Rio Tinto, BHP Billiton update proposed iron ore JV

Rio Tinto and BHP Billiton have signed a non-binding agreement to establish a production joint venture covering the entirety of both companies' Western Australian iron ore assets. Under the terms of the agreement, up to 15% of production was proposed to be sold by the joint venture, independent of Rio Tinto and BHP Billiton. The companies have decided not to proceed with the joint venture marketing activity. As a result, all production from the proposed joint venture would be marketed separately by Rio Tinto and BHP Billiton. They believe that this change will clarify the nature of the JV for customers and emphasize its focus on realizing significant production and development synergies.Nike Air Max