Iron ore miner Fortescue Metals says its proposed joint venture with larger Brazilian rival Vale, for blending their iron ore at key Chinese ports, could fall over.
"Negotiations are continuing between the parties on an amicable and commercial basis, however, it is looking less likely that any transaction will be completed," the Australian miner said in a statement on Monday.
The two companies announced in March they were in talks to form a joint venture for blending their iron ore, which could help them match the benchmark quality in the world's largest iron ore market, and help take share away from rivals BHP Billiton and Rio Tinto.
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