MW: Australian shares slip lower, with miners mixed
By Michael Kitchen
LOS ANGELES (MarketWatch) -- Australian shares reversed from a mildly positive open to trade lower Wednesday morning, with the key mining sector offering a mixed picture amid continued concerns surrounding the planned resources super-profits tax. The S&P/ASX 200 fell 0.2% to 4,372.8, with recent strength in gold helping gold miner Newcrest Mining Ltd. (AU:NCM 33.47, +0.28, +0.84%) (NCMGF 26.70, 0.00, 0.00%) rise 1.1%, with its acquisition target Lihir Gold Ltd. (AU:LGL 4.13, +0.06, +1.47%) (LIHRF 3.32, +0.06, +1.84%) up 1.5%. But Rio Tinto Ltd. (AU:RIO 65.75, -1.00, -1.50%) (RTP 44.90, +1.62, +3.74%) lost 0.9%, and Fortescue Metals Group Ltd. (AU:FMG 3.86, -0.06, -1.53%) (FSUMF 3.06, -0.24, -7.27%) dropped 0.3%, as the industry continued to voice opposition over plans for the controversial mining tax.
