This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wis. Mine Bill Would Slash Money For Environment

Based on those numbers and the legislation's 2.7 cents per ton fee, the state could generate between $665,000 and $785,000 a year that would be divided between the environmental management account and the waste board.

If Gogebic Taconite had to pay the $7 recycling fee, the state would generate more than $172 million for environmental cleanup and pollution abatement, the bureau said.

The bill's author, Sen. Tom Tiffany, said Thursday that it doesn't make sense to retain the $7 recycling fee since Gogebic Taconite plans to use the waste to fill the pit when the mine closes.

"This is not a recyclable material," said Tiffany, R-Hazelhurst. "The waste rock ... will be used in the reclamation. That's the rationale."

Gogebic Taconite President Bill Williams said the recycling fee was intended to cover trash deposited in a landfill and shouldn't apply to rock.

"I think that would be a deal breaker for anybody," Williams said. "You put it in and no industry will come."

Larry MacDonald, mayor of Bayfield, a city of roughly 500 people on Lake Superior about 50 miles north of the mine site, said the bill could lead to pollution that could harm the city's lake-dependent tourism industry. He said exempting Gogebic Taconite from the recycling fee is ridiculous.

"The fact we'd lose $171 million is an atrocious thing," he said. "That's throwing the baby out with the bath water."

Clark, the Baraboo lawmaker, is co-sponsoring an alternative mining bill that also would eliminate the $7 recycling fee on waste. But the Democrat said that bill is better because it imposes a so-called tonnage tax, which would require mining companies to pay according to how much iron they extract. Seventy percent of the revenue would go to local governments near the mine; 30 percent would go to the state.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,619.51 +23.16 0.13%
S&P 500 2,063.12 +5.48 0.27%
NASDAQ 4,986.8670 +28.3990 0.57%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs