"International mining giants, BHP Billiton (LSE: BLT, ASX: BHP) [who in 1/09 assumed 50% of Mitra's Vietnam well equity] (‘BHP’) and Rio Tinto (LSE: RIO, ASX: RIO) (‘Rio’) signed binding agreements in relation to the proposed Iron Ore Production Joint Venture (‘JV’), in the Pilbara mining district, Western Australia. This 50:50 collaboration follows years of on-off negotiations, with many previous JV’s and potential mergers falling by the way-side. BHP and Rio believe the JV’s unique production and development synergies will be in excess of US$10 billion."http://www.proactiveinvestors.com.au/companies/news/3678/bhp-billiton-and-rio-tinto-sign-binding-agreement-to-create-iron-ore-joint-venture-3678.html
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