Belo Sun shares close higher on favourable permit appeal
TORONTO (miningweekly.com) – The TSX-listed stock of mine developer Belo Sun on Friday closed higher after the Federal Court of Appeals in Brazil’s governmental capital Brazilia, struck down a June ruling by a Federal Judge of the First Level in Altamira that revoked the environmental licence for the Volta Grande openpit project.
The stock closed the day up 9.3% at C$0.23 apiece following the interlocutory decision.
The Volta Grande, or Big Bend, openpit project was expected to start production in 2016 and become Brazil's largest gold mine. It is next to another controversial project, Belo Monte, which is designed to become the world's third-largest hydroelectric dam and has also been the target of lawsuits by prosecutors.
According to a prefeasibility study published in May, Toronto-based Belo Sun expected average output of 313 100 oz/y of gold over a ten-year mine life.
The study found that 2.8-million ounces of its estimated 4.7-million ounces of measured and indicated gold resources were economically viable reserves, but highlighted that recent exploration work could boost reserves and extend the life of the mine.
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