Obama Opposes Reform Of 1872 Federal Mining Law - Might Hurt Mining Companies (!)

[hatrack]

RENO, Nev. (AP) -- Democratic presidential hopeful Barack Obama said Tuesday that he opposes a mining reform bill backed by environmentalists because it would be too burdensome on the industry and could end up costing miners jobs in Nevada and other states.

The Illinois senator said he supports efforts to update the General Mining Law of 1872 and will work with Sen. Harry Reid, D-Nev., to find a compromise between environmental protection and a healthy mining industry.

Obama said he specifically opposes parts of the bill passed by the House last week 244-166 that would impose royalties of 4 percent of gross revenue on existing hard-rock mining operations and royalties of 8 percent of gross revenue on new mining operations.

"What is clear to me is that the legislation that has been proposed places a significant burden on the mining industry and could have a significant impact on jobs," Obama said. "Given the difficulties that the industry is already having in maintaining its operations, I think it is important for us not to move with royalty payments that are so significantly higher than they were previously," he said during a teleconference with reporters in Nevada.

EDIT

http://hosted.ap.org/dynamic/stories/N/NV_OBAMA_MINING_NVOL-?SITE=CODEN&SECTION=HOME&TEMPLATE=DEFAULT

Whatfuckingever.