U.S. rebuffs Koch-controlled coal company's bid for royalties

[Judi Lynn]

Source: Reuters

U.S. rebuffs Koch-controlled coal company's bid for royalties

Reuters
By Patrick Rucker
11 hours ago

WASHINGTON (Reuters) - The Obama administration has rejected a plea by billionaire investor William Koch to refund as much as $14 million in royalties on a now-shut Colorado mine, according to a letter explaining the decision.

The Interior Department last week ruled that Oxbow Mining, a subsidiary of Koch-controlled Oxbow Carbon LLC, is not entitled to a 'royalty rate reduction' since the move would do nothing to return the mine to life.

Reducing royalty rates has been a tool used by the federal government for decades when maximizing coal production was part of a national energy policy.

Oxbow closed its Elk Creek site in western Colorado two years ago after setbacks such as a fire and partial collapse made working the underground mine too costly, according to the company and regulatory paperwork.


Read more: https://news.yahoo.com/u-rebuffs-koch-controlled-coal-companys-bid-royalties-011318141--finance.html

[ToxMarz]

1. Says Obama "I'm a lame duck?"

It's an election year, can't they find a candidate that will carry their water to spend time and money on electing? Oh, that's right, No! LOL. Maybe if you complimented "The Donalds" manhood he would let you play in his playground. Hahahahah!