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Ruling says Belo Sun Mining Corp. has failed to study the impact on Amazon communities.
A Brazilian federal court has revoked Canadian miner Belo Sun Mining’s (TSX:BSX) license for the Volta Grande project, which would have become the country’s largest gold mine, in the Amazonic state of Para.
The ruling, which established the miner failed to assess the impact on local indigenous communities, is a major blow to Belo Sun’s ambitions, Amazon Watch’s Brazil Program Consultant Christian Poirier told MINING.com.
He added the court decision sets a considerably higher legal standard for environmental licenses, but—since it is appealable— could be easily overturned.
In a brief statement, the Toronto-based company only said it had been asked to complete an indigenous study in accordance with the reference terms of FUNAI, the Brazilian indigenous authority.
It added the company expects the study will take five months and that it anticipates receiving the authorization from FUNAI to access the indigenous lands shortly.
Volta Grande (meaning “Big Bend” in English) is an open-pit project near the Xingu River, a tributary of the Amazon. It is expected to produce an average of 205,000 ounces a year over its nearly 17-year life.
Opponents to the project, suspended since November, fear its vicinity to the controversial Belo Monte dam complex —which is designed to become the world’s third largest dam— “may lead to devastating and irreversible consequences … for the quality of life and cultural heritage of indigenous peoples and their territories.”
Source: Google Finance.
Volta Grande is supposed to begin operating in 2016. Shares in Belo Sun were down almost 10% to 0.185 at 12:23 pm ET.
6 Comments
klgmac
And the world continues to stagnate on it’s own stupidity.
U308
South America is pretty much a write-off in terms of investment these days. Canada is doing its best to follow suit with brainless judicial decisions as well. There’s only a handful of places that encourage mining left in the world and they aren’t places you’d want to spend your holiday.
$15 copper and a drop to everyone’s standard of living is soon to follow, but that’s the Agenda 21 Plan anway!
Mxavier
Coincidencia ou nao, todas as empresas do milionário brasileiro Eike Batista tem os nomes composto de 3 letras terminando com X. What coincidence: Eike Fuhrken Batista (Portuguese: [ˈejki ˈfuʁkẽj bɐˈtʃistɐ]; born 3 November 1956) is a Brazilian business magnate who made a fortune inmining and oil and gas exploration.[4][5] Presently, he is the chairman of Brazilian conglomerate EBX Group. The group includes five companies that trade on the BOVESPA’s Novo Mercado, a special segment of the São Paulo stock market where enterprises with the highest standards of corporate governance are listed. These five companies are: OGX[6] (oil and gas), MPX[7] (energy), LLX[8] (logistics),MMX[9] (mining) and OSX[10] (offshore services and equipment).
Guest
I am really glad these things are happening! There is a right way and a wrong way to do a project, maybe these people need to start doing things the right way, and giving up a wee bit of their profits. It doesn’t cost THAT much more to do a job right.
Manuel cusco
All this things about mining in south america are only crap. canadian and american mining companies are only concern about profit and benefits (as usual) and the people who lives in the places where this companies want to do his bussines are in the last order to be considerate. later, when the companies realice that the proyect wont go anymore because the population dont want, they say the same sh**: “this people dont want to have more money? way this people dont want my money? thats way the benefits of the proyect are divide only beetween the governments and companies, the people are noticed to go out of HIS lands at the last minute.
Xicanindia
It is not an investment when it destroys the planet! Respect the Indigenous People of this Continent! #justice