The state’s largest mining company is poised to reach its $500-million bailout from the federal government in what is being described as the biggest in state history.
The Milwaukee-based Mineralogy Group, which owns more than 40 mines in the state, is slated to receive $15.7 billion in funding under a program known as the Mineralogy Recovery Act, according to the state’s Department of Health and Human Services.
Scott Walker signed a bill Friday that provides $1.9 billion for the state to pay for the program, but it is unclear how much the state will actually be able to get.
The program, which will run through 2019, is designed to help companies recover from the 2008 financial crisis and help them meet the state and federal obligations under the Clean Water Act, Walker said in a statement Friday.
In the past, the state has relied on private lenders and other public sources to help it recover from natural disasters and debt, but the program is designed so the money can be used to help the state meet its debt obligations, Walker added.
The funding comes at a time when the state is in need of $8.2 billion to continue operating the state-owned and operated facilities at the state capitol, including the state Capitol, Walker’s office said in its statement.
The state’s unemployment rate was 7.5 percent in September, up from 7.3 percent in August, the department said.