RTP Advances After Australian Government Announces New Tax Plan

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. Read more from Benzinga's Company news.