The Obama administration announced Wednesday it will grant $1 million to Hawaii’s mining industry as part of a broad initiative to improve mining jobs and expand access to capital.
The money, which will be split equally among the state’s eight mining companies, will be allocated to five programs, including an investment bank loan for companies that invest in mining equipment, a $50,000 grant to encourage the hiring of workers with high-school degrees or more and $150,000 for projects in remote areas.
The $1 billion in aid will help build up the nation’s largest mining industry and boost the mining sector’s economic vitality, said Jeff Poulet, director of the U.S. Agency for International Development’s Bureau of Indian Affairs.
The Obama Administration’s funding was announced in the form of a supplemental appropriations bill to Congress, which had passed the $1-billion measure last week.
The state of Hawaii was the first to receive federal aid for mining jobs in 2009.
In 2010, the U-Haul trucking company announced it was closing a $3.4 million facility in Oahu, and the UHaul Transportation and Logistics Corp. moved its headquarters to Honolulu, where it is now headquartered.