LAC - U.S. blast proposal in Congress to set royalties on federal lands

U.S. mining companies are angry over movement in Congress toward setting royalties for copper, lithium and other minerals extracted from federal lands, Reuters reports, which would mark one of the most substantial changes to U.S. mining law since 1872. The House Natural Resources Committee has added language to the proposed $3.5T reconciliation spending bill that would set an 8% gross royalty on existing mines and 4% on new ones, plus a 7% fee for every ton of rock moved. "The race for electric vehicles and electrification of the economy requires metals and mining, and that needs to be incentivized, not stalled," Rich Nolan, head of the National Mining Association, tells Reuters. Th royalty proposal is "inconsistent with being able to grow production and meeting the demands for silver to green the economy," says Hecla Mining (NYSE:HL) CEO Phil Baker, adding that the company would close mines if the measure is approved. "The current

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U.S. blast proposal in Congress to set royalties on federal lands