Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 60

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 60
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 mining operations and to restore
the land to beneficial use following mining, and (ii) to implement an Abandoned Mine Land (“AML”) reclamation program to
address the hazards and environmental degradation resulting from two centuries of coal mining activities that occurred before SMRCA was
passed in 1977. The AML reclamation program is funded through fees levied against coal producers based on tons of coal produced. As of
September 2020, the AML reclamation fund had collected a total of $11.7 billion in coal mining fees over the life of the program, with
$9.5 billion (81%) appropriated and distributed in accordance with SMCRA, and $2.2 billion (19%) unappropriated and available for future
disbursement. In November 2021, the Infrastructure Investment and Jobs Act was enacted, which, among other things, authorized $11.3 billion
in new funding to be appropriated for deposit into the AML reclamation fund. The AML reclamation fund is only available to help fund
the reclamation of mines abandoned before SMCRA was enacted in 1977, and therefore, all mines abandoned after the year 1977 cannot access
funding from the AML reclamation fund and must obtain funding from other sources.

5

While
much of the funding for this reclamation work comes from the federal government, each state in Appalachia has a Department of Environmental
Protection (“DEP”) or an equivalent agency that oversees coal mining permitting, operations, and reclamation. Under DEP rules
and regulations, coal mining companies are required to develop a mining and reclamation plan that is approved by the applicable state
agency, obtain a mining permit from the state, and secure a reclamation surety bond from a qualified third-party insurance company or
provide a comparable financial guarantee. The reclamation surety bond provides the state with financial assurances that land reclamation
and waterway restoration will be performed in accordance with the reclamation plan once mining is complete if the coal mining company,
as primary obligor, fails to perform. Therefore, there are at least three groups who may need land reclamation, water restoration and
environmental consulting services: (i) mining companies when permits are active and reclamation bonds are not in default, (ii) surety
bond insurers when reclamation bonds are in default, and (iii) states through their AML reclamation funds for mine lands abandoned before
1977 and for mine lands with defaulted coal