IOC shelves expansion as Rio cuts back

Dec 10, 2008 | 12:15 PM | Anne Riley

Iron Ore Co. of Canada (IOC) is suspending its planned $800-million expansion of mining operations in Labrador City, Newfoundland and Labrador, a company spokesman said.

"We're trying to reduce our costs as much as possible," the spokesman said. The suspension came as IOC's parent company Rio Tinto released plans to slice debt by some $10 billion before the end of 2009.....

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