Quebec prepared to buy rail to help rescue iron ore mine

The company changed its board of directors and plans to spin out non-core assets La Verde, Capricho, and Paco Orco into a new company.

Most mining firms rely on their own diesel supplies to extract iron ore, diamonds, rutile and bauxite in the resource-rich country.

The transaction is expected to close in early 2025.

The miner may cut its labor costs by 10%, which could involve layoffs among its 35,000 staff.