22nd May 2015 05:35
LONDON (Alliance News) - The Australian government has backed away from an inquiry into the iron ore sector in the country, handing a victory to Rio Tinto PLC and BHP Billiton PLC in their public dispute with smaller rival Fortescue Metals Group, the Financial Times reported on Thursday.
Fortescue had been lobbying the government for an investigation into the iron ore market and Prime Minister Tony Abbott last week appeared to have backed the calls, prompting BHP Chief Executive Andrew Mackenzie to react by saying an inquiry would be "a ridiculous waste of taxpayers' money".
But on Thursday, Treasurer Joe Hockey said the government has decided not to launch an investigation, following talks held with regulators and stakeholders in the country's resources sector.
http://next.ft.com/19fdc3dc-ffa3-11e4-bc30-00144feabdc0
By Sam Unsted; [email protected]; @SamUAtAlliance
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