Ascension terminal project gets bond approval

The Louisiana State Bond Commission has approved more than $306 million in bonds for projects across the state and says it has saved $1.5 million in taxpayer money for local governments by refinancing existing debts at lower interest rates. Among the projects approved by the commission is $70 million in GO Zone bonds for the Impala Warehousing project in Ascension Parish. In August, Trafigura, through its subsidiary Impala Warehousing, announced the acquisition of the Ormet’s Burnside terminal for $28 million. Trafigura plans to invest around $100 million to reopen the currently idled Burnside facility as a state-of-the-art major bulk terminal for coal, bauxite and alumina. The Burnside facility was originally constructed in 1956 alongside an alumina refinery, but it was closed in January 2008. Trafigura will be examining a variety of options for the engineering works and investment needed to refurbish and expand the facility. The Louisiana State Bond Commission meets monthly to review and approve applications from parishes, municipalities, special taxing districts and other political subdivisions to incur debt.