Pebble Beach to invest $1.6B in new plant to process its rock

By Tom Dickson and Matt ApuzzoAssociated PressAUBURN HILLS, Mich.

(AP) A Michigan company is spending $1 billion to develop a large rock processing plant, a development that would make it the biggest provider of the rock used in Pebble Beach.

The Michigan Department of Natural Resources said Monday it approved the Pebble Rock Development Project, a $1,732 million project with $700 million in federal, state and local financing.

The project includes a steel mill, a coal-fired power plant and a new cement plant.

It is part of a broader plan to improve Michigan’s rock supply and bring about greater economic diversification in the state.

The announcement comes as the U.S. Geological Survey predicts that the world will produce as much as $7 trillion worth of rocks by 2030.