Mining tax move cheers investors

New Australian premier moderates stance on controversial industry levy

SYDNEY - Mining takeovers in Australia may reverse a slump after new Prime Minister Julia Gillard signaled a desire to resolve a dispute over a minerals tax that prompted the downfall of her predecessor, investment bankers said.

"A lot of our clients are interested in making increased investments in resources," said Simon Ranson, head of mergers and acquisitions at Citigroup Inc in Sydney. "The developments are being taken very positively. Clients are much happier now."