Canadian gold miner Belo Sun accused of misleading investors – by Marisa Coulton (Financial Post – December 14, 2022)

Environmental advocate: ‘No investor should even think of touching this company’

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.

Standing in Belo Sun’s way is Amazon Watch, an Oakland, Calif.-based nonprofit with an established track record of pushing international miners out of Indigenous territory in South America by deploying a range of tactics.

Last year, the group asked the Ontario Securities Commission to investigate Belo Sun, and last week it used the UN’s COP15 conference on biodiversity in Montreal as a platform to launch its latest volley against the company, releasing a report on Dec. 9 that condemns the Big Bend project.

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