firm Blackstone Group, Canada's second largest miner Tech Resources and Canadian pension funds CPP Investment Board and Caisse de depot et placement du Quebec.

Rio Tinto, like other mining giants BHP Billiton and Anglo American, has cut capital expenditure plans due to a slump in commodity prices and mounting debt.

Mr Sam Wash CEO of Rio Tinto has been trying to reduce the company's debt burden through various measures including selling non core assets and focusing on more profitable ones like its iron ore mines in Australia's Pilbara region.

Last month it sold its two struggling aluminium plants in France to Germany's largest aluminium producer, Trimet Aluminium SE and French state run utility EDF for an undisclosed sum, and reached an agreement to sell its majority stake in the Northparkes copper mine in Australia to China Molybdenum Company for AUD 820 million.