Titanium Mining Assessment

Resolution Text

WHEREAS: Mining next to ecologically sensitive protected areas poses material climate, regulatory, and reputational risks. 

At 438,000 acres, the Okefenokee Swamp is one of the world’s largest freshwater wetlands. Over 402,000 acres are protected in the Okefenokee National Wildlife Refuge, the largest refuge in the eastern United States and home to hundreds of plant and animal species. The Okefenokee also stores over 400M tons of CO2 equivalent, making it one of the largest natural carbon sinks in North America. 

Twin Pines Minerals, LLC (TPM) has applied for permits to mine titanium on Trail Ridge, the swamp’s eastern hydrologic boundary. In 2022, Chemours stated its lack of plans for doing business with TPM or conducting mining on Trail Ridge itself, but left open future possibilities for both. Since then, TPM’s northern neighbor (with which Chemours, as DuPont, did business previously) has publicly called for mining on its land and TPM’s new western neighbor has leased its land to Chemours for titanium mining elsewhere in Georgia. 

Mining, or purchasing materials mined, on Trail Ridge could expose Chemours to considerable financial risk: 

· Climate and Biodiversity: Overwhelming scientific consensus emerged since Chemours’ 2022 commitment that TPM’s project would significantly damage the Okefenokee by drawing down its water level and increasing risk of drought and landscape-level fires. Such events would destroy swamp wildlife habitat, damage thousands of acres of adjacent private timberland and release significant carbon emissions. Involvement in titanium mining at the Okefenokee would conflict with Chemours’ December 20, 2023 Page 3 aspiration to reduce Scope 3 emissions while also exacerbating operational risks associated with climate change cited in its 2022 10-K. 

· Regulatory and Legal: The 2023 Okefenokee Protection Act, which would prohibit mining on Trail Ridge, garnered 96 bipartisan cosponsors in Georgia’s House of Representatives and will return in 2024, presenting regulatory risk. Furthermore, potential litigation from timber companies suffering fire damage to their assets presents legal risk.

· Reputational: In early 2023, over 100,000 comments were submitted to Georgia’s Environmental Protection Division opposing TPM’s draft Mining Land Use Plan and approximately 70% of Georgians want Governor Kemp to deny TPM’s permits. Okefenokee is being nominated for inclusion on UNESCO’s World Heritage Site List, and the issue has received significant media coverage in the New York Times, Wall Street Journal, AP and Bloomberg. 

Furthermore, Chemours’ agreement to purchase titanium from Hyperion in Tennessee, combined with expansion of its Florida operations, render unnecessary securing supply from Okefenokee. 

A permanent commitment to protect the Okefenokee would enable Chemours to fortify its environmental image and help fulfill the aspiration articulated in its 2022 Sustainability Report “to be the most sustainable TiO2 enterprise in the world.” 

RESOLVED: Shareholders request the Board of Directors issue a public report, within six months, assessing the benefits and drawbacks of permanently committing not to engage in titanium mining, nor to purchase titanium mined by others, on the Okefenokee’s hydrologic boundary, and assessing risks to the company associated with same.