New Leadership in Aus - Good for our Coal investment

It looks like the proposed mining tax is going to be reviewed.. I am still very bullish on Mac Arthur Coal

By Candice Zachariahs


June 24 (Bloomberg) -- Australia’s mining stocks rose and the currency ended two days of losses against the yen as Prime Minister Kevin Rudd was forced out by his deputy, sparking speculation the government may change a proposed mining tax. Shares of resource companies including Macarthur Coal Ltd. and Riversdale Mining Ltd. led the increase in resources stocks, balancing losses in utilities and financial shares that saw the S&P/ASX 200 Index finish little changed at the close of trading in Sydney. Rudd’s popularity plunged after criticism from mining companies including Melbourne-based BHP Billiton Ltd. and London-based Rio Tinto Group over plans to impose a 40 percent levy on mining profits from 2012. Julia Gillard, who has taken
over from Rudd, said she was “throwing open the government’s door” to negotiate with the mining industry.