Friday, January 19, 2018

Belo Sun Mining Corp. - BSX.t

Belo Sun Mining Corp. - BSX.t is focused on advancing the Volta Grande Gold Project located in ParĂ¡ State, Brazil.

In March 2015, the Company issued a NI 43-101 for the Volta Grande Project which estimates average annual gold production of 205,000 ounces of gold for 17 years with a cash operating cost of $618/oz.
On December 18, 2017 the media released News

The Globe and Mail reports in its Monday edition that a Brazilian appeals court has upheld the suspension of a key licence for Belo Sun Mining, which hopes to build Brazil's largest open-pit gold mine in the Amazon forest. The Globe's Sephanie Nolen writes that the decision sets the project back at least a year, and in their ruling, the three-judge tribunal blasted the company for failing to consult indigenous people sufficiently. The precedent-setting ruling serves to shore up the rights of Brazil's first nations, rights that are, in principle, constitutionally protected, but in practice often ignored in the development of infrastructure and commercial projects. The decision, delivered on Dec. 6 by the federal tribunal of the first region, in Brasilia, upholds an April suspension order for the company's installation licence. The tribunal said that Belo Sun had failed to fulfill obligations, repeatedly made clear after previous court challenges, to study the impact of their planned 175,443-hectare open-pit mine on the Juruna people, who live 10 kilometres down river from the site of the Volta Grande project, and must do so according to a "consultation protocol" laid out by the Juruna themselves.
On December 6, 2017 the company released News

The Federal Court of Appeals in Brasilia has decided to uphold the suspension of the construction licence related to Belo Sun Mining Corp.'s Volta Grande project. The Court has verbally advised the company of its decision, however it has yet to publish the written details of the ruling. Belo Sun will provide an update on the ruling if the written decision is materially different than what was verbally announced by the court this morning once details of the decision have been published.

As previously announced on April 12, 2017, a judge from the Brazilian Federal Regional Court had issued an interim order suspending the LI due to fact that Funai (Indigenous Affairs Agency of Brazil) had not approved the indigenous studies that had been completed by Belo Sun. According to the decision of the Federal Court of Appeals, Belo Sun will be required to complete an indigenous study in accordance with Funai's guidelines.