Environmental advocate: ‘No investor should even think of touching this company’
By Marisa Coulton, Financial Post
A Canadian gold miner has found itself under attack by a powerful environmental group seeking to starve it of investment dollars in an attempt to block it from building what would be the largest open pit mine in Brazil.
Toronto-based Belo Sun Mining Corp. found a rich gold deposit about 1,000 kilometres northwest of the Brazilian capital of Brasília in 2015, and now plans to build an open pit mine in the Brazilian rainforest near a bend in the Xingu River, one of the largest clearwater rivers in the Amazon basin.
Amazon Watch first accused Belo Sun of misleading investors in a complaint to the OSC in July 2021, and last week amplified its concerns by taking advantage of the media spotlight shining on COP15, a conference with 20,000 delegates, where countries will try to come up with a framework to address the key drivers of nature and biodiversity loss over the next decade.
Belo Sun’s project would span 5,930 acres, making it the largest open-pit gold mine in the Amazon rainforest. The company has said the proposed site likely contains 3.8 million ounces of gold, worth more than $8 billion....An alliance of Brazilian and international organizations, including Mining Watch Canada, signed Amazon Watch’s complaint to the OSC, which accuses the company of deliberately “disseminating misleading and incomplete information to investors.”
Read the full article here.