Central Montana Times

U.S. Senator Steve Daines has sent a letter to the U.S. Department of the Treasury, urging Secretary Janet Yellen to include extraction costs in the final regulations for the Advanced Manufacturing Production Credit (45X). This move aims to alleviate pressures on the mining industry, which is reportedly suffering due to Russian interference.

The letter follows previous demands from Senator Daines that went unanswered and comes in response to recent layoffs at Montana’s Stillwater Mine. The mine, known as the nation’s only platinum and palladium producer, laid off 700 employees following the Biden-Harris administration’s decision to allow imports of critical minerals from Russia.

Daines stated in his letter: “With the recent announcement that the nation’s only platinum and palladium producer, Stillwater mine in Montana, is laying off 700 employees, I write regarding input on the final regulations pertaining to the Advanced Manufacturing Production Credit (‘45X’) for the domestic production of critical minerals. Unfortunately, in Treasury’s draft guidance, extraction costs are excluded from the credit. This very specific and unnecessary omission in the guidance comes at a cost for Montana’s and the nation’s mining jobs and must be corrected. As such, I request that Treasury issue guidance for the 45X credit to include extraction costs immediately."

He further noted: “Earlier this year I submitted questions for the record for a Senate Energy and Natural Resources hearing held on January 11th, asking for Treasury’s rationale in precluding the credit, further underscoring the matter. I have not received a response to my questions, nearly eight months later. This delay and lack of transparency is unacceptable. It is becoming more and more clear that President Biden and Vice-President Harris are doing everything in their power to discourage and even prohibit energy and mining production in the United States and Montana. The omission of extraction in the 45X credit is just the latest in a long line of absurd economic actions from this Administration. Mining plays the largest role in producing these critical minerals, so exclusion of extraction costs is not only puzzling; it negates purpose of credit itself.”

In addition to his letter today, Daines has introduced legislation aimed at banning imports of critical minerals from Russia.

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