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. 18^th Senate Labor and Commerce Committee hearing. The entire bill had been set for further consideration before the committee on Feb. 27^th, 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.