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.
Titan is an independent cement and building materials producer with over 100 years of industry experience. Based in Greece, the Group operates in 7 countries, owning 12 cement plants. Throughout its history Titan has aimed to combine operational excellence with respect for people, society and the environment.
In 2007, the Group sold over 15.5 m. tonnes of cement and cementitious materials, 5.9 m. m3 of ready mixed concrete, 20 m. tons of aggregates and various other building materials like concrete blocks, dry mortars etc.
Detailed financial and other information is available on Titan Group website: www.titan-cement.com
The above announcement was notified to the Athens Exchange and was posted on its website.