Thursday, September 9, 2010

Alcoa (NYSE:AA) Operating License for Yadkin River to be Decided

The battle by Alcoa (NYSE:AA) to be approved for another 50-year operating license for dams on the Yadkin river is coming to a head, as a major hearing before a judge in Raleigh is scheduled for Friday.

At issue at the hearing will be a certificate from the state Division of Water Quality. That has to be awarded before the federal government will take into consideration issuing Alcoa another hydropower license.

Alcoa actually has the document, but a typical radical environmentalist group named the Yadkin Riverkeeper appealed it, and an activist judge put it on hold.

Alcoa spokesman Mike Belwood said, "We have worked very carefully with a number of organizations in the state to obtain a relicensing settlement agreement. We think everything is in position but this one document and as soon as we're able to achieve that we can move forward."

North Carolina government officials have attempted to stop the license renewal of Alcoa, but the process continues to move forward.

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