Otero County approves bond sale for mining project

ALAMOGORDO, N.M. (AP) – A major mining operation is one step closer to fruition now that the Otero County Commission has approved a taxable industrial revenue bond to fund the project.

The Alamogordo Daily News reports that Burrell Western Resources and the county are moving forward with a planned garnet mining production and crushing plant in Orogrande, an unincorporated community south of the county seat.

The bond will be sold by the county to fund the project, with Burrell Western Resources responsible for repayment.

Typically such bonds also allow the collateral, in this case the mining operation, to be property-tax free. A lawyer for Burrell says negotiations with the commissioners about taxes and procedural notices are ongoing.

Orogrande was a booming mining town that experienced a gold rush in 1905.


Information from: Alamogordo Daily News

(Copyright 2015 The Associated Press. All rights reserved

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