Alcoa Inc. will have to show it has ownership rights to the riverbed under 4 North Carolina dams it has operated for as much as a century, a federal judge recently ruled.
US District Judge Terrance Boyle recently decided that a trial starting in 2 months was needed to sort out the claims over riverbed ownership crucial to operating the Yadkin River hydropower dams.
“The availability of clean water and affordable power sources is critical to the welfare of Twenty-First Century America. At its core, this case highlights the importance of these two vital resources,” Boyle wrote in his ruling. “Alcoa has the burden of proving valid title at trial.”
The lawsuit brought last year by Gov. Pat McCrory’s (R) administration involved deciding who owns 40 miles of the Yadkin River bottom on which Alcoa and its predecessor built dams that once powered an aluminum smelter. The plant employed thousands before closing in 2007. The company has sold the electricity to commercial customers since then. Alcoa sold about $34 million of electricity over the year ending in September.
With the jobs now gone, McCrory and his Democratic predecessor, Beverly Perdue, have resisted a new federal license for Alcoa that would allow it or a future buyer to continue operating the dams for up to 50 years, according to the Raleigh News & Observer.
Dropping 0.8% on the LME, the aluminum cash price was the biggest mover on Tuesday, November 25, closing at $2,060 per metric ton. The 3-month price of aluminum weakened by 0.7% on the LME, settling at $2,048 per metric ton. The cash price of primary Indian aluminum rose 0.3% to INR 127.40 ($2.06) per kilogram.
Chinese aluminum prices were flat for the day. The cash price of Chinese aluminum held steady around CNY 13,720 ($2,234) per metric ton. At CNY 12,550 ($2,044) per metric ton, the price of Chinese aluminum scrap was essentially unchanged. Chinese aluminum billet saw little change in its price yesterday at CNY 14,000 ($2,280) per metric ton. The price of Chinese aluminum bar remained essentially flat at CNY 14,200 ($2,312) per metric ton.