The Australian Competition and Consumer Commission (ACCC) last night announced it would delay making a decision on the proposed BHP Billiton and Rio Tinto iron ore joint venture.
The ACCC said it had agreed to a request from both companies to delay making a decision until they both could undertake further discussions with overseas regulators.
The Commission’s timeline to review the joint venture proposal has been suspended since 7 July this year, to allow both companies to provide additional submissions.
BHP and Rio have lodged a proposal to combine their iron ore operations in Western Australia’s Pilbara region.
The proposal has been criticised in China, who fear it will decrease competition in the global iron ore market.