Biden plan would overhaul 151-year-old mining law, make companies pay royalties for copper and gold
The Biden administration is recommending changes to a 151-year-old law that governs mining for copper, gold and other hardrock minerals on U.S.-owned lands.
apnews.com
WASHINGTON (AP) — The Biden administration is recommending changes to a 151-year-old law that governs mining for copper, gold and other hardrock minerals on U.S.-owned lands, including making companies for the first time pay royalties on what they extract.
A plan led by the Interior Department also calls for the creation of a mine leasing system and coordination of permitting efforts among a range of federal agencies. This comes as The White House has been pushing to boost domestic mining for minerals needed for electric vehicles, solar panels and other clean energy.
Under terms of an 1872 law, the U.S. does not collect royalties on minerals extracted from federal lands, a fact Democratic lawmakers and environmental groups have long lamented.
The White House plan would impose a variable 4% to 8% net royalty on hardrock minerals produced on federal lands. The proposal needs approval by Congress — unlikely when the House is controlled by Republicans who have long opposed such fees.
They are talking about a net smelter royalty, that's skimming 4%-8% of cream right off the top of profits.
Hard rock mines operate at around 16% profit, way down from the 24% they used to operate under a bit better than a decade ago due to odious .gov regulations.....The leftists are trying to kill mining on .gov lands.
It just goes to show that there's not a part of the economy that the leftist scum does not want to control or shut down.
Look at .gov publications (written mostly when leftist dems are in charge) that talk of tax cuts as "costing" the .gov......These people really believe all money belongs to the .gov, and they want to be the ones to decide who gets what.
Think of this the next time you think the down ticket does not matter.....Lose the House and all the dems dreams come true.