Coal
Under the Mineral Leasing Act as amended and the Mineral Leasing Act for Acquired Lands of 1947 as amended, coal leases are initially obtained for a 20 year period but can be terminated in 10 years if the resources are not sufficiently developed. As with petroleum, an initial bonus must be paid to the government at the time the lease is awarded. Annual rental fees for coal are $3 per acre. Royalties are 12.5% of the gross value for surface mined coal and 8% for coal produced from underground mines.
Read more about this topic: Mineral Leasing Act Of 1920
Famous quotes containing the word coal:
““The room’s very hot, with all this crowd,” the Professor said to Sylvie. “I wonder why they don’t put some lumps of ice in the grate? You fill it with lumps of coal in the winter, you know, and you sit round it and enjoy the warmth. How jolly it would be to fill it now with lumps of ice, and sit round it and enjoy the coolth!””
—Lewis Carroll [Charles Lutwidge Dodgson] (1832–1898)
“... gathering news in Russia was like mining coal with a hatpin.”
—Mary Heaton Vorse (1874–1966)
“Mr. Christian, it is about time for many people to begin to come to the White House to discuss different phases of the coal strike. When anybody comes, if his special problem concerns the state, refer him to the governor of Pennsylvania. If his problem has a national phase, refer him to the United States Coal Commission. In no event bring him to me.”
—Calvin Coolidge (1872–1933)