Gold Miners Agree to Pay Up to $100m in Taxes to Nevada

Source: Mineweb, Dorothy Kosich  (2/25/10)

"Nevada miners still face an initiative process that seeks to remove mining taxation limits. . ."


Nevada gold miners have reportedly agreed to make a deal with the Nevada Legislature to pay from $75 million to $100 million to the state.

Assembly Majority Leader John Oceguera, D-Las Vegas, told the news media that the deal would involve mainly fees with a little from pre-payment of net proceeds of mines taxes.

State Budget Director Andrew Clinger told the Las Vegas Review Journal that if miners agree to pay $60 million in additional taxes, Gov. Jim Gibbons would withdraw his proposal to change and cap state mining tax deductions.

Sen. Dean Rhoads, R-Tuscarora, told the Review Journal mining company executives are willing to give the state $30 million to $40 million to help with the $900 million state budget deficit. He said mining is also willing to pay $60 million more to the state when they make their net proceeds of mines payments on March 1.

However, Nevada miners are still facing an initiative process that seeks to remove mining taxation limits from the state's constitution.

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