Summary Box: Australian mining stocks rise as election uncertainty throws doubt on hefty tax

Published November 17, 2014

MOVING HIGHER: Shares of Australia's biggest mining companies ticked higher as doubts grew about plan for a new tax on their profits. The nation's closest election in almost 50 years has delivered no clear mandate.

TAX: The center-left Labor Party, headed by Julia Gillard, has promised to impose a 30 percent tax on iron ore and coal miners profit to raise an additional 10.5 billion ($9.4 billion) in government revenue in two years.

POLITICS: Labor — which has ruled for the past three years and remains in control of the caretaker government — and the conservative Liberal Party, led by Tony Abbott, are still negotiating over which side can command 76 seats in the 150-seat House of Representatives.

URL

https://www.foxnews.com/world/summary-box-australian-mining-stocks-rise-as-election-uncertainty-throws-doubt-on-hefty-tax