Mining major Rio Tinto has shortlisted bidders for its Canadian iron ore assets that are estimated to be valued at $4bn.

The company had received 13-15 initial bids for its 59% stake in Iron Ore Company of Canada (IOC), from which it shortlisted 5-6 suitors, reported Reuters citing undisclosed sources.

Private-equity firm Blackstone Group and commodities giant Glencore Xstrata are reportedly among the potential bidders for Rio’s Canadian iron ore operations.

However, the company has not set time for binding bids, as it is still seeking additional interest from buyers including few major players from China.

Earlier, Rio Tinto announced its plans to divest non-core assets in order to focus on key operations amid decline in prices and low demand.