Gold Mining stocks up 2.3 per cent amid mining tax hike


Gold Mining and the Mining Industry Association of Australia (MIAA) are reporting a gain of 2.33 per cent to $3.88 per share.

Mining companies are also benefiting from a 5.2 per cent drop in the price of gold and a 2.8 per cent increase in the amount of cash they hold.

Gemstone is down $1.10 to $2.47 a troy ounce and Gemstone Mining is down 6.8 percent to $1,828.00 per tonne.

Gold Mining stocks have rallied more than 4 per cent since the start of the year.

The MIAA has been on a sell-off in the wake of the mining tax, which will see the cost of mining be reduced to a flat 2.5 per cent for gold and 1.8 to 2.2 for other metals.

Gold prices have fallen by more than 1,500 per cent over the past 12 months.

The Australian Bureau of Statistics says mining taxes are one of the top two drivers of commodity price volatility in Australia.

It says the mining industry contributed to about one in five of the world’s commodity price fluctuations in 2017, and accounted for more than 70 per cent of global commodity price swings in 2016.

The ABC has been tracking the mining boom for the past few years, and has been closely following the industry’s fortunes.

The gold industry has been growing in popularity, with a $1 trillion market.

The mining boom has created jobs in Australia and overseas, but mining is also a major contributor to Australia’s debt.

Gold mining is an important part of the Australian economy and contributes to the nation’s economy, but the government has been keen to limit the impact of the tax.

The government is pushing ahead with a plan to slash the mining levy from 2.25 per cent in 2019 to 1.5 percent in 2021, and then 0.5 percentage points in 2022.

The tax has been a thorn in the side of gold miners since it was introduced in 2018.

It has seen some companies go into receivership and a few mining firms have gone into voluntary liquidation.

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