BHP Gains On Reduction In Tax Rate

Shares of BHP Billiton BHP moved up after the announcement of restructured tax known as Mineral Resource Rent Tax (MRRT). The Australian government has reduced the tax rate to 30%. The reduction is a major win for the mining industry. The Melbourne, Australia-based company’s shares have lost 8.18% over the past week. BHP’s shares gained 1.95% to $63.64 at 9:48 am. Read more from Benzinga's Company news.