
Belo Sun Mining Sees Stock Surge Following Favorable Court Ruling
Belo Sun Mining's (TSX: BSX) shares skyrocketed on Thursday after the Brazil-focused gold developer achieved a favourable court ruling concerning its flagship Volta Grande project. The ruling confirmed that the Secretariat of Environment and Sustainability of the State of Para (SEMAS) will serve as the competent authority for the project's environmental permitting process. This overturns a previous decision from September 2023, which had assigned the responsibility to the Federal Brazilian Institute of the Environment (IBAMA).
The decision is seen as a positive step for the Volta Grande project, given SEMAS's history with the project, having issued its preliminary environmental and construction licences in 2014 and 2017. Set in Para state, the project's mining licence spans 24 sq. km within the Tres Palmeiras greenstone belt, though actual mining operations target an area of about 10 sq. km.
Upon the court's decision, Belo Sun's stock price soared to C$0.14 by noon ET on Thursday, marking an impressive intraday gain of 58.8% and boosting its market capitalization to approximately C$52.9 million.
The next phase will involve transferring project files back to SEMAS, with Belo Sun collaborating closely to advance necessary works. Despite the construction licence's suspension following an interim order in 2022, SEMAS had revalidated the environmental licence after the Brazilian Federal Agency for Indigenous Affairs approved the company's studies concerning indigenous communities.
Belo Sun's feasibility study from 2015 had forecasted a robust operation yielding an average annual gold production of 205,000 ounces, tapping into an estimated reserve of almost 3.8 million ounces (116 million tonnes grading 1.02 g/t gold). The project's after-tax net present value is estimated at $665 million at a 5% discount rate, though based on the outdated gold price of $1,200/oz.
Construction for the mine is anticipated to span two years, followed by a ramp-up phase and commercial production in the fourth year. Potential exists for reserve expansion through further discoveries within the largely underexplored Tres Palmeiras greenstone belt.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
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- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
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4. MOST PROMISING PRODUCT
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5. MOST PROMISING SUPPLYING COUNTRIES
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The Largest Importers on The Market and How They Succeed
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The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2024
- EXPORTS BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
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11. COUNTRY PROFILES
The Largest Markets And Their Profiles
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- China
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LIST OF TABLES
- Key Findings In 2024
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- Production, In Physical Terms, By Country, 2012–2024
- Imports, In Physical Terms, By Country, 2012–2024
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- Import Prices, By Country Of Destination, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Origin, 2012–2024
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Consumption, By Country, 2024
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2024
- Production, In Value Terms, 2012–2024
- Production, By Country, 2024
- Production, In Physical Terms, By Country, 2012–2024
- Imports, In Physical Terms, 2012–2024
- Imports, In Value Terms, 2012–2024
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms, 2012–2024
- Exports, In Value Terms, 2012–2024
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, 2012–2024