Australia's competition regulator has postponed the results of its review on the gigantic iron ore joint venture planned by Australian iron ore miners BHP Billiton and Rio Tinto for their Western Australian assets, on the grounds that it needs more information from the companies.
The Australian Competition and Consumer Commission (ACCC), which started its review on December 9 and was to report its findings on February 24, said on its website, "ACCC requested further information from the proposed joint venture parties. A new proposed announcement date will be listed upon receipt of requested information."
If the joint venture is realized between the world's second and third largest iron ore producers, their combined production would immediately exceed that of the world's top producer Brazil-based Vale. The European Commission is also investigating the joint venture.