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Bullboard - Stock Discussion Forum Belo Sun Mining Corp T.BSX

Alternate Symbol(s):  BSXGF

Belo Sun Mining Corp. is a Canada-based development and mineral exploration mining company. The Company is advancing Brazil's undeveloped gold deposit at the Volta Grande Project in Para State. The Volta Grande Project is situated in the Tres Palmeiras greenstone belt in Para State, Brazil. Although the project's mining license covers 2400 hectares (24 square kilometers), the actual area... see more

TSX:BSX - Post Discussion

Belo Sun Mining Corp > License Permanently Denied
View:
Post by SIGG1 on Nov 21, 2023 10:46am

License Permanently Denied

I just discovered this article published last September, according to this news release Belo Sun is pretty much dead forever. 
I'm glad I sold before everybody else decides to dump.   If Sun Valley, RBC and other funds decide to dump their holdings this is going straight to $0.005. 


https://amazonwatch.org/news/2023/0911-victory-belo-sun-is-one-step-closer-to-having-its-license-permanently-denied

Victory: Belo Sun Is One Step Closer to Having Its License Permanently Denied

Environmental licensing shifted to federal jurisdiction under Brazil's environmental agency after Belo Sun's arguments were debunked

September 11, 2023 | Statement


Amazon Watch

For more information, contact:

presslist@amazonwatch.org or +1.510.281.9020

In a significant victory for the Amazon and Indigenous rights, the environmental licensing process for the Belo Sun mining project in the Volta Grande region of the Xingu River has been successfully shifted from state to federal jurisdiction in a ruling issued on Monday, September 11. The project is now under the authority of the Brazilian environmental agency, IBAMA.

This milestone comes after legal actions and campaign efforts led by civil society organizations, local communities, the Federal Public Prosecutor’s Office, and the Volta Grande Alliance, who have worked tirelessly to denounce Belo Sun’s Volta Grande Project (VGP), a massive gold mine that the Canadian company Belo Sun Mining Corporation aims to carve into the heart of the Brazilian Amazon.

Recently, the legal team from Belo Sun presented arguments related to the mining project’s potential employment benefits and tax contributions to local communities. However, these arguments were challenged by studies indicating that jobs in mining projects tend to last between two and five years.

Two considerations were instrumental in the decision made by the court.

Firstly, the synergistic and cumulative impacts between the Belo Monte hydroelectric plant and the Belo Sun mining operation. Norte Energia itself, the concessionaire responsible for Belo Monte’s operation, challenged the approach of the Secretaria de Meio Ambiente do Par (Par’s Environmental Department), which did not assess potential damages to the dam structure resulting from the use of explosives in gold exploration.

Secondly, despite the Belo Sun project not being located on Indigenous lands and, in certain cases, being more than 10 km away from these territories, it was recognized that Indigenous communities would be severely impacted by the project.

The Canadian mining company can still appeal to Brazil’s Supreme Court as this was a federal regional court decision.

Volta Grande Alliance members state:

“This victory highlights the urgent need for a rigorous assessment by IBAMA to prevent a total socio-environmental collapse in the Volta Grande do Xingu region. Although this represents a significant step forward, our fight is far from over. The main objective is to drive Belo Sun out of the Amazon. Now, our efforts turn to IBAMA to ensure that a comprehensive and impartial evaluation of the project takes place, taking into account the cumulative impacts alongside the Belo Monte dam. The Xingu River cannot handle another more destructive development. The international community’s support is crucial in this ongoing struggle. The Amazon plays a vital role in regulating global climate balance, affecting water cycles and temperatures beyond its borders. As we celebrate this milestone, we invite concerned citizens worldwide to join us in our continued efforts to protect this critical ecosystem and the Indigenous communities who call it home.” 

Comment by Eldoradosucks on Nov 21, 2023 12:15pm
Are you working for this NGO entity Amazon Watch??? Lol
Comment by bracky on Nov 21, 2023 4:18pm
do you really think that you are the first one to find an propagana piece that is three months old , doubtfull. Do you really believe Sun Valley did not do due dillegence before they signed on the dotted line . What we have now is tax selling. It is still a spec stock and it has always been that .That has not changed it is not over yet .
Comment by bracky on Nov 21, 2023 5:45pm
BSX was never as certain as some investors were so certain or as negative as some sentiment is currently , overdone
Comment by Eldoradosucks on Nov 21, 2023 5:49pm
It's typical spec stock. 
Comment by Blunty1969 on Nov 21, 2023 9:03pm
Looks like Argentina will get a lot of attention in this sector with this new government, Brazilian plays are definitely going to have more consedaration.
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