The expected recommendation to the EPA by its Region 3 administrator was received concerning the Spruce No. 1 Mine of Arch Coal (NYSE:ACI), but the agency refused to disclose what it was, according to a spokeswoman, saying it'll be some time before a final decision is made.
At issue is whether to allow Arch to proceed with their mountaintop-removal coal mining operation at the site, which will be the largest in the region.
Now the recommendation will be sent to the EPA's Office of Water to be reviewed. The EPA said a decision on the matter will be made this fall.
The mine, located in Logan County, West Virginia, is the first in the history of the EPA to be put on hold after a permit was issued by the Corp of Engineers to go forward with a project like this.
The EPA is empowered to veto the permits if they choose.
Showing posts with label Mountaintop Mining. Show all posts
Showing posts with label Mountaintop Mining. Show all posts
Monday, September 27, 2010
Monday, August 16, 2010
Wells Fargo (NYSE:WFC) Joins Bank of America (NYSE:BAC) and Citigroup (NYSE:C) in Limiting Mountaintip Removal Lending
Wells Fargo & Co. (NYSE:WFC) is among the last of the major banks to limit the loans they'll make available to mining companies who use the practice of removing mountaintops to lessen the cost of extracting minerals.
Some environmentalist made is sound like it was their pressure which caused Wells Fargo and other banks like Bank of America Corp (NYSE:BAC), Citigroup, Inc (NYSE:C), Morgan Stanley (NYSE: MS) and JPMorgan Chase & Co. (NYSE:JPM) to make similar decisions over the last couple of years, but that's probably far from the truth.
What is more behind this is increasing restrictions from the EPA on mountaintop removal, which makes it less desirable financially to invest in the companies practicing it.
That doesn't mean the banks won't position themselves as being allegedly "environmentally friendly" because of their decisions, but it's more in line with a business decision than the environment.
As more elites and wealthy from the northeast and east coast move into these areas, they're bringing their environmental agendas with them, which is most of the impetus behind the move to reduce and/or eliminate mountaintop mining.
This is just an opportunity for the banks to toot their own horns while in reality making a financial decision.
Some environmentalist made is sound like it was their pressure which caused Wells Fargo and other banks like Bank of America Corp (NYSE:BAC), Citigroup, Inc (NYSE:C), Morgan Stanley (NYSE: MS) and JPMorgan Chase & Co. (NYSE:JPM) to make similar decisions over the last couple of years, but that's probably far from the truth.
What is more behind this is increasing restrictions from the EPA on mountaintop removal, which makes it less desirable financially to invest in the companies practicing it.
That doesn't mean the banks won't position themselves as being allegedly "environmentally friendly" because of their decisions, but it's more in line with a business decision than the environment.
As more elites and wealthy from the northeast and east coast move into these areas, they're bringing their environmental agendas with them, which is most of the impetus behind the move to reduce and/or eliminate mountaintop mining.
This is just an opportunity for the banks to toot their own horns while in reality making a financial decision.
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