Gains Across the Board for Ozzie Mining Stocks

The Labor Party has a new leader and the mining industry is already gaining across the Australian stock market. With Prime Minister Kevin Rudd being ousted by Julia Gillard the proposed Resources Super Profits Tax on the mining industry can now be suitably altered.

The result of the new negotiations were evident in the stock price gains of BHP Billiton Ltd. by 2%, Rio Tinto by 2.1%, Fortescue Metals Group Ltd. by 2.7% and Macarthur Coal Ltd by 5.4%. The change in leadership is being seen as a good opportunity to wipe the slate clean and begin negotiations afresh.

Rio Tinto, BHP Billiton and Xstrata Plc have been campaigning since last month in protest to the 40% RSPT proposed by the federal government. The plunge in Mr. Rudd's support in opinion polls combined with the stalling of investments in mining projects worth about $21 billion is being seen as the catalyst for the change.

Julia Gillard said that the government's door is open to the mining industry at a media conference in a clear bid to restart negotiations on issues bothering the mining giants. The more flexible approach on the RSPT is being seen as the key to today's market gains.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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