State Commerce Dept. approves Montanore Hard Rock Mining Impact Plan
by KLCB 1230 AM Libby News Radio
July 15, 2008
The Montana State Department of Commerce has approved the Hard Rock Mining Impact Plan proposed for the Montanore Silver-Copper Project.
The plan, which is based on a study of the socio-economic impact to the communities in the Montanore Project area, underwent a statutory 60-day public notice period, during which the Hard Rock Mining Impact Board received no objections to amendments proposed by the company. The plan was subsequently approved unanimously.
The Montanore Project could potentially provide 350-400 high paying jobs in the local community.
The intent of the Hard-Rock Mining Impact Act is to ensure that local governmental units are able to cover costs associated with increased community services and facilities for potential in-migrating mine workers and their families.
Based on the plan's projection, the net tax revenue impact to Lincoln County government agencies would increase to over $4.8 million by year five of Montanore operations. Sanders County is projected to receive a positive net impact in gross process tax during mine operations. To offset the projected temporary shortfall in tax revenue in the first year of construction, the company's proposal is to prepay $180,000 in taxes at the start of construction.
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Story by KLCB 1230 AM Libby News Radio, www.todaysbestcountryonline.com
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