Rio previously held a 23.2% interest in the diversified miner before North recommended that its shareholders accept Rio’s increased $4.75 bid for control of the company.

Rio shares have continued to claw their way towards the $28 mark, up 21c to $26.36.

The Anglo-Australian predator is likely to entertain most offers for North’s non-iron ore assets –London sees iron ore playing a major role in the company’s future - but with a healthy balance sheet it is unlikely to be in a major hurry to sell.

So far, it has indicated that it will offload North’s forestry operations while reviewing the rest of its portfolio.