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The Business of Mines—Consider Your Tax Deductions Now
May 2007 by Mark E. Battersby
Uncle Sam, the not-so-silent partner of every miner, dredger and prospector is willing, using our tax laws, to help reduce out-of-pocket expenditures necessary to acquire business assets and property. In addition to the well-known depreciation deduction, however, the tax laws permit tax write-offs for other, less tangible business assets. The best time to explore and lock-in many of these overlooked and misunderstood deductions is now, well before the end of the tax year.Picks & Pans: In Search of a Vein: Looking for Hardrock in the Talkeetna Mountains
Down, down, down I plummeted into the narrow granite chute. In a matter of a few seconds, I envisioned myself lying crumpled in a field of mammoth, sharp, jagged granite rocks. In those few seconds, my thoughts also imagined my life ebbing...
The Memorial Day Nugget
After picking up a large grey rock, ready to discard it, I immediately noted it was extremely heavy. My eyes started getting bigger and bigger as I wiped off the surface dirt and moistened it—the color yellow started showing.
The Bawl Mill
• Stinks like limburger
• Auditors get audited
• Will you be able to afford to retire?
• The $200,000 crow
Kennecott Copper Mine, Kennecott, Alaska
For approximately 30 years, the mines produced good ore, some so rich it was simply sent straight to bagging, bypassing milling and loaded directly on the rail cars.
Revisiting an Old Mine in Idaho Reaps Rewards
Our research indicated this whole area had been claimed by Newmont mining company for several years, but when the price of gold dropped they let the claims expire, and we confirmed this with the local BLM office.
Continental Drift
As soon as reasonably accurate maps were made, 200 years ago, one could not help but note the parallelism of some coastlines with those on other continents. The coastlines of Africa and South America, in particular, are strikingly similar. The first scientist to write on the subject was an Austrian, Edward Suess, who put India, Africa, and South America into a supercontinent he named “Gondwanaland.” But, it was not until Alfred Wegener, a German, came out with his “Theory of Continental Drift” in 1912, that scientists took note.
Safety With a Tax Deduction
As an employer, every mining operation, large or small, is responsible for protecting the safety and health of its employees. Safety is also good business. An effective safety and health program can save $4 to $6 for every $1 invested. It’s the right thing to do, and doing it right pays off in lower costs, increased productivity, and higher employee morale.
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