Latest news with #Alabama-based
3 hours ago
- Business
Conservation group makes $60M land deal to end mining threat outside Okefenokee Swamp
SAVANNAH, Ga. -- A conservation group said Friday it has reached a $60 million deal to buy land outside the Okefenokee Swamp from a mining company that environmentalists spent years battling over a proposed mine that opponents feared could irreparably damage an ecological treasure. The Conservation Fund said it will buy all 7,700 acres (31.16 square kilometers) that Alabama-based Twin Pines Minerals owns outside the Okefenokee National Wildlife Refuge in southeast Georgia, halting the company's mining plans. 'It's a big undertaking, but it was also an existential threat to the entire refuge," said Stacy Funderburke, the Conservation Fund's vice president for the central Southeast. 'We've done larger deals for larger acres, but dollar-wise this is the largest deal we've ever done in Georgia." Twin Pines President Steven Ingle confirmed the sale through a spokesman, but declined to comment further. Twin Pines of Birmingham, Alabama, had worked since 2019 to obtain permits to mine titanium dioxide, a pigment used to whiten products from paint to toothpaste, less than 3 miles (5 kilometers) from the southeastern boundary of the Okefenokee refuge near the Georgia-Florida line. The Okefenokee is the largest U.S. refuge east of the Mississippi River, covering nearly 630 square miles (1,630 square kilometers) in southeast Georgia. It is home to abundant alligators, stilt-legged wood storks and more than 400 other animal species. The mine appeared to be on the cusp of winning final approval early last year. Georgia regulators issued draft permits in February 2024 despite warnings from scientists that mining near the Okefenokee's bowl-like rim could damage its ability to hold water and increase the frequency of withering droughts. Twin Pines insisted it could mine without damaging the swamp. Regulators with the Georgia Environmental Protection Division agreed, concluding last year that mining should have a 'minimal impact' on the refuge. The decisions by Georgia regulators played an outsize role in the Twin Pines project after environmental rollbacks during President Donald Trump's first term stripped the federal government of any oversight. Advocates battling Twin Pines said there is still a potential threat to the Okefenokee, with thousands of acres of privately owned land remaining unprotected. Georgia lawmakers have batted aside multiple attempts in recent years to prohibit mining near the refuge. 'There's maybe 30,000 acres that's still vulnerable outside the Okefenokee on Trail Ridge that needs to be conserved,' said Rena Ann Peck of the Georgia River Network. Josh Marks, an Atlanta environmental attorney who fought the mining project, called the land sale 'a huge victory.' But he also called on conservationists to redouble efforts for a state law protecting the Okefenokee and to keep pressure on other companies to refrain from mining near the refuge. Funderburke said the steep purchase price for Twin Pines' land was driven largely by its mineral-rich soils that would have been highly valued by other mining operations. Reaching a deal became more urgent with the company so close to obtaining its final permits. 'It became pretty clear once a draft permit was issued last year that this was the final exit ramp' to stopping the project, Funderburke said. He said his group was closing Friday on about 40% of the property that includes the 820-acre (332-hectare) site for which Twin Pines' had sought its mining permit. The Conservation Fund plans to close on the rest by the end of July. Funderburke said he hopes there is eventually a deal for the land to pass into government ownership and protection. The U.S. Fish and Wildlife Service, which oversees the Okefenokee refuge, in January approved a plan to expand the refuge by buying up to 22,000 acres (8,900) along its perimeter from private owners. The proposal included land owned by Twin Pines. Negotiations with the Conservation Fund might explain why Twin Pines had yet to follow through on a financial commitment required before Georgia regulators could make a final decision on its mining permit. The Environmental Protection Division recently confirmed Twin Pines had been notified in February 2024 that it needed to set aside $2 million for future restoration of the mining site. The company never followed through in the 16 months before the sale was announced.
