Policy: Environment & Energy

Senate passes bill authorizing mine financing

News,Business,Energy and Environment,Mining

JUNEAU, Alaska (AP) — The Alaska Senate has passed legislation that would allow for up to $270 million in financing for two southeast Alaska mine projects.

SB99 would authorize the Alaska Industrial Development and Export Authority to issue bonds of up to $145 million to finance infrastructure and construction costs of the Bokan-Dotson Ridge project. It would allow for up to $125 million in financing for the Niblack mine project. Both are on Prince of Wales Island, near Ketchikan.

Sen. Bert Stedman says the projects will employ about 300 Alaskans and probably another 100 or more to construct the sites in a part of the state that is struggling economically.

Reconsideration was served, meaning the bill could be voted on again before going to the House.

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