The Australian Competition and Consumer Commission (ACCC) will start its assessment of BHP Billiton's proposal to buy rival Rio Tinto, after receiving a submission from the larger company on Friday.

The ACCC has invited comments from other miners and interested parties, and will seek talks with industry participants over the coming weeks, the regulator said in a statement.

Submissions on the proposed takeover should be provided to the ACCC by July 1.

BHP Billiton, the world's biggest miner, filed for competition clearance from the European Commission for the deal a week ago.

The company made a preconditional offer in February of 3,4 of its own shares for every Rio Tinto share, but must secure regulatory approvals for the deal in several jurisdictions before it can send out offer documents.

The offer, which Rio Tinto's board says undervalues the company and its prospects, also requires acceptance of shareholders owning more than of the publicly held shares in each of Rio Tinto limited and Rio Tinto plc.

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