The Wisconsin Mining Industry Corporation is receiving a $40 million federal loan to start a new mine in the state.
The company, known as WIMIC, has applied to the Department of Energy to get a $35.8 million loan to finance the $1.3 billion project in the Uintah River Valley, which was approved by the Federal Reserve in 2015.
The loan is intended to help the company build a $10 million power plant.
A statement from the company said the company has “successfully completed a variety of projects in Wisconsin,” including two coal-fired power plants.”WIMIC’s recent coal-electricity development project in Whitefish, Montana, has resulted in a net gain of approximately $9 million in total cost savings for the project,” the statement read.
“This is the first time in Wisconsin’s history that a state-owned utility has received a federal loan guarantee for a coal-powered power plant.”
The loan, which will pay back interest and principal in 20 years, will be repaid by the state of Wisconsin and will help fund the development of the new mine, which the company is calling a coal mine.
The loan is expected to pay for about a quarter of the project’s construction costs, with the remainder financed by an investor group led by John M. Gorman, an environmental consultant who also founded a company called the National Coal Council.
Wisconsin has been hit hard by the recession, which has cost the state $3.6 billion in revenue since the end of the Great Recession in late 2009.
The state’s unemployment rate hit a record of 9.4 percent in October.
The state has about 200 mines, according to the Wisconsin Mining Association, which estimates there are more than 6,000 in operation.
The industry is also growing in size as more people start working in the mines.
Wisconsin has more than 40 mines with more than 100,000 employees, according the state’s Department of Natural Resources.
The Wisconsin Mining Corporation was formed in 1998 by the United States Department of Agriculture and is responsible for mining, mining equipment and mining operations in the United State.
The department is responsible not only for funding the state, but for its mining operations.
It has an investment bank and an asset management company.