Ucore Rare Metals Inc. (TSXV:UCU,OTCQX:UURAF) released a statement on an initiative that could see the Alaska Industrial Development and Export Authority (AIDEA) provide up to $145 million worth of bond funding for the company’s Bokan-Dotson Ridge rare earth project.
As quoted in the press release:
On February 18, Senator Bert Stedman (AK–R) presented an Amendment to Alaska Senate Bill No. 99 (‘SB99′ or ‘the Bill’), originated by State Senator Lesil McGuire (AK-R) in 2013. The amended Bill would give AIDEA the authority to issue long term bonds to finance the infrastructure and construction costs of the Bokan-Dotson Ridge rare earth project up to a Principal Amount of $145,000,000.
AIDEA is a public corporation of the State of Alaska. The Authority has been active in the financing of multiple capital project initiatives in the Alaskan mining sector since 1985, including the DeLong Mountain Transportation System which serves the Red Dog Mine, the Skagway Ore Terminal, the Seward Coal Terminal, mine facilities at Fort Knox, as well as multiple non-mining capital projects, including the Federal Express Maintenance Facility in Anchorage, the Snettisham Hydroelectric Project in Juneau, and the Ketchikan Shipyard in Southeast Alaska.
Jim McKenzie, Ucore’s president and CEO, said:
We thank Alaskan legislators for all of the support they’ve shown for the development of Bokan Dotson-Ridge. Bokan represents an unsurpassed opportunity for Alaska to furnish materials of critical importance to American national defense, energy consumption and competitiveness in high tech applications at a world level, and Alaska lawmakers have recognized this.