NEW YORK ( TheStreet) - On expectations of higher coal prices, major coal stocks Peabody Energy (BTU - Get Report), Consol Energy (CNX - Get Report), Alpha Natural Resources (ANR), Arch Coal (ACI), Massey Energy (MEE) and Natural Resource Partners (NRP) gained between 0.9% and 3.8% Thursday. These stocks are poised to extend gains during the upcoming weeks on supply-demand dynamics.Taking a look around the world, Australia's commitment to mining taxes could support higher coal prices and compel major mining companies to limit or defer development of new coal mines in the country. The ruling Labor Party's second-term agenda is focused on the 30% tax on coal and iron ore miners. The Australian Greens Party is urging Prime Minister Gillard to increase a proposed tax on coal and iron ore mining profits, reports Bloomberg. The country's first minority government, since World War II, needs support from the Greens Party and three independents to continue in government.
Coal Stocks Poised to Gain
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