U.S. coal mining industry seeks wide-ranging coronavirus bailout
2020-03-20 15:19:46 [Print]
The coal industry's main U.S. lobby group has asked for sweeping financial assistance to help mining companies weather the economic fallout of the coronavirus, according to a letter to President Donald Trump and the leaders of Congress on Thursday.
The request adds the ailing coal industry to a long list of businesses vying for a bailout to counter the impact of the global pandemic.
In the letter, dated on Wednesday, the National Mining Association asked Trump, House of Representatives Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell to ensure that "coal companies have access to the necessary cash flow they need to continue operations."
It asked for Trump to take executive action to keep coal-fired power plants running, and asked Congress to "suspend or reduce" royalties on mining and cut taxes and fees the industry pays for things like health assistance to victims of black lung disease and cleanups of former mines.
"The fuel security provided by coal reserves at power plants offers resiliency to a system that is bracing for uncertainty, and it is imperative to keep these plants online -- whether through the use of the Defense Production Act or other means -- in the interest of national security," NMA President Rich Nolan wrote in the letter.
The NMA also asked for the coal industry to have access to credit "without prejudice."
The request adds the ailing coal industry to a long list of businesses vying for a bailout to counter the impact of the global pandemic.
In the letter, dated on Wednesday, the National Mining Association asked Trump, House of Representatives Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell to ensure that "coal companies have access to the necessary cash flow they need to continue operations."
It asked for Trump to take executive action to keep coal-fired power plants running, and asked Congress to "suspend or reduce" royalties on mining and cut taxes and fees the industry pays for things like health assistance to victims of black lung disease and cleanups of former mines.
"The fuel security provided by coal reserves at power plants offers resiliency to a system that is bracing for uncertainty, and it is imperative to keep these plants online -- whether through the use of the Defense Production Act or other means -- in the interest of national security," NMA President Rich Nolan wrote in the letter.
The NMA also asked for the coal industry to have access to credit "without prejudice."
