Wednesday, January 28, 2009

Pew report blasts 1872 Mining Act

The Pew Campaign for Responsible Mining released their critique of the 1872 Mining Law yesterday, "Reforming the U.S Hardrock Mining Law of 1872: The Price of Inaction."

The report calls for changes in the law that would raise more than $1.6 billion from royalties and fees on mining on public lands:
  • Royalties over 10 years fro gold, uranium and other metals = $400 million
  • Reclamation fees similar to those on coal to clean up abandoned mines, over 10 years = $290 million
  • Elimination of tax deductions over 10 years = $1 billion

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