The Alaska State Legislature has unanimously passed a bill that authorizes the Alaska Industrial Development and Export Authority to issue bonds of up to US$145 million to finance the infrastructure and construction costs of Ucore Rare Metals' (TSXV: UCU; US-OTC: UURAF) 100% owned Bokan-Dotson Ridge rare earth element project.
AIDEA is a public corporation of the State of Alaska that has financed a number of capital project initiatives in the Alaskan mining sector since 1985, including the DeLong Mountain Transportation System, which serves Teck Resources' (TSX: TCK.B; NYSE: TCK) Red Dog mine. (In that case, AIDEA built the infrastructure – essentially roads – and Teck was charged tolls as a way of generating a return for the fund.)
The bond financing for Ucore's Bokan project will be subject to AIDEA's own due diligence and board approval, which will be completed after Ucore finishes a feasibility study on the project sometime later this year.
Read the entire story at NorthernMiner.com/news/ucore