A plan to build a $116bn iron ore joint venture between BHP Billiton and Rio Tinto has been put on hold by The Australian Competition and Consumer Commission (ACCC).

The ACCC said the timeline was suspended because the companies have asked for more time to make additional submissions.

The commission was expected to complete its review on the joint venture on 22 July.

The ACCC said it would announce a new date in due course.

The iron ore joint venture is expected to generate more than $10bn in savings for the companies.