On Saturday, Mining giants BHP Billiton (BHP.AX) and Rio Tinto (RIO.AX) signed a $116 billion iron ore joint venture agreement to combine their Western Australian iron ore operations.

The news release is quoted as saying:

The agreement brings together two of the world's three largest iron ore producers, and has upset major customers in China. However, it still faces substantial hurdles, in particular approval by the European Commission, due to concerns about excessive dominance of the iron ore market

Click here to access the entire press release ^[1]