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CDA exec: Mineral extraction is key to CNMI’s economic future
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Posted on Oct 24 2005
The CNMI needs to come to terms with the fact that its economic prosperity largely lies now in the use and development of its rich natural resources, specifically Mt. Pagan’s pozzolanic ash, according to Commonwealth Development board chair Tom Glenn Quitugua.
“We only need to harness what we already have. The CNMI is mineral-rich. People from around the world know this and have expressed interest to do mining in the CNMI,” said Quitugua.
He disclosed that aside from Azmar International, “several” other companies want to pursue mining in the Commonwealth.
Azmar’s mining proposal was essentially thrown out this year amid objections from a local environmental watchdog, PaganWatch.
“Several companies want to do mining. One is [already] surveying the area,” he said.
He, however, declined to identify the names of the potential investors.
He described Mt. Pagan’s huge pozzolan deposit as “a primary resource” that would drive up the CNMI economy.
Authorities earlier estimated that there are more than 200 million tons of high-grade pozzolan deposits on Pagan. This type is believed to be worth $45 to $70 per ton at today’s prices.
Mt. Pagan is an uninhabited volcanic island 200 miles north of Saipan.
Azmar earlier projected that it would be able to mine and sell 4.55 million metric tons of pozzolan per annum by the third year of operation.
Pozzolan is an additive that is used to make cement stronger.
