Belo Sun Mining Corp T.BSX

Scotiabank on Belo Sun Mining's Suspension Order

[davgro]

01:23 PM EDT, 05/25/2022 (MT Newswires) -- Belo Sun Mining received an interim suspension order issued from a circuit judge in Altamina over the Construction License (LI) and Environmental License (LP) for the Volta Grande Project.The LI and LPare to be suspended until a socio-environmental study of the riverside peoples is carried out for people living at a minimum distance of 10 km from the Volta Grande Project on both sides of the Xingu river.

Belo Sub, which believes that all local and riverside communities have been properly heard during the licensing process conducted by SEMAS (State Environmental Agency) and that there is no need for additional hearings, intends to appeal.

"We expect investors to view this latest development as a near-term negative for BSX shares. The company recently provided an update stating that it was working towards re-establishing the construction license and relevant jurisdiction. We look forward to additional updates regarding next steps on this legal challenge and the path forward to reinstatement of the licenses," says analyst Ovais Habib.

Habib, who has a negative take on the news, notes that BSX shares are rated SP with a $0.65 PT. At spot prices, Belo Sun shares are trading at a P/NAV5% of 0.11x compared with development peers trading at an average of 0.58x.

[bracky]

I appear to be misssingf something. My understandin g was BSX did not have a Liscence at this point . How can the court suspend something that to my knowledge did not exist ,  puzzling ???

[ModelT1]

You are missing something........... https://www.belosun.com/news/releases/index.php?content_id=90

[bracky]

that isn't what I missed , as far as I know BSX never had an approved liscence and the link I was given does not say anything contrary .

[ModelT1]

Here's a partial cut and paste........not sure what you don't get. Even highlighted it for you. BELO SUN RECEIVES CONSTRUCTION LICENCE FOR THE VOLTA GRANDE GOLD PROJECT TORONTO, ONTARIO--(Marketwired - Feb. 2, 2017) - Belo Sun Mining Corp. ("Belo Sun") (TSX:BSX) has received the "Licenca de Instalacao" ("LI" or "Construction Licence

[bracky]

That was in 2017 I was under the impresson that liscence had been suspended,was it not . I was under the impression all the further studies and hurdles they had was because of the suspension

[ModelT1]

You're tripping over your own words.......you said; I appear to be misssingf something. My understandin g was BSX did not have a Liscence at this point . How can the court suspend something that to my knowledge did not exist ,  puzzling ??? Clearly.......you are missing ....something.

[bracky]

For whatever reason I still don't get it . The liscence granted in 2017 was suspended until certain requirements were made .The percipitous drop a couple of eeks ago was in response to an approval overseer change, I till need help because I don't seem to understand .

[Blunty1969]

Let's make this simple belo didn't do enough with the locals on nothing or let's say nothing, what the locals are saying is you want a mine next door to us with dynamite going off night and day here and making our area wurth  nothing in 10 to 15 years, come pay as true value so we can go somewhere else and have a home and land for our future generations.