BHP Billiton, Rio Tinto Call Off Plans To Form Australian Iron Mining JV

BHP Billiton (NYSE:BHP) and Rio Tinto (NYSE:RIO) abandoned their plans to form a $116 billion iron ore joint venture after regulators in Australia and elsewhere indicated they would block the deal because of concerns over competition, according to a NYT DealBook report.

SmarTrend is bullish on shares of BHP Billiton and our subscribers were alerted to buy on September 03, 2010 at $71.11. The stock has risen 15% since the alert was issued.