San Francisco Chronicle
13 hours ago
- Business
- San Francisco Chronicle
Conservation group makes $60M land deal to end mining threat outside Okefenokee Swamp
SAVANNAH, Ga. (AP) — A conservation group said Friday it has reached a $60 million deal to buy land outside the Okefenokee Swamp from a mining company that environmentalists spent years battling over a proposed mine that opponents feared could irreparably damage an ecological treasure. The Conservation Fund said it will buy all 7,700 acres (31.16 square kilometers) that Alabama-based Twin Pines Minerals owns outside the Okefenokee National Wildlife Refuge in southeast Georgia, halting the company's mining plans. 'It's a big undertaking, but it was also an existential threat to the entire refuge," said Stacy Funderburke, the Conservation Fund's vice president for the central Southeast. 'We've done larger deals for larger acres, but dollar-wise this is the largest deal we've ever done in Georgia." Twin Pines President Steven Ingle confirmed the sale through a spokesman, but declined to comment further. Twin Pines of Birmingham, Alabama, had worked since 2019 to obtain permits to mine titanium dioxide, a pigment used to whiten products from paint to toothpaste, less than 3 miles (5 kilometers) from the southeastern boundary of the Okefenokee refuge near the Georgia-Florida line. The Okefenokee is the largest U.S. refuge east of the Mississippi River, covering nearly 630 square miles (1,630 square kilometers) in southeast Georgia. It is home to abundant alligators, stilt-legged wood storks and more than 400 other animal species. The mine appeared to be on the cusp of winning final approval early last year. Georgia regulators issued draft permits in February 2024 despite warnings from scientists that mining near the Okefenokee's bowl-like rim could damage its ability to hold water and increase the frequency of withering droughts. Twin Pines insisted it could mine without damaging the swamp. Regulators with the Georgia Environmental Protection Division agreed, concluding last year that mining should have a 'minimal impact' on the refuge. The decisions by Georgia regulators played an outsize role in the Twin Pines project after environmental rollbacks during President Donald Trump's first term stripped the federal government of any oversight. Advocates battling Twin Pines said there is still a potential threat to the Okefenokee, with thousands of acres of privately owned land remaining unprotected. Georgia lawmakers have batted aside multiple attempts in recent years to prohibit mining near the refuge. 'There's maybe 30,000 acres that's still vulnerable outside the Okefenokee on Trail Ridge that needs to be conserved,' said Rena Ann Peck of the Georgia River Network. Josh Marks, an Atlanta environmental attorney who fought the mining project, called the land sale 'a huge victory.' But he also called on conservationists to redouble efforts for a state law protecting the Okefenokee and to keep pressure on other companies to refrain from mining near the refuge. Funderburke said the steep purchase price for Twin Pines' land was driven largely by its mineral-rich soils that would have been highly valued by other mining operations. Reaching a deal became more urgent with the company so close to obtaining its final permits. 'It became pretty clear once a draft permit was issued last year that this was the final exit ramp' to stopping the project, Funderburke said. He said his group was closing Friday on about 40% of the property that includes the 820-acre (332-hectare) site for which Twin Pines' had sought its mining permit. The Conservation Fund plans to close on the rest by the end of July. Funderburke said he hopes there is eventually a deal for the land to pass into government ownership and protection. The U.S. Fish and Wildlife Service, which oversees the Okefenokee refuge, in January approved a plan to expand the refuge by buying up to 22,000 acres (8,900) along its perimeter from private owners. The proposal included land owned by Twin Pines. Negotiations with the Conservation Fund might explain why Twin Pines had yet to follow through on a financial commitment required before Georgia regulators could make a final decision on its mining permit. The Environmental Protection Division recently confirmed Twin Pines had been notified in February 2024 that it needed to set aside $2 million for future restoration of the mining site. The company never followed through in the 16 months before the sale was announced.
Toronto Star
14 hours ago
- Business
- Toronto Star
Conservation group makes $60M land deal to end mining threat outside Okefenokee Swamp
SAVANNAH, Ga. (AP) — A conservation group said Friday it has reached a $60 million deal to buy land outside the Okefenokee Swamp from a mining company that environmentalists spent years battling over a proposed mine that opponents feared could irreparably damage an ecological treasure. The Conservation Fund said it will buy all 7,700 acres (31.16 square kilometers) that Alabama-based Twin Pines owns outside the Okefenokee National Wildlife Refuge in southeast Georgia, halting the company's mining plans.
