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United States Legal Gold and Mining Partnership Act
12/15/2023, 4:02 PM
Summary of Bill HR 5570
The bill outlines the requirements for forming a legal gold mining partnership, including the need for a written agreement between partners, the allocation of profits and losses, and the distribution of assets upon dissolution of the partnership. It also addresses the taxation of gold mining partnerships, specifying how income and deductions should be reported to the Internal Revenue Service.
Additionally, the bill includes provisions for the protection of the environment and natural resources during gold mining operations. It requires partnerships to comply with all federal, state, and local environmental regulations, and to obtain any necessary permits before beginning mining activities. Overall, the United States Legal Gold and Mining Partnership Act aims to promote responsible and sustainable gold mining practices while providing clear guidelines for partnerships operating in this industry. It seeks to balance the economic benefits of gold mining with the need to protect the environment and natural resources for future generations.
Congressional Summary of HR 5570
United States Legal Gold and Mining Partnership Act
This bill requires the Department of State to develop a comprehensive strategy to combat illicit gold mining in the Western Hemisphere, with a focus on artisanal and small-scale mining (ASM), a form of mining typified by labor-intensive techniques, dangerous working conditions, and limited regulation.
The required strategy shall include policies, programs, and initiatives to (1) interrupt the linkages between ASM and illicit actors such as drug traffickers and foreign terrorist organizations; (2) deter ASM in protected indigenous lands and environmentally protected areas; (3) build the capacity of foreign civilian law enforcement to counter linkages between illicit gold mining and money laundering, forced labor, sex work, child labor, and hazardous material trafficking; and (4) support efforts by foreign governments to increase regulation of the ASM sector.
This bill also requires the U.S. Agency for International Development to coordinate with democratically elected governments in the region to establish a public-private partnership to improve transparency and traceability in the international gold trade.
