Factoid # 2: Free Lunch for Fat Cats

Factoid # 2: Free Lunch for Fat Cats
1872 Mining Law Fact #2

Published: March 11, 2003

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The hardrock mining industry has been gobbling its way through America for 131 years now. That's because these companies pay no royalty for the privilege of extracting gold and other precious metals from America's public lands under the 1872 Mining Law.

Coal, oil and gas companies pay 8% to 12.5%, but hardrock mining companies do not pay a cent in royalties to taxpayers. Since 1872 more than $245 BILLION in metals and minerals has been extracted without payment to the owners - the public, while the coal, oil and gas industries paid $35 billion between 1994 and 2001 alone.

Isn't it the multinational mining industry's turn to pick up the check?

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