BHP's Argus says iron-ore JV with Rio on track

MELBOURNE, Oct 22 (Reuters) - A proposed iron-ore joint venture between BHP Billiton Ltd (BHP.AX) (BLT.L) and rival Rio Tinto Ltd (RIO.AX) (RIO.L) was on track, BHP's outgoing Chairman Don Argus told reporters after a business lunch on Thursday.

Argus dismissed speculation that the venture has only a 50-50 chance of being approved.

"Shareholders aren't thinking that (it won't go ahead) and they want it to go ahead," he said. (Reporting by Sonali Paul; Editing by Mark Bendeich)