BHP, Rio Tinto Scuttle Iron Ore Venture

BHP Billiton (NYSE: BHP) and Rio Tinto (NYSE: RTP), two of the largest mining companies in the world, scuttled plans for a $120 billion iron ore join venture in Australia after regulators in that country, Asia and Europe voiced concerns over the venture.

The two mining giants were looking for cost savings of $10 billion by combining their iron ore production operations in the Australian Outback.

Rio and BHP are the two largest iron ore producers in the world after Brazil's Vale (Nasdaq: VALE).

Some regulators opposed the plans outright, while others sought substantial changes that were unacceptable to Rio Tinto and BHP Billiton, according to the Associated Press.