News Summary: Lawmakers To Rekindle Mining Reform
By The Associated Press
ROYALTY REVIEW: Congressional auditors say the government reaps billions in royalties each year from fossil fuels extracted from federal lands and waters, but gets none from gold, uranium or other metals mined from those places.
PAY DIRT: Two Democratic lawmakers want to reform the General Mining Act of 1872, which exempted mining companies from paying royalties for profiting from public lands. It was intended to encourage people to settle in the West.
MINE WHINE: The mining industry, which has fought to kill similar reform bills, said it already pays billions in taxes involving mines located on state and private lands.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts