For Immediate Release
November 1, 2007 |
Contact: Steve Ellis
202-546-8500 x126 |
HOUSE VOTES TO END CENTURY OLD MINING GIVEAWAY
(pdf version)
Washington, D.C. - The following is a written statement from Ms. Ryan Alexander, President of Taxpayers for Common Sense, a national non-partisan budget watchdog organization.
After more than a century, lawmakers today took an important first step towards ending the outright giveaway of taxpayer-owned gold, silver and copper for free to multi-national mining companies. By passing H.R. 2262, the Congress ended the mining industries taxpayer-backed gold rush. The legislation, which includes a modest 4% royalty for existing mines and an 8% royalty for new mines will now ensure that taxpayers receives a return on the hard rock minerals mined on public lands.
The bill also establishes clean-up standards designed to reduce the growing taxpayer liability resulting from abandoned mines, which throughout the West is estimated at more than $50 billion. Unfortunately, the House accepted by voice vote a last minute amendment offered by Representative Heller which would direct half of the funds collected to be directed to the states with the greatest current mining production – much of it going to Nevada. This provision hurts taxpayers by diverting funds from abandoned mine cleanup for California, Colorado and other Western States. Moreover, this fund was designed to address existing liabilities, so distribution of the funds to states with large current operations could leave the greatest clean up needs unmet.
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