Mining Companies Tumble After Australia Announces Carbon Tax

Zacks.com reports that stocks in mining companies fell after the Prime Minister of Australia said the government will require the nation’s 500 largest polluters to pay a carbon tax.

The market news is quoted as saying,

Austrilian mining company, Rio Tinto (NYSE:RIO) said the tax-due is to take effect in mid-2012-will curtail investment and job creation. In early trading, Rio Tinto dropped 2.553% to $70.88 while BHP Billiton (NYSE:BHP) is also down 2.5% to $93.41, and Anglo American (PINK:AAUKU) slid 3.26% to 24.30

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