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US tax optimism boosts miners, markets

The world’s biggest miner by market capitalisation BHP (AU:BHP) made a slight gain in Australian trade today after releasing its half-yearly operational review.
US tax optimism boosts miners, markets US tax optimism boosts miners, markets US tax optimism boosts miners, markets US tax optimism boosts miners, markets US tax optimism boosts miners, markets

BHP predicts positive impact

Staff reporter

CEO Andrew Mackenzie said a strong operating performance in the first half allowed it to capture the benefit of higher prices and forecast a stronger second half operating performance.

BHP achieved production records at some Western Australian iron ore and Queensland coal mines and a 17% increase in copper output but flagged likely impairment charges in its underlying earnings before interest and tax for the December half.

Looking ahead, the company expects US attributable profits to be positively impacted by the new lower corporate income tax rate.

Wall Street posted fresh highs yesterday as optimism surrounds how the tax changes could boost earnings, and Freeport-McMoRan (US:FCX) rose 2.33%.

In London, diversified major Anglo American (LN:AAL) lost just 0.01% and remains near a five-year high.

Across the pond, Mexican gold miner Goldgroup Mining (CN:GGA) was up more than 15% on no news as the TSX Metals and Mining sector gained 1.15% yesterday.

The gold price traded around US$1,328 on the spot market earlier.

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