By Mike Tony, Charleston Gazette-Mail
CHARLESTON, W.Va. — Gov. Jim Justice has signed into law a bill that will set up a private, nonstock mining mutual insurance company with $50 million in taxpayer money to provide an alternative bonding source for coal mine operators.
Justice, a coal magnate who has encountered recent financial troubles, on Monday signed Senate Bill 1, which proponents say will help guard against a potential spike in bankruptcies that leave the fund — and state taxpayers — on the hook for coal companies’ unfulfilled mine reclamation obligations.
Opponents of the new law say it will unfairly burden taxpayers while failing to address long-term issues behind potential reclamation liabilities that could cost the state billions of dollars…