- PUBLIC LAW 107-201—JULY 23, 2002 116 STAT. 737 the world in recorded silver production, with over 1,100,000,000 ounces of silver produced between 1884 and 2001; (9) the largest, active silver producing mine in the Nation is the McCoy/Cove Mine in Nevada, which produced more than 107,000,000 ounces of silver between 1989 and 2001; (10) the mining industry in Idaho— (A) employs more than 3,000 people; (B) contributes more than $900,000,000 to the Idaho economy; and (C) produces $70,000,000 worth of silver per year; (11) the silver mines of the Comstock lode, the premier silver producing deposit in Nevada, brought people and wealth to the region, paving the way for statehood in 1864, and giving Nevada its nickname as "the Silver State"; (12) mines in the Silver Valley— (A) represent an important part of the mining history of Idaho and the United States; and (B) have served in the past as key components of the United States war effort; and (13) silver has been mined in Nevada throughout its history, with every significant metal mining camp in Nevada producing some silver. SEC. 3. PURCHASE OF SILVER BY THE SECRETARY OF THE TREASURY. (a) PURCHASE OF SILVER.— (1) IN GENERAL.— Section 5116(b)(2) of title 31, United States Code, is amended by inserting after the second sentence the following: "At such time as the silver stockpile is depleted, the Secretary shall obtain silver as described in paragraph (1) to mint coins authorized under section 5112(e). If it is not economically feasible to obtain such silver, the Secretary may obtain silver for coins authorized under section 5112(e) from other available sources. The Secretary shall not pay more than the average world price for silver under any circumstances. As used in this paragraph, the term 'average world price' means the price determined by a widely recognized commodity exchange at the time the silver is obtained by the Secretary.". (2) RULEMAKING AUTHORITY.—The Secretary of the 3i use 5116 Treasury shall issue regulations to implement the amendments °ote. made by paragraph (1). (b) STUDY REQUIRED. — 3i use 5112 (1) STUDY.— The Secretary of the Treasury shall conduct note. a study of the impact on the United States silver market of the American Eagle Silver Bullion Program, established under section 5112(e) of title 31, United States Code. (2) REPORT. —Not later than 1 year after the date of enact- Deadline, ment of this Act, the Secretary of the Treasury shall submit a report of the study conducted under paragraph (1) to the chairman and ranking minority member of— (A) the Committee on Banking, Housing, and Urban Affairs of the Senate; and (B) the Committee on Financial Services of the House of Representatives. (c) ANNUAL REPORT. — 31 USC 5116 (1) IN GENERAL.— The Director of the United States Mint note, shall prepare and submit to Congress an annual report on
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