Winnipeg Free Press
14 hours ago
- Business
- Winnipeg Free Press
Conservation group makes $60M land deal to end mining threat outside Okefenokee Swamp
SAVANNAH, Ga. (AP) — A conservation group said Friday it has reached a $60 million deal to buy land outside the Okefenokee Swamp from a mining company that environmentalists spent years battling over a proposed mine that opponents feared could irreparably damage an ecological treasure. The Conservation Fund said it will buy all 7,700 acres (31.16 square kilometers) that Alabama-based Twin Pines owns outside the Okefenokee National Wildlife Refuge in southeast Georgia, halting the company's mining plans. 'It's a big undertaking, but it was also an existential threat to the entire refuge,' said Stacy Funderburke, the Conservation Fund's vice president for the central Southeast. 'We've done larger deals for larger acres, but dollar-wise this is the largest deal we've ever done in Georgia.' A Twin Pines spokesman did not immediately respond to an email message seeking comment. Twin Pines of Birmingham, Alabama, had worked since 2019 to obtain permits to mine titanium dioxide, a pigment used to whiten products from paint to toothpaste, less than 3 miles (5 kilometers) from the southeastern boundary of the Okefenokee refuge near the Georgia-Florida line. The Okefenokee is the largest U.S. refuge east of the Mississippi River, covering nearly 630 square miles (1,630 square kilometers) in southeast Georgia. It is home to abundant alligators, stilt-legged wood storks and more than 400 other animal species. The mine appeared to be on the cusp of winning final approval early last year. Georgia regulators issued draft permits in February 2024 despite warnings from scientists that mining near the Okefenokee's bowl-like rim could damage its ability to hold water and increase the frequency of withering droughts. Wednesdays Columnist Jen Zoratti looks at what's next in arts, life and pop culture. Twin Pines insisted it could mine without damaging the swamp. Regulators with the Georgia Department of Environmental Protection agreed, concluding last year that mining should have a 'minimal impact' on the refuge. The agency revealed recently that work on final permits had stalled because Twin Pines had yet to submit a surety bond or equivalent financial assurance to show that it had $2 million set aside for future restoration of the mining site. It said the company was informed of the requirement 16 months ago.
Yahoo
2 days ago
- Business
- Yahoo
Is Regions Financial Stock Outperforming the S&P 500?
Birmingham, Alabama-based Regions Financial Corporation (RF) is a financial holding company that provides banking and bank-related services to individual and corporate customers. With a market cap of $19.4 billion, the company provides consumer and commercial banking, wealth management, credit life insurance, leasing, commercial accounts receivable factoring, specialty mortgage financing, and securities brokerage services. Companies worth $10 billion or more are generally described as 'large-cap stocks,' and RF perfectly fits that description, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the regional banks industry. The company boasts a strong regional presence, diversified revenue streams, and improved efficiency. Its robust capital position enhanced digital capabilities, and diversified loan portfolio supports long-term growth. RF's experienced management, disciplined risk management, and customer-centric approach further solidify its competitive edge. 'It Has No Utility': Warren Buffett Doesn't Care How High Gold Goes, He Isn't a Buyer OpenAI CEO Sam Altman Says 'We Are Heading Towards a World Where AI Will Just Have Unbelievable Context on Your Life' Archer Aviation Is Betting Big on Its Fledgling Defense Business. Does That Make ACHR Stock a Buy Here? Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Despite its notable strength, RF shares slipped 21.5% from their 52-week high of $27.96, achieved on Nov. 25, 2024. Over the past three months, RF stock has gained 2.2%, underperforming the S&P 500 Index's ($SPX) 6.5% rise during the same time frame. In the longer term, shares of RF dipped 6.6% on a YTD basis, underperforming SPX's YTD gains of 1.7%. However, the stock climbed 15.7% over the past 52 weeks, outperforming SPX's 9% returns over the last year. To confirm the bullish trend, RF has been trading above its 50-day moving average since early May. However, it has been trading below its 200-day moving average since early March. RF has outperformed due to its strong presence in growing regional economies, with over 30% of deposits coming from noninterest-bearing sources. The stock is up nearly 145% in the last five years, and stands to benefit from deregulation under the Trump administration, allowing for more lending and potential mergers and acquisitions in the regional bank space. On Apr. 17, RF shares closed up marginally after reporting its Q1 results. Its adjusted EPS of $0.54 beat Wall Street expectations of $0.51. The company's adjusted revenue was $1.81 billion, missing Wall Street forecasts of $1.82 billion. RF's rival, PNC Financial Services Group, Inc. (PNC) shares lagged behind the stock, with a 9.1% downtick on a YTD basis and a 13.5% gain over the past 52 weeks. Wall Street analysts are moderately bullish on RF's prospects. The stock has a consensus 'Moderate Buy' rating from the 25 analysts covering it, and the mean price target of $24.74 suggests a potential upside of 12.7% from current price levels. On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
