- Belo Sun (BSX) receives interim suspension order for the construction and environmental licenses for the Volta Grande Project
- The LI and LP are to be suspended until a socio-environmental study of the riverside peoples, at a minimum distance of 10 km from the Volta Grande Project, is carried out
- Belo Sun has completed indigenous studies on two indigenous lands closest to the Volta Grande Project
- In the future, the company is looking at filing an appeal against this decision of the Court
- Belo Sun Mining Corp. (BSX) is down 4 per cent, trading at C$0.36 at 1:38 pm ET
Due to an interim suspension order, Belo Sun Mining Corp (BSX) has had to suspend work on its Volta Grana Project.
A judge gave the order from the Agrarian Court of Altamira.
The LI and LP will be suspended until a socio-environmental study of the riverside peoples has taken place.
Under the order, this is to happen at a minimum distance of 10 km from the Volta Grande Project.
The judge stated this needs to be carried out on both banks of the Xingu River, and consent of the riverside peoples will also need to be obtained.
Belo Sun has completed indigenous studies on two indigenous lands closest to the Volta Grande Project. According to the Federal Court decision, these were accepted by FUNAI and are to be submitted to the Secretary of State for Environment and Sustainability.
Regarding this matter, the company believes that all local communities, including those living along the Xingu River, have been adequately heard during the licensing process conducted by SEMAS.
The company is looking at filing an appeal against this decision of the Court.
Peter Tagliamonte, the President and CEO, said, “We are disappointed by this additional interruption to our construction plans. However, these hurdles are expected, and we will work through them.”
“We are working with our local Brazilian counsel to have the decision of the Court overturned on appeal. We diligently work on the appropriate steps to reverse these decisions,” added Tagliamonte.
Belo Sun is a Canadian-based mining company with assets of gold properties in Brazil.
It is focused on developing the Volta Grande Gold Project, but we will wait to see what happens with this project at a later date.
Belo Sun Mining Corp. (BSX) is down 4 per cent, trading at C$0.36 at 1:38 pm ET.