Multi-national mining giant Rio Tinto is reportedly selling its 58.7 per cent share in the Iron Ore Company of Canada operation in Labrador.

The Globe and Mail is reporting that Rio Tinto was unable to recover from the debt it incurred after taking over Alcan in 2007.

Aluminum prices, as well as other commodities, have not recovered and the Globe said Rio Tinto is looking to put more of its assets on the block.

Japan's Mitsubishi Corporation controls 26.2 per cent of IOC, with the remaining 15.1 per cent held by Labrador Iron Ore Royalty Income Corporation.