The S&P-ASX 200 index closed the session 35.9 points higher at 4356 points, while the All Ordinaries finished 32.8 points higher at 4389.4 points.
On the mining front, BHP Billiton slid A5c to close at $37.39, while Rio Tinto inched 15c higher to close at $69.60.
Speaking at a lunch today for the Australian Institute of Company Directors, Rio Tinto chief executive Tom Albanese said that while uncertainties loom, there was still potential for long-term growth.
"While uncertainties do cloud the sector's short-term horizon – such as the implications of continuing global economic instability, resource rents and climate change – the potential for long-term growth remains strong if the right decisions for the future are made now,” he said.
"The challenging industry events of the last few months over new mining tax proposals have shown that these decisions must be made in close partnership between industry and stakeholders – most particularly policy makers."
In other mining news, Fortescue Metals Group was one of the bigger movers at the big end of town after announcing a 14% year-on-year boost to net profit for the 2010 financial year to $US581 million.
"The 2010 financial results mark a turning point for Fortescue as the company delivers strong cashflow after years of project development," FMG chief executive Andrew Forrest said.
"Production and price increases are generating significant revenues and increasing cash balances."
FMG closed today’s session A16c higher at $4.50.
Meanwhile, OZ Minerals finished 0.5c lower at $1.195, while Paladin Energy slipped 1c to $3.73.
On the London Metal Exchange, nickel for three-month delivery fell 2.5% to $US20,090 per tonne, zinc dipped 1.4% to $1964/t and copper slipped 0.5% to $7101/t.
Spot gold was trading $1.55 higher at $1241.25 an ounce at 4:00pm AEST. Newcrest Mining climbed A50c to $35.99, Lihir Gold gained 7c to $4.47, while Kingsgate Consolidated added 33c to $9.75.
Finally, the Australian Bureau of Statistics has tipped investment spending for 2010-11 to come in at $123.3 billion, a 16% increase on 2009-10 investment of $106.1 billion.
Mining is tipped to take up a large slice of this increase, with investment in the sector expected to jump from $34.8 billion in 2009-10 to $54.8 billion next financial year, a 57% jump.
