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Australian Prime Minister Julia Gillard has slashed the controversial resources super profits tax. She's also limited the types of resources affected by the tax, in order to secure an agreement with mining companies.
The new PM has taken just over a week to resolve a bitter two-month fight with major miners over the new tax, removing a key obstacle to her calling an early election. Former PM Kevin Rudd introduced the resources tax, sparking a war with the mining industry, ending in Rudd's step-down last month.
Shares of mining giant BHP Billiton rose by one percent while Rio Tinto rose by 2 percent after the announcement.
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