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New Australian PM boosts mining shares

06-25-2010 08:54 BJT

Australian shares narrowed their earlier gains which came after Gillard's elevation to prime minister. But they were still higher with resource stocks accounting for the bulk of the market's strength.

Australian mining shares gained Thursday on hopes the new government will soften an industry tax, after Prime Minister Kevin Rudd stepped down

Sydney miners led regional resource firms higher on expectations the new government of Prime Minister Julia Gillard would compromise on the tax, which has threatened up to $20 billion in new investment.

Miners had launched mutli-million dollar advertising campaigns warning of large job losses, if the 40 percent tax goes ahead in its current form.

BHP Billiton gained, and the world No.1 said it looked forward to working with the new government to find a solution to the issue.

The Australian dollar briefly jumped after the leadership change that brought Australia its first woman prime minister.

Editor:Xiong Qu |Source: CCTV.com

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