What a Pity....!Only in Canada you say? Sounds like a Tetly Tea commercial and only 50%
Pity
So what is wrong with Gold Summit raising the shekels instead of giving up half? Also is concern is the land position is it on Federal landings or under BoLM? which I can understand has one of the toughest requirements? Below is the news release
House Democrats overwhelmingly pass US Mining Law reform, gross royalty
House Democrats Thursday slammed the domestic hardrock mining industry in a 244-166 vote to approve a tough new mining law and imposes the world’s highest royalty on mining on public lands.
Author: Dorothy Kosich
Posted: Friday , 02 Nov 2007
RENO, NV -
As predicted, the U.S. House Thursday passed a tough new mining law bill, which mandates that the hardrock mining industry pay gross royalties of 4% for existing mines and 8% for future mines on minerals extracted on public lands.
The National Mining Association says it's the world's highest royalty for all mineral mining.
The bill, which won passage on a 244-166 vote, of which 220 Democrats and 24 Republicans voted in favor, while 163 Republicans and three Democrats voted "nay."
The chief author of the bill, House Natural Resources Committee Chairman Nick Rahall, D-West Virginia, said, Those who support this legislation - the countless locally elected public officials, concerned citizens, sportsmen and women, and taxpayer advocates - bring with them the new century conviction that corporate interests can no longer have an unfettered ability to reap America's mineral wealth with no payment in return. There must be parameters set, and rules adhered to - for if we do not make corrections to the current regime, the ability of the mining industry to continue to operate on public lands in the future is questionable."
Rahall's bill, HR 2262, The Hardrock Mining and Reclamation Act of 2007, also contains a litany of environmental legislation, including expanding the ability of Indian tribes to petition the Secretaries of Interior and Agriculture to withdraw federal lands from entry under the Mining Law, enhances the capability to withdraw federal lands in national parks from mining, exploration and geothermal development, and prohibits mines that would generate perpetual water pollution.
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