Most of you who read this site are well aware of my political leanings - I happen to believe that the current administration is perhaps the most inept, reckless and endangering to liberty in the history of this nation and needs to be replaced at the ballot box this coming November.
Those of you who own mining company stocks should take note that as part of the budget submitted by the Obama administration, all hardrock mining companies would be required to pay annual rents and royalty fees of no less than 5% of gross proceeds.
Currently a law that is 140 years old, exempts them from paying royalties to the US government.
Environmentalists have been after this law for years and have found their champion in the current occupant of the White House.
The rental portion of this budget would impose a fee on for both public and private lands with the funds supposedly being used to clean up abandoned mines. Coal companies are currently under a similiar plan.
Don't worry however - I am completely assured that every bit of the monies raised from this targetted plundering will be put to good use for the American citizenry with absolutely none of it going to cronies of Obama such as Solyndra.
Were it not for the fact that most political analysts expect the Obama budget to be DOA in the Congress, the mining shares would have been sharply lower today. Those of you who own these things are well advised to pay close attention to this. Senator Harry Reid, who has long ago sold his soul to the left's agenda and who hails from a swing state, will probably be getting an earful from mining company executives with any connection to the state of Nevada. I will be surprised to see him actually coming out in support of this proposal if he wishes to run for re-election next time around. Then again, he might be ready to retire by 2016.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.