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State lands board duty vs. development: Cooney says trustees must weigh long-term stewardship on McDonald Gold Mine site
Summary
Secretary of State Mike Cooney, a member of Montana’s State Board of Land Commissioners, said the board must balance its fiduciary duty to return income to the school trust with stewardship of land and that the proposed McDonald Gold Mine — located on or adjacent to state lease land — will be closely scrutinized.
Secretary of State Mike Cooney said Montana’s State Board of Land Commissioners has a fiduciary duty to maximize returns to the school trust but also must act as a steward of state lands when evaluating development proposals — including the contested McDonald Gold Mine.
"It is clear that the board's major responsibility is a fiduciary one, and it's to return the...the highest amount of money to the...school trust," Cooney said. He added the board also has "a responsibility to be good stewards of the land" so…
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