Boston, March 27, 2024 – The Securities and Exchange Commission has ruled that shareholder proposals seeking protections for the Okefenokee swamp from a titanium mine can be excluded from voting at the 2024 annual meetings of The Chemours Company, Sherwin-Williams and Home Depot. The proposals were filed by Green Century, an environmentally responsible mutual fund, and the Felician Sisters of North America.
“While we are disappointed that these companies chose to challenge our proposals rather than evaluate scientifically supported protections for the Okefenokee, we were pleased to learn they have no near-term plans or intent to support mining at this natural treasure,” said Green Century President Leslie Samuelrich. “As a massive carbon sink and one of the world’s largest intact freshwater wetlands, the Okefenokee is the last place we should be mining for anything.”
Chemours, which was spun off from DuPont in 2015, manufactures and sells “performance chemicals,” including titanium dioxide. In 2022, Chemours publicly pledged to avoid mining at, or buying minerals from, the swamp in the near term. Following that commitment, the company signed a long-term contract to secure titanium dioxide from a Tennessee mine which, combined with its other operations in Georgia and Florida, appears to provide a long-term supply.
Sherwin-Williams is a global leader in paints and coatings, and Home Depot is a major carrier of titanium dioxide-based paint. Headquartered in Atlanta, Home Depot’s resistance to protecting a natural resource special to customers, employees, and other stakeholders raises particular concern.
“We will remain steadfast in our commitment to work to protect the Okefenokee,” shared Sister Jean Sliwinski, Sustainability Coordinator, Felician Sisters of North America. “We urge Chemours, Home Depot and Sherwin Williams to strengthen their commitments and help protect this international treasure by publicly pledging to permanently avoid Okefenokee titanium.”
Draft Permits Issued Last Month, Moving Mine Forward
Draft permits to allow Twin Pines Minerals, LLC to mine titanium on Trail Ridge, the line of inland sand dunes that help hold water in the Okefenokee, were issued last month by Georgia regulators, putting it on the cusp of approval after a five-year battle. The company has also indicated it has plans to expand to mine more land on the swamp’s edge in the future.
Scientific consensus indicates that Twin Pines’ project would significantly damage the Okefenokee by drawing down its water level while raising drought and fire risks. Such events could destroy swamp wildlife habitat, damage thousands of acres of adjacent private timberland, and release significant carbon emissions.
“Mining near an ecological gem to make white paint is rife with risks,” said Annie Sanders, shareholder advocate with Green Century. “The absurdity of the prospect would be laughable if it weren’t so shocking that companies actually want to leave this door open.”
Over 100,000 comments were submitted to Georgia’s Environmental Protection Division opposing TPM’s draft Mining Land Use Plan in early 2023, and in early March 2024, 100 people testified against mining at a public hearing held by that agency. Because of its conservation and cultural importance, Okefenokee is being nominated for inclusion on UNESCO’s World Heritage Site List. In addition, the Okefenokee also stores over 400M tons of CO2 equivalent, making it one of the largest natural carbon sinks in North America.