1872 Mining Law Fact #8
Published: April 1, 2003
What would you expect to pay for precious metals like gold, silver and copper from public lands belonging to U.S. taxpayers?
Multinational mining companies have taken $245 billion worth of precious metals and minerals without paying a cent in royalties since the 1872 Mining Law went into effect 131 years ago. Considering coal, oil and gas companies pay royalties of 8% to 12.5%, it sounds like a pretty good deal.
But wait, it gets even better! What if we offered you the same tax break mining companies get-a tax break based on the declining value of these royalty-free minerals-worth $487 million over 5 years?
Before you answer, listen closely! Generous U.S. taxpayers are also throwing in exploration subsidies valued at $170 million over 5 years and abandoned mine clean-up worth $32 billion to $72 billion.
The total package is worth billions , exclusively for the hardrock mining industry. It's even better than the free bonus Ginsu knife set offer. ACT NOW!