MARKET TALK: Australian Mining Tax Amendments Major Positive
2nd Jul 2010 12:32
1132 GMT [Dow Jones] The changes to the proposed Australian mining tax are a major positive for Australia-based miners, says Dolmen Securities. "The amendments appear to have struck a balance between the miners and the reformed government, with pragmatic concessions made on both sides." Notes the n
Read moreLondon midday: Stocks steady ahead of US jobless
2nd Jul 2010 12:22
Footsie ended the morning on or around its high for the day but trading is quiet ahead of the release this afternoon of the US non-farm payrolls data. Resource stocks continue to lead the way while banks claw back some of their recent losses as fears over European banks' balance sheets recedes. Da
Read moreMARKET TALK: Evolution Upgrades Rio Tinto To Buy From Add
2nd Jul 2010 12:03
1103 GMT [Dow Jones] Evolution Securities upgrades Rio Tinto (RIO.LN) to buy from add and raises its target price to 3590p from 3525p following the latest iteration of the proposed mineral resources tax in Australia. The new proposals indicate a 740p/share reduction in the brokerage's discounted cas
Read moreUK MARKET TALK ROUNDUP: SHARES GAINING
2nd Jul 2010 12:03
Stocks on the rise in the UK today. Compiled by Dow Jones Newswires Markets Desk, [email protected] Contact us in London. +44-20-7842-9464 [email protected] 1103 GMT [Dow Jones] Evolution Securities upgrades Rio Tinto (RIO.LN) to buy from add and raises its target price to 3590p
Read moreMARKET TALK: Cost Of Insuring Miners Debt Dn On Aussie Tax News
2nd Jul 2010 11:01
1001 GMT [Dow Jones] The cost of insuring debt issued by mining companies fell early Friday after news the Australian government has made major concessions on its mining Resource Super Profits Tax, now to be called the Minerals Resource Rent Tax. At 0930 GMT, the cost of insuring $10 million of debt
Read moreUPDATE: Small Miners Unhappy With Tax Plans But Fewer Affected
2nd Jul 2010 09:28
By David Fickling Of DOW JONES NEWSWIRES SYDNEY (Dow Jones)--Small miners criticised the Australian government's revised tax plans for the industry Friday, despite a sharp fall in the number of companies likely to be affected by the plans. A Dow Jones analysis of company results suggest
Read more4th UPDATE: Australian Government Unveils Major Changes To Mining Tax
2nd Jul 2010 09:13
(Adds comment from Fortescue, analyst) 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 concessions to the mining industry and clearing the way for an e
Read moreUPDATE: Fortescue Metals: Funding Doors Re-Opening After New Mining Tax Plan
2nd Jul 2010 09:02
By Stephen Bell Special to DOW JONES NEWSWIRES PERTH (Dow Jones)--Fortescue Metals Group Ltd. (FMG.AU) said Friday that banks have already expressed interest in funding its iron ore mine expansions, following the Australian government's significant overhaul of the proposed mining profits ta
Read moreHEARD ON THE STREET: Gillard Stops Digging Mining Tax Hole
2nd Jul 2010 08:51
By Andrew Peaple and David Fickling A DOW JONES COLUMN Australia's new prime minister, Julia Gillard, has stopped her government from sinking into a hole of its own making. Reaching a compromise on how to tax mining profits will allow Gillard to call an election with a troublesome issue
Read moreLondon open: Early gains for Footsie
2nd Jul 2010 08:41
London has recouped some of yesterday's losses helped by the Korean interest in Dana Petroleum and an upbeat trading statement from Wickes owner Travis Perkins. Dana Petroleum last night confirmed the talks with a potential bidder, widely reported to be South Korean national oil company KNOC. The s
Read moreMagnetite Should Be Excluded From Mine Tax Regime -Gindalbie
2nd Jul 2010 08:39
SYDNEY (Dow Jones)--Magnetite producers should be exempt from paying the Australian government's Minerals Resource Rent Tax, Gindalbie Metals Ltd. (GBG.AU) Chief Executive Garret Dixon said Friday. The industry was the only part of Australia's mining sector affected by the tax that was not repre
Read moreUK MARKET TALK ROUNDUP: BROKERS COMMENTS
2nd Jul 2010 07:57
Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, [email protected] Contact us in London. +44-20-7842-9464 [email protected] 0657 GMT [Dow Jones] The replacement of the Australian resource super profits tax with another regime is clearly good news fo
Read moreMARKET TALK: Super-Tax Change Clearly Good For Miners
2nd Jul 2010 07:57
0657 GMT [Dow Jones] The replacement of the Australian resource super profits tax with another regime is clearly good news for all Australian mining companies, says Seymour Pierce. Says this is particularly good for non-ferrous producers such as Norseman Gold (NGL.LN), rated at buy. Says a policy tr
Read moreLondon pre-open: Miners to take centre stage
2nd Jul 2010 07:39
London-listed mining heavyweights are likely to be in focus in early dealings Friday following the Australian government's decision to replace the controversial Resources 'Super Tax' with a more moderate alternative. Footsie is expected to add around 35 points early on after lurching downwards nea
Read moreFortescue Metals: Mining Tax A Reasonable Framework For Consultation
2nd Jul 2010 07:25
MELBOURNE (Dow Jones)--Fortescue Metals Group Ltd. (FMG.AU) said Friday that it was "relieved" that the government dropped its controversial Resources Super Profits Tax in favor of a watered down version, but that further consultation with the industry is needed. "While it was disappointing that
Read more