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Australian iron ore miners shine despite China's fury

Confluence of favorable supply and demand factors unlikely to last

SYDNEY -- These are difficult times for many Australian industries that have profited from the country's trade links with China due to the recent souring of ties between the two nations.

But for iron ore producers like Rio Tinto and BHP, these are glory days. Prices for future deliveries have reached record levels and shares in the mining companies are hitting new highs. The Australian government is now eyeing a potential tax windfall that would help offset its biggest annual budget deficit ever.

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