AIDEA, Ambler Metals to Share Pre-Development Costs for Ambler Access Project
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The Board of Directors for the Alaska Industrial Development and Export Authority (AIDEA) authorized AIDEA to enter into a long-term agreement with Ambler Metals LLC (Ambler Metals) for shared pre-development costs of the Ambler Access Project.
“This is another example of AIDEA’s role in establishing public-private partnerships supporting responsible development of Alaska’s natural resources” says AIDEA Board Chairman Dana Pruhs. “Projects like the Ambler Access Project help to create the tangible economic opportunities Alaskans need and deserve, especially for neighboring communities. No one does responsible resource development better than Alaska.”
The Ambler Access Development Agreement is an agreement between AIDEA and Ambler Metals to contribute up to $35 million each for feasibility and permitting activities of the Ambler Access Project through the end of December 2024. This agreement follows on an existing interim funding agreement between AIDEA and Ambler Metals established in July 2020.
“We value the relationship that we’ve established with AIDEA and this agreement will further advance our partnership to develop the long-term potential for the Ambler Mining District,” says Ramzi Fawaz, president and CEO of Ambler Metals.
The Ambler Access Project is a proposed 211-mile, east-west running controlled industrial access road that would provide industrial access to the Ambler Mining District in northwestern Alaska. The area currently lacks the transportation infrastructure necessary for the development, construction and operations of mines in the district.
“Creating access to Alaska’s abundant natural resources like the mineral rich Ambler Mining District is key to providing high wage jobs that can support Alaskans and their families,” said Governor Mike Dunleavy.
The Ambler Mining District is one of the largest copper-zinc mineral belts in the world and has extensive deposits of other minerals such as gold, silver, lead, and cobalt.
Making History
The track of oil and gas development in Alaska shows the footprints of bold companies and hard-working individuals who shaped the industry in the past and continue to innovate today. The May 2024 issue of Alaska Business explores that history while looking forward to new product development, the energy transition for the fishing fleet, and the ethics of AI tools in business.