The termination of BHP Billiton Ltd. (BHP) and Rio Tinto Ltd.'s (RTP) planned US$116 billion Pilbara iron ore deal is a commercial matter for the companies involved and independent regulators, a spokesman for Australian Treasurer Wayne Swan said Monday.

"The Treasurer won't be offering a running commentary," the spokesman told Dow Jones Newswires.

The planned joint venture, which would have been responsible for around a third of the global iron ore trade, had been facing problems for months as regulators in Germany, the European Union, Japan, Korea, Taiwan, China and Australia picked over the details of the proposal.

-By Rachel Pannett, Dow Jones Newswires; 61-2-6208-0901; rachel.pannett@dowjones.com