As Rio Tinto’s sale process for its stake in a Labrador iron ore mine gets into gear, the spotlight falls on Labrador Iron Ore Royalty Corp., which also owns a stake in the same mine.

The Rio Tinto sale, if it comes off, will make it easy to draw a line to the value of Labrador’s equity stake in the mine, and may show people there’s more value than thought in Labrador Iron Ore. That might explain why the shares have been trading strongly since Friday when the Rio Tinto news broke.