(a) There is established in the Department of Commerce, Community, and Economic Development the mining loan fund. The department may make loans from the fund to underwrite advanced mineral exploration, development, or mining in the state. (b) The mining loan fund is a revolving fund consisting of appropriations made to the fund by the legislature, […]
(a) There is established as a special account within the mining loan fund the foreclosure expense account. This account is established as a reserve from fund equity. (b) The commissioner of commerce, community, and economic development may expend money credited to the foreclosure expense account when necessary to protect the state’s security interest in collateral […]
(a) The department may make loans under this chapter to (1) an individual who has at least five years of mining or prospecting experience in the state and who is a resident of the state; (2) a partnership if at least half of the partners each have five years mining or prospecting experience in the […]
(a) A person who requests a loan under AS 27.09.010 shall prepare an operating plan that describes the amount of the loan requested, the nature and location of the advanced mineral exploration, development, or mining for which the loan is requested, the equipment and other resources available to the person to implement the operating plan, […]
(a) A loan granted under this chapter (1) may not exceed $5,000,000; (2) may not exceed a term of 15 years; (3) may not bear interest exceeding 10 percent; and (4) may not exceed 75 percent of the appraised value of the collateral used to secure the loan. (b) A loan may not be made […]
The department may refinance a loan under this chapter by making a loan to pay outstanding mining debts. When an original loan is to be refinanced, the department may not refinance more than 49 percent of the amount of the original loan. The terms in AS 27.09.040 apply to mining debts refinanced under this section.
The department may adopt regulations necessary to carry out the provisions of this chapter, including regulations to establish reasonable fees for services provided. Regulations adopted under this section shall be prepared after consultation with the Department of Natural Resources or after consultation with a person who, in the opinion of the commissioner of commerce, community, […]
The department shall dispose of property acquired through default or foreclosure of a loan made under this chapter. Disposal shall be made in a manner that serves the best interests of the state and may include the amortization of payments over a period of years.
In this chapter, (1) “advanced mineral exploration” means the investigation of a known mineral deposit to gain knowledge of its size, shape, and value, and to determine whether it is feasible for mining, by the use of geophysical surveys, boreholes, pits, or underground workings; (2) “date of mineral production” means the date on which the […]
