PORT TOWNSEND — A Canadian company has pulled out of a deal with Thorndyke Resource that could have brought $3 million to the proposed “pit-to-pier” project in Jefferson County.
Peninsuladailynews.com erroneously reported Wednesday that Athabasca Minerals Inc. of Edmonton, Alberta, was making the investment.
The article was based on outdated material.
A statement from Athabasca, a publicly traded company, said the firm will not invest $3 million — which would have given the company a 25 percent ownership stake in the project — or assume a minority partnership in Thorndyke Resource, the Poulsbo-based company formed by the family owners of Fred Hill Materials to develop and operate the proposed “pit-to-pier” gravel-mining and loading operation.
Alex Hill, Fred Hill Materials’ and Thorndyke Resource’s chief executive and a grandson of the company founder, said the “pit-to-pier” project will likely attract another investor.
“There has been considerable investment interest in our project,” Hill said.
“After further considering a proposal from a publicly held Canadian company, we have chosen another funding alternative to bolster our commitment to the Thorndyke Resource project.”
4-mile conveyor
Thorndyke proposes building a 4-mile-long conveyor belt from a gravel mine near Shine to a 1,000-foot pier on Hood Canal south of the floating bridge and load the gravel on barges for transport.
The company has been moving the project through Jefferson County’s environmental review for more than six years
Numerous environmental groups oppose the project, saying it would damage the Hood Canal ecosystem.
Hill said the “pit-to-pier” project would bring jobs to the region through mining, construction, maritime and shipping trades.
Two more years
Company officials hope the environmental review process will be completed within two years.
They say eliminating thousands of gravel truck trips on the North Olympic Peninsula and Kitsap Peninsula would be one of the key benefits of the project.
“It’s not a question of the economy or the environment; it’s taking care of both,” Hill said.
“By barging sand to denigrated beaches, this project will also help restore Hood Canal and Puget Sound shorelines and enhance salmon habitats.”
The company has pledged 500,000 tons of sand and gravel to restore beaches in the region.
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Port Townsend-Jefferson County Editor Jeff Chew can be reached at 360-385-2335 or at jeff.chew@peninsuladailynews.com.