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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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To: loantech who wrote (51951)	11/2/2007 10:51:43 AM
From: LoneClone	Read Replies (1) of 78426

Nope, it's time to sell, The US is no longer a safe jurisdiction for mining investors. (Just kidding, I think.) US House Passes Mining Bill mining-journal.com The US House of Representatives has voted 244-166 in favour of a bill that would restrict access by mining companies to public land and would, for the first time, require the payment of royalties for mineral extraction. The bill now passes to the Senate but, even assuming it passes that hurdle, President Bush has already said that he would not accept the legislation in its current form. The House vote split almost precisely along party lines. Democrats voted 220 yes and only 3 no, while the Republicans voted 163 no and 24 yes. The 435-member House has two vacancies and 23 Representatives did not vote. This was best demonstrated by the 59 California Representatives who, apart from two who didn`t vote (one of which was the Speaker) all voted along party lines. Only six states voted unanimously `no` to updating the 135-year-old mining legislation: Alaska, Montana and South Dakota (all having only one vote), Idaho (2 votes, both Republican), Nevada (3 votes) and Oklahoma (5 votes). The Act would include a 4% royalty on revenue for existing mining operations on federal land, and 8% on new operations. The funds raised would be used to clear up abandoned mining sites.

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