Shares of Rio Tinto RTP are moving up after the Australian government announced its new mining tax plan.
The new plan will lower the headline tax rate from 40% to 30%. The London, UK-based company has also exercised its $393 million in share warrants of Ivanahoe Mines IVN. This has increased RTP’s stake in the miner by 7.3%.
Rio Tinto’s shares have fallen 9.66% over the past week.
RTP gained 2.28% to $45.27 at 9:46 am EDT.
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