Pegasus Gold Corp. of Spokane has withdrawn its request for tax-exempt money from Montana to help finance reclamation work at three gold mines.
Pegasus had requested $15 million in Montana state tax-exempt bonds, which have lower interest rates than private financing.
The company decision came after the director of the Montana Board of Investments recommended last week that the state board reject Pegasus’ request because the company did not meet the bonds’ legal requirements.
Pegasus said it would resubmit its request later this year.
Under the original request, the company would have used the money for reclamation efforts at Beal Mountain project near Anaconda, the Zortman project southwest of Malta, and the Montana Tunnels project near Jefferson City.