Dave Stieren, Infrastructure Development Officer for the Alaska Industrial Development and Export Authority (AIDEA), spoke at the Soldotna and Kenai Chamber of Commerce Joint Luncheon on various topics, such as the Cook Inlet gas supply and the Red Dog- DeLong Mountain Transportation System (DMTS).
AIDEA’s mission is to promote, develop, and advance economic growth and diversification in Alaska by providing various means of financing investment. They are a self-sustaining public organization that works with Alaska communities and businesses to advance the State’s economic development priorities.
One of AIDEA’s bigger projects is the Red Dog (DMTS), one of the world’s largest producing zinc mines. The DMTS provides the necessary infrastructure to transport ore from the mine site to the ore export barges. Stieren says they’ve received permits to build a bridge across the stream “to expand the life of the region for another 20 to 25 years.”
Stieren said, “The next phase of the mine will be underground.”
Furthermore, AIDEA is on its second round of investments with HEX Cook Inlet, LLC and Subsidiaries, Alaska’s only locally owned and operated independent gas producer.
HEX is owned by John Hendrix. Stieren says HEX continues to contribute to a solution to gas production in Cook Inlet. “From what I understand, his latest development should supply all of the gas needs for Homer and environs just that alone, in addition to the work that Hilcorp is doing.”
AIDEA approved a $50 million revolving credit line in late 2024.
Plans include sidetracking underperforming wells, drilling new wells, and expanding production. The project is expected to create up to 100 temporary construction jobs and five permanent positions.
AIDEA has directed over $3.5 billion into economic development in Alaska.