02/02/2009
NEW DISTRICT COURT ORDER CANCELS ALL 2002 FLORIDA LAKEBELT MINING PERMITS; CEMENT PRODUCTION FROM PENNSUCO PLANT WILL CONTINUE TO SERVE MARKET.
On Friday, January 30, 2009 the US South Florida Federal District Court issued a ruling cancelling all permits approved in 2002 for limestone mining in the LakeBelt area of Miami-Dade, with immediate effect. The ruling pertains to nine US Army Corps of Engineers (ACE) permits held by several companies, including Titan America LLC’s subsidiary, Tarmac America.
The same Court had invalidated the same permits in a July 2007 ruling. The companies involved appealed to the 11th Circuit Court of Appeals in Atlanta, which in May 2008 reversed that order and returned the case to the District Court for a more deferential review. Notwithstanding the Appeal Court’s directives, the District Court still found basis to cancel the 2002 permits. Titan views this as another flawed decision and plans to vigorously appeal.
The Company is well prepared to continue operations and maintain production at Pennsuco and, - in the context of current depressed market conditions -, to address customer needs and meet its commitments.
Separately, the ACE is continuing its administrative review of the Company’s application for a permit for longer-term mining in the LakeBelt area. This review, including the related SEIS, is expected to conclude in 2009.
The above announcement was notified to the Athens Exchange and was posted on its website.