AIDEA’s mine-access projects
Alaska Industrial Development Authority, the state’s development finance corporation, is work- ing closely with developers at the Palmer mine- project near Haines being planned by Constantine Metal Resources and Dowa Metals and Mining Co. Ltd. Palmer is a multi-metal project with copper, zinc, gold and silver. The project appears to be three to five years from moving into development, AIDEA officials said. The authority’s role would be in helping finance infrastructure, which would include a short access road to the mine and a possible ore-loading facility in Haines.
On another AIDEA mine infrastructure project, the U.S. Bureau of Land Management is expected to issue a Record of Decision on the Ambler access road Environmental Impact Statement in December, AIDEA officials told legislators. The state authority is funding the EIS and road right- of-way work and has spent about $17 million to date. Triology Metals is in development planning on its high-grade Arctic copper project and advanced exploration at Bornite, a second deposit west of Arctic. If the mines are developed AIDEA could finance and own the road with tolls being paid for shipments of ore by truck.
$30 million in project fundings
AIDEA has $30 million in project finance fundings planned for FY 2019, the current financial years, most this for economic-development projects. In the authority’s commercial loan activity, which is typically done in partnerships with com- mercial banks, the authority has funded $37.29 million in loans so far this year. It has $45.5 mil- lion in commercial loan commitments and pending applications. Commercial loan cash inflows, net of fees, is $20.56 million for the year so far. The authority’s commercial loans is one of its biggest sources of income