{"id":122924,"date":"2021-10-14T19:31:00","date_gmt":"2021-10-14T19:31:00","guid":{"rendered":"https:\/\/fin2me.com\/?p=122924"},"modified":"2021-10-14T19:31:00","modified_gmt":"2021-10-14T19:31:00","slug":"u-s-senator-manchin-promises-to-block-mining-royalty-plan","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/u-s-senator-manchin-promises-to-block-mining-royalty-plan\/","title":{"rendered":"U.S. Senator Manchin promises to block mining royalty plan"},"content":{"rendered":"
FILE PHOTO: U.S. Senator Joe Manchin (D-WV) faces reporters outside the U.S. Capitol in Washington, U.S., September 30, 2021. REUTERS\/Leah Millis<\/figcaption>

(Reuters) – U.S. Senator Joe Manchin has promised to block a proposed royalty for minerals extracted on federal land from advancing in the U.S. Senate\u2019s version of the hotly debated reconciliation package, a senate staffer said on Thursday.<\/p>\n

Manchin, a West Virginia Democrat and chair of the Senator\u2019s Energy and Natural Resources committee, promised U.S. Senator Catherine Cortez Masto, a Nevada Democrat, that the royalty proposal would not be included in the Senate\u2019s final reconciliation language, according to Cortez Masto\u2019s office.<\/p>\n

Manchin\u2019s office declined to comment.<\/p>\n

The pledge to block the royalty proposal in committee and the full Senate is the latest example of Manchin\u2019s newfound role as a legislative powerbroker in the evenly divided chamber.<\/p>\n

Last month, the U.S. House of Representative\u2019s Natural Resources Committee added language to the proposed $3.5 trillion reconciliation spending measure to set an 8% gross royalty on existing mines and 4% on new ones. Supporters project that the measure, which would also set a 7-cent fee for every ton of rock moved, would raise about $2 billion over 10 years.<\/p>\n

It was designed to be one of the most-substantial changes to the law that has governed U.S. mining since 1872, which did not set royalties in order to encourage development of the western United States.<\/p>\n

Mining companies support only a slight tweak in the law, but environmental groups have long urged charging the industry a fee to extract minerals on taxpayer-owned land.<\/p>\n

Nevada produces more gold and silver than any other state and has lithium projects under development from Lithium Americas Corp, ioneer Ltd and others. Cortez Masto, who is up for re-election in 2022, has been one of few Democrats supporting the mining industry\u2019s position.<\/p>\n

Tensions are rising in the United States over how best to procure minerals needed to produce renewable energy technologies. President Joe Biden has yet to take a public stance on the issue, though privately he has signaled plans to rely on allies for metals needed in electric vehicles, Reuters reported earlier this year.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: U.S. Senator Joe Manchin (D-WV) faces reporters outside the U.S. Capitol in Washington, U.S., September 30, 2021. 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