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:
“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)
“Coal lay in ledges under the ground since the Flood, until a laborer with pick and windlass brings it to the surface. We may will call it black diamonds. Every basket is power and civilization. For coal is a portable climate.”
—Ralph Waldo Emerson (1803–1882)
“Coal is a portable climate. It carries the heat of the tropics to Labrador and the polar circle; and it is the means of transporting itself whithersoever it is wanted. Watt and Stephenson whispered in the ear of mankind their secret, that a half-ounce of coal will draw two tons a mile, and coal carries coal, by rail and by boat, to make Canada as warm as Calcutta, and with its comfort brings its industrial power.”
—Ralph Waldo Emerson (1803–1882)