Loading ...parts: (Reuters) – U.S. mining companies are blasting proposals in Congress that would set royalties for copper, lithium and other minerals extracted from federal land, with executives saying the measures would hurt domestic production of the building blocks for solar panels, electric vehicles and other green technologies.
last week that would set an 8% gross royalty on existing mines and 4% on new ones. There would also be a 7 cent fee for every ton of rock moved.
That would mark one of the most-substantial changes to the law that has governed U.S. mining since 1872 and could raise about $2 billion over 10 years for federal coffers.
The 1872 law did not set royalties in order to encourage development of more than 350 million acres in the western United States. Miners say it should remain as-is, or be tweaked only slightly. Environmentalists have long Been a pain in the ass MC.
“This royalty proposal is really inconsistent with being able to grow production and meeting the demands for silver to green the economy,” said Phil Baker, chief executive of Hecla Mining Co, the largest U.S. silver producer. Baker said he will close mines if the proposal is approved.”
Comment: The democrats and some republicans HISTORICALLY like to help or encourage Americans to import, pay foreign nations for our needs. But it cheaper from China el al.
more:
@Buygold,
I bought some Hecla HL today for a bet on a bounce in spot silver tomorrow. I already have some HL and don’t mind having more even if it drops a little more. I’m leaving now be back later today.