Local News

Stedman proposes AIDEA bonds for Bokan mine

In mid-February, Sen. Bert Stedman presented an amendment to Senate Bill 99 that would allow the Alaska Industrial Development and Export Authority to issue long-term bonds for infrastructure and construction costs at the Bokan-Dotson Ridge rare earth mining project.

Canada-based Ucore Rare Metals Inc., which has been developing the Bokan project, estimates those costs to be $145 million.

Stedman’s amendment was introduced at a Feb. 18th Senate Labor and Commerce Committee hearing. The entire bill had been set for further consideration before the committee on Feb. 27th, but that committee meeting was canceled and has not yet been rescheduled.

The Bokan project is on Prince of Wales Island about 40 air miles southwest of Ketchikan.

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