Word: mininger
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Though his original bill called for an 8% royalty (in contrast, companies that lease federal lands to produce crude oil, natural gas and surface-mined coal pay the government a royalty of 12.5% of the current market value of the commodity), in a recent amendment, Rahall suggested restricting the fee...
Indeed, in Montana's Little Rockies, a gold mining operation that was abandoned in 1997 after 20 years of cyanide leaching - a method of dissolving gold from ore rocks - is still polluting the area and costing millions in public funds to monitor and treat groundwater. Pegasus Gold, the Canadian mine...
The metals-mining industry is wary even of Rahall's amended bill, saying the fees would still be either exorbitant or unfair. "An 8% royalty for prospective mines ... would be the highest in the world. For existing mines, business plans were undertaken without figuring in paying a 4% royalty - that...
But there are some in the industry who think the royalty will actually be a boon for business. Gold mining's biggest market, the jewelry retailers, support Rahall's bill saying that environmental responsibility is what more and more of its customers are looking for: at least 80% of gold...
Tiffany and Co. CEO Michael J. Kowalski early last year signed onto the "No Dirty Gold" campaign launched by the mining-reform advocate Earthworks and has drawn most of the large retailers into supporting Rahall's reform effort. The last thing image-conscious companies like Tiffany want is to be...