Rio Tinto Ltd. (RTP) said Monday it terminated a planned iron ore production joint venture with BHP Billiton Ltd. (BHP) following discussions with regulators.

Rio Tinto said both parties have recently been advised by various anti-trust regulators that the deal wouldn't be approved and that some had requested remedies unacceptable to both parties, including divestments.

The parties have mutually agreed that no break fee is payable, Rio Tinto said.

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com