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)
“This island is made mainly of coal and surrounded by fish. Only an organizing genius could produce a shortage of coal and fish at the same time.”
—Aneurin Bevan (1897–1960)
“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)