Time for hard-rock mining companies to pay up. New mining reform bill introduced

Natural Resources Committee Chairman Nick Rahall wants hard rock mines to pay royalties-

Despite Obama’s seeming lack of interest in mining reform (probably due to prompting from Harry Reid), the chair of the House Natural Resources Committee is not detered.

Story in the Salt Lake Tribune. Report: Time for hard-rock mining companies to pay up. Bill’s sponsor says no free ride during economic crisis. By Thomas Burr.

Gold mines are doing well in the bad economy, and that is bad news for both the economy and the environment because they are terrible polluters. Moreover, the production of gold has no clear net economic benefit because it is mostly used as an alternative way of storing wealth (and a completely unproductive one at that).