A joint resource development project promoted by the world’s second and third largest iron ore developers has come to a halt due to protests from nations that import iron ore, including South Korea.

Iron ore developers Rio Tinto and BHP Billiton of Australia announced their decision to give up on a 116-billion-U.S. dollar merger due to antimonopoly authorities’ refusal to approve the deal.

Rio Tinto and BHP Billiton agreed in June of last year to merge to develop iron ore and other natural resources in regions near Pilbara, Western Australia, in a deal that would have saved the two a combined ten billion dollars in shared costs.

But major resource importers --- such as the EU, Japan, China and South Korea --- opposed the project, saying that the two companies could monopolize control over natural resources through the merger.