Global miner BHP Billiton abandoned its hostile takeover bid for rival Rio Tinto, blaming sliding metals prices and the threat of global recession for scuppering the mega-merger.
Rio Tinto has various mine investments including the Grasberg gold and copper mine in the Indonesia province of Papua and the non operational Bougainville mine.
BHP announced the bid last November as mining boomed worldwide on soaring demand for iron ore, steel and other resources from China and other emerging markets.
At its peak, the all-share offer valued Rio at about 193 billion US dollars.
By Tuesday, as major economies tipped into recession and after a dramatic decline in mining stock prices, the bid was worth about one third of that at around 66 billion.
BHP said the risk of taking on Rio's $39 billion net debt and the low prices it could expect from asset sales forced on it by EU regulators, were among the factors behind the decision.