MELBOURNE, Australia: Rio Tinto and BHP Billiton has scrapped plans for a $120 billion iron ore joint venture in the remote Outback after antitrust regulators in Australia, Europe and Asia opposed it or demanded changes.
The cancellation on Monday of the joint venture proposed in the Pilbara region of Western Australia state came as little surprise to markets, because problems with some regulators were already well known. In Australia, Rio Tinto was trading fractionally higher at Australian dollars 83.22 after the news broke, while BHP Billiton declined less than 1 percent at AU$41.47.
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