Sec. 5. Fair market value
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Section 2 of the Mineral Leasing Act is amended by inserting after subsection
(d)( 30 U.S.C. 202a ) the following: A proposed lease sale shall not be held under this section until the date on which the Secretary of the Interior (acting through the Director of the Bureau of Land Management) (referred to in this subsection as the Secretary ), in consultation with the applicable Bureau of Land Management field office with jurisdiction over the leasing tract subject to the proposed lease sale and the Office of Valuation Services of the Department of the Interior, makes a determination with respect to the fair market value of the coal to be extracted under the proposed lease. In making a determination of fair market value under paragraph (1), the Secretary— shall account for the export potential of the coal to be extracted under the proposed lease, including— conducting an analysis of whether the coal extracted under the proposed lease would be exported, the potential export markets for the coal, and the price at which the coal could be sold in export markets; and providing in the appraisal report under paragraph
(4)an assessment of export activity for coal extracted from other leases under this section; and for purposes of the analysis under clause (i)(I) and the assessment under clause (i)(II), may consult with other agencies with relevant expertise relating to coal exports, such as the Energy Information Administration; shall use a comparable lease sale approach and income approach for purposes of calculating fair market value; shall not rely on any information from lease sales conducted more than 5 years before the date of the proposed lease sale for purposes of calculating fair market value; and shall consider domestic coal reserve estimates. The Secretary shall include a fair market value determination with respect to a lease under paragraph
(1)in a formal, documented appraisal report that provides verification of the consultation required under that paragraph by including the signatures of the individuals representing the offices consulted under that paragraph in the completed appraisal report. Not later than 2 years after the date of enactment of this subsection, the Comptroller General of the United States shall submit to the appropriate committees of Congress a report that describes whether the Secretary has complied with the requirements of paragraph (2)(A) in making fair market value determinations of leases under this subsection. Notwithstanding any other provision of this Act, the Secretary may not accept a bid for a lease to extract coal under this Act that is less than the fair market value of the coal to be extracted under the lease, even if a bid is above the minimum bid requirement. .
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