The moratorium on new coal lease sales from federal land is a “political fix” that will reduce tax revenues and hit local communities, according to National Mining Association President and CEO, Hal Quinn.
In a statement released as a series of public comment meetings on the federal coal leasing programme got underway in Wyoming, Quinn was scathing in his criticism of the Department of the Interior.
“There is no compelling need for a moratorium for ‘fix’ a programme that isn’t broken,” said Quinn. “The current programme is more than fair to taxpayers. In fact, the 12.5% royalty paid on coal leased from federal land is approximately 40% higher than royalty rates paid by coal mined on private land in coal states.”
Quinn also pointed out that coal companies mining coal on federal land also pay bonus bids and additional fees that provide 39 cents of every dollar of coal sales.
“Keeping federal coal in the ground is a political fix that will deny taxpayers any revenue from this valuable resource,” continued Quinn, “while forcing state and local communities to suffer the loss of additional high-wage jobs and sharp budget shortfalls that will require either higher taxes, lower services or both.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/17052016/quinn-attacks-doi-coal-moratorium-2016-789/
You might also like
Peabody has published its 4Q23 results, FY23 results, and released a segment update.