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:
“Writing is to descend like a miner to the depths of the mine with a lamp on your forehead, a light whose dubious brightness falsifies everything, whose wick is in permanent danger of explosion, whose blinking illumination in the coal dust exhausts and corrodes your eyes.”
—Blaise Cendrars (1887–1961)
“In those days, the blag slag, the waste of the coal pits, had only begun to cover the side of our hill. Not enough to mar the countryside nor blacken the beauty of our village. For the colliery had only begun to poke its skinny black fingers between the green.”
—Philip Dunne (1908–1992)
“And in their blazing solitude
The stars sang in their sockets through the night:
“Blow bright, blow bright
The coal of this unquickened world.””
—Philip Larkin (1922–1986)