U.S. rebuffs Koch-controlled coal company's bid for royaltiesWASHINGTON (Reuters) - The Obama administration has rejected a plea by billionaire investor William Koch to refund as much as $14 million in royalties on a now-shut Colorado mine, according to a letter explaining the decision. The Interior Department last week ruled that Oxbow Mining, a subsidiary of Koch-controlled Oxbow Carbon LLC, is not entitled to a ‘royalty rate reduction’ since the move would do nothing to return the mine to life. Reducing royalty rates has been a tool used by the federal government for decades when maximizing coal production was part of a national energy policy. Oxbow closed its Elk Creek site in western Colorado two years ago after setbacks such as a fire and partial collapse made working the underground mine too costly, according to the company and regulatory paperwork. Oxbow has said it has no plans to reopen the facility, which once employed more than 200 people. Machinery is being sold for scrap and the mine is ready to be sealed, according to regulatory paperwork. “These circumstances indicate that a royalty rate reduction will not expand recovery or promote further development of the leases,” the Interior Department’s Bureau of Land Management wrote last week in a letter made public on Monday. ‘Royalty rate reduction’ and other such programs meant to promote coal production on public lands are now under scrutiny since President Barack Obama has vowed to curb the nation’s reliance on fossil fuels, which contribute to global warming. William Koch was an heir to the Fred C. Koch family fortune, and two of his brothers, Charles and David, are leading figures in conservative politics. While William Koch is not as politically prominent as his brothers, he has been a significant political donor to conservative causes in the past. A spokesman for Koch and Oxbow did not immediately respond to a call for comment. Rocky Mountain coal has been valued at $35 a ton or more in the last several years, according to a Reuters review of Energy Information Administration data. Because the BLM recommends a royalty rate reduction on 13.1 million tons of coal, the decision positions Oxbow to receive at least a $14 million refund on fuel mined since 2012, according to a Reuters calculation.politicsNews
rebuffed coal company bid royaltieswashington reuters the obama administration rejected plea billionaire investor william koch refund much million royalties colorado mine according letter explaining decision the interior department last week ruled oabot mining subsidiary oabot carbon llc entitled royalty rate reduction since move would nothing return mine life reducing royalty rates tool used federal government decades maximizing coal production part national energy policy oabot closed elk creek site western colorado two years ago setbacks fire partial collapse made working underground mine costly according company regulatory paperwork oabot said plans reopen facility employed people machinery sold scrap mine ready sealed according regulatory paperwork these circumstances indicate royalty rate reduction expand recovery promote development leases interior department bureau land management wrote last week letter made public monday royalty rate reduction programs meant promote coal production public lands scrutiny since president barack obama vowed curb nation reliance fossil fuels contribute global warming william koch heir fred koch family fortune two brothers charles david leading figures conservative politics while william koch politically prominent brothers significant political donor conservative causes past a spokesman koch oabot immediately respond call comment rocky mountain coal valued ton last several years according reuters review energy information administration data because blm recommends royalty rate reduction million tons coal decision positions oabot receive least million refund fuel mined since according reuters
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: U.S. rebuffs Koch-controlled coal company's bid for royaltiesWASHINGTON (Reuters) - The Obama administration has rejected a plea by billionaire investor William Koch to refund as much as $14 million in royalties on a now-shut Colorado mine, according to a letter explaining the decision. The Interior Department last week ruled that Oxbow Mining, a subsidiary of Koch-controlled Oxbow Carbon LLC, is not entitled to a ‘royalty rate reduction’ since the move would do nothing to return the mine to life. Reducing royalty rates has been a tool used by the federal government for decades when maximizing coal production was part of a national energy policy. Oxbow closed its Elk Creek site in western Colorado two years ago after setbacks such as a fire and partial collapse made working the underground mine too costly, according to the company and regulatory paperwork. Oxbow has said it has no plans to reopen the facility, which once employed more than 200 people. Machinery is being sold for scrap and the mine is ready to be sealed, according to regulatory paperwork. “These circumstances indicate that a royalty rate reduction will not expand recovery or promote further development of the leases,” the Interior Department’s Bureau of Land Management wrote last week in a letter made public on Monday. ‘Royalty rate reduction’ and other such programs meant to promote coal production on public lands are now under scrutiny since President Barack Obama has vowed to curb the nation’s reliance on fossil fuels, which contribute to global warming. William Koch was an heir to the Fred C. Koch family fortune, and two of his brothers, Charles and David, are leading figures in conservative politics. While William Koch is not as politically prominent as his brothers, he has been a significant political donor to conservative causes in the past. A spokesman for Koch and Oxbow did not immediately respond to a call for comment. Rocky Mountain coal has been valued at $35 a ton or more in the last several years, according to a Reuters review of Energy Information Administration data. Because the BLM recommends a royalty rate reduction on 13.1 million tons of coal, the decision positions Oxbow to receive at least a $14 million refund on fuel mined since 2012, according to a Reuters calculation.politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: rebuffed coal company bid royaltieswashington reuters the obama administration rejected plea billionaire investor william koch refund much million royalties colorado mine according letter explaining decision the interior department last week ruled oabot mining subsidiary oabot carbon llc entitled royalty rate reduction since move would nothing return mine life reducing royalty rates tool used federal government decades maximizing coal production part national energy policy oabot closed elk creek site western colorado two years ago setbacks fire partial collapse made working underground mine costly according company regulatory paperwork oabot said plans reopen facility employed people machinery sold scrap mine ready sealed according regulatory paperwork these circumstances indicate royalty rate reduction expand recovery promote development leases interior department bureau land management wrote last week letter made public monday royalty rate reduction programs meant promote coal production public lands scrutiny since president barack obama vowed curb nation reliance fossil fuels contribute global warming william koch heir fred koch family fortune two brothers charles david leading figures conservative politics while william koch politically prominent brothers significant political donor conservative causes past a spokesman koch oabot immediately respond call comment rocky mountain coal valued ton last several years according reuters review energy information administration data because blm recommends royalty rate reduction million tons coal decision positions oabot receive least million refund fuel mined since according reuters