Montanore hopes to bring prosperity to Libby
August 3, 2006
If Mines Management has anything to do with it, Montanore will be Libby's new economic generator.
At a celebration of the reopening of the mine's adit Wednesday at the mine site, State Director of Economic Development Evan Barrett said, "This mine is not only good for Libby and Lincoln County, but for the State of Montana."
"There is a way to do mining right," Barrett said, "that is what is refreshing about this project."
To bring strength and diversity to the economy of Montana, there needs to be an increase in jobs availability in this State, said Barrett, and an increase in the quality of jobs.
According to Barrett, Montana is the fourth least costly state in which to do business, 12th lowest in taxes, 5th fastest growing economy in the country,.mostly in the Flathead and along the I-90 corridor. Unemployment is 4 per cent, the lowest on record for the state. But in contrast, Montana is nearly dead last in wages in the country and the third highest in requiring families to have two incomes.
Barrett says the number one highest salaries and best benefits are in the mining industry. That is where the Montanore comes in.
The Montanore will employ 40 to 50 people in the first phase, 500 to 600 in the construction phase, and settle to about 350 employees during its productive life.
"It means health and prosperity for Lincoln County," said Barrett. "It is the first major
step to return quality jobs to this county," he said.
The Montanore has been sitting dormant for the last 15 years, since Noranda Minerals abandoned the project. Mines Management will spend $40 to $45 million in this phase to get to the ore body, and another $450 million to delineate the ore body and build a "bankable" feasibility study to secure financing.
At the moment the adit is just an unassuming hole in the ground, but it may be the rabbit hole that accesses a great new future for Libby.
Story by KLCB News, Libby Radio, www.bestcountryaround.com
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