MARKET TALK: S&P/ASX 200 Up 0.1%; Miners Sold On Rally
2nd Jul 2010 04:14
0314 GMT [Dow Jones] S&P/ASX 200 up 0.1% at 4243.2, fades from 4281.6 high as miners were sold on the rally because global macro concerns have eclipsed relief over the significant dilution of the proposed mining tax. BHP (BHP.AU) up 0.4% at A$37.24 from A$37.76 peak. Rio (RIO.AU) up 0.5% at A$65.45
Read moreAustralia's New Mining Tax Will Affect Only A Handful Of Companies
2nd Jul 2010 02:47
SYDNEY (Dow Jones)--The government's revised Minerals Resource Rent Tax released Friday greatly reduces the number of mining companies affected by the new tax compared with that of the original proposal. The plan will apply only to iron ore and coal and be applied at a rate of 30%, as opposed to
Read moreMARKET TALK: Aussie Tax Change Good News For Miners -RBS Morgans
2nd Jul 2010 02:22
0122 GMT [Dow Jones] RBS Morgans lists beneficiaries of Australian government dumping proposed resources super profits tax in favor of mining resources rent tax, in descending order, as ERA (ERA.AU), OZ Minerals (OZL.AU), Alumina (AWC.AU), Newcrest (NCM.AU), OM Holdings (OMH.AU), Iluka (ILU.AU). See
Read moreMARKET TALK: Australian Mining Stocks Bounce On Tax Deal
2nd Jul 2010 02:11
0111 GMT [Dow Jones] Australian mining stocks getting a good boost from the announcement of changes to the government's planned mining tax, although how long this can be sustained in face of global headwinds remains to be seen. The government has made major concessions to the industry, cutting the h
Read moreAustralia Minerals Council: New Mine Tax A Positive Outcome
2nd Jul 2010 01:19
CANBERRA (Dow Jones)--Australia's peak mining lobby, the Minerals Council of Australia, on Friday welcomed sweeping changes to a government plan to tax mining sector profits but noted there is more work to be done. The council, which counts larger and small miners among its members, had been a v
Read moreAustralia PM: Meeting With Reserve Bank Of Australia Governor Later Friday
2nd Jul 2010 01:01
MELBOURNE (Dow Jones)--Australia's Prime Minister Julia Gillard said Friday she will travel to Sydney later in the day, where she will meet with Reserve Bank of Australia Governor Glenn Stevens. Asked what she thought about speculation that interest rates could drop, Gillard said: "I don't specu
Read more2nd UPDATE: Australian Government Unveils Major Changes To Mining Tax
2nd Jul 2010 01:01
(adds further detail and comment from Australian Prime Minister, BHP Billiton, Xstrata and Rio Tinto) By Alex Wilson and Rachel Pannett Of DOW JONES NEWSWIRES CANBERRA (Dow Jones)--The Australian government announced sweeping changes to its planned new mining tax Friday, making major c
Read moreBHP Billiton Says Encouraged By Resources Tax Changes
1st Jul 2010 23:47
MELBOURNE (Dow Jones)--BHP Billiton Ltd. (BHP.AU) said Friday it is encouraged by the Australian government's revised mining tax, which addresses many of the miner's main concerns with the original proposal. The government has narrowed the focus of the tax to the iron ore and coal sectors, reduc
Read moreUPDATE: Australian Government Unveils Major Changes To Mining Tax
1st Jul 2010 23:36
By Alex Wilson and Rachel Pannett Of DOW JONES NEWSWIRES CANBERRA (Dow Jones)--The Australian government announced Friday a reworked version of its planned new mining tax, featuring major concessions to the mining industry including a reduction in the headline rate of the tax to 30% from 40
Read moreAustralia Government Deal Struck With Miners On Resource Tax
1st Jul 2010 23:01
CANBERRA (Dow Jones)--The Australian government announced Friday a reworked version of its planned new mining tax, featuring major concessions to the mining industry including a reduction in the headline rate of the tax to 30% from 40%. The government has also excluded all commodities from the t
Read moreAustralia PM To Announce Revised Resource Tax - Report
1st Jul 2010 22:31
SYDNEY (Dow Jones)--The Australian government is expected early Friday to announce two new tax regimes to replace the original proposal for a resource super profits tax--one for the petroleum industry and another for coal and iron ore--says a report in the Australian Financial Review. Prime Mini
Read moreCORRECT: UPDATE:Chalco Shelves A$3B Aurukun Bauxite Alumina Project
1st Jul 2010 22:09
("=UPDATE: Chalco Shelves A$3B Aurukun Bauxite Alumina Project," at 0424 GMT, misstated the size of the investment in the final paragraph. The correct version follows:) By Alex Wilson Of DOW JONES NEWSWIRES MELBOURNE (Dow Jones)--Aluminum Corp. of China Ltd. (ACH), or Chalco, has shelv
Read moreHEARD ON THE STREET: Vallar's Acquisition Challenge
1st Jul 2010 17:17
By Matthew Curtin A DOW JONES COLUMN For a well-connected financier like Nat Rothschild, raising at least GBP600 million for his new mining acquisition vehicle, Vallar, in the midst of a tough IPO market may prove the easy part. The challenge for the 38 year-old member of the banking dynasty
Read more3rd UPDATE: Australian Government Announcement On Mining Tax Likely Friday - Source
1st Jul 2010 12:59
(Adds prime minister's office saying press conference will be held at 2230 GMT) By Alex Wilson and David Fickling Of DOW JONES NEWSWIRES MELBOURNE (Dow Jones)--The Australian Government has made progress in talks with the nation's three biggest miners on a compromise on a controversial
Read more2ND UPDATE: Australian Government Announcement On Mining Tax Likely Friday - Source
1st Jul 2010 09:58
(Adds comment from Gindalbie CEO and person familiar with the situation) By Alex Wilson and David Fickling Of DOW JONES NEWSWIRES MELBOURNE (Dow Jones)--The Australian Government has made progress in talks with the nation's three biggest miners on a compromise on a controversial new mi
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