BHP Billiton and Rio Tinto are considering to postpone their joint venture project of iron ore, valued US$116 billion. Therefore, it is said that if this projected was delayed, it might bring time for Australian Government to determine mining tax regulations.

It is reported that the duo are likely to wait a further decline in iron ore prices and they may limit the production of iron ore in joint venture as well.

BHP Billiton and Rio Tinto is the s second and third largest iron ore producer respectively in the world. They’ve been waiting the authorities to merger the iron ore business in Australia.