West Virginia incentivises rare earth mining
February 22, 2023
The Legislature of West Virginia, USA, has passed a bill (HB 3012) which will provide a nine-year break in severance taxes for companies which sever, extract, or produce for sale rare earth elements and critical minerals.
As demand for REEs grow, so grows the interest in developing domestic recovery of these elements to break reliance on imports from China and conflict elements from the Democratic Republic of Congo.
West Virginia, which is home to metallurgical and rare earth element deposits, hopes this tax incentive will spur companies to base American REE production in the state and boost its economy following the exit of the state’s coal industry.
The bill will be effective from July 1, 2023.
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