As Don Argus ponders whether to step down as BHP Billiton chairman at the miner's annual meeting in two months he can do so knowing the long-term goal of combining its Western Australia iron ore assets with those of Rio Tinto is that much closer to reality.
News of the iron ore joint venture, valued by UBS at US$116bn-US$126bn, was overshadowed last Friday by Rio's decision to ditch its proposed US$19.5bn tie-up with Chinalco and launch a US$15.2bn rights issue.
Rio and BHP already rank second and third respectively in the global trade for seaborne iron ore behind Vale but the new venture – covering the entirety of both miners' iron ore assets in Western Australia's Pilbara region – will leapfrog their Brazilian rival in one bound.
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