The Risks of Investing in Belo Sun | Amazon Watch
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The Risks of Investing in Belo Sun

December 2022 | Report

Download full report (9 MB) | Download executive summary (2 MB)
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Belo Sun Mining Corp. is a Canadian mining company focused predominantly on gold mining. The company’s only project is the Volta Grande Project (VGP), which is currently under development in the Volta Grande do Xingu, or Xingu River’s Big Bend. The Big Bend is a region in Brazil’s Pará state that comprises the lands located in the curve of the Xingu River within the Amazon rainforest. If built, the project would be the largest open-pit gold mine in Brazilian history, threatening the already fragile Amazonian ecosystem that local communities rely on for their lives and livelihoods.

Belo Sun’s Misleading Claims

Belo Sun’s executives have repeatedly and publicly downplayed the social, environmental, and legal risks of the VGP, thereby heightening risks for current and potential investors. At the 2021 Prospectors & Developers Association of Canada (PDAC) convention, Belo Sun CEO Peter Tagliamonte claimed that the project was “fully authorized” and attributed its delay to the COVID-19 pandemic while failing to mention that the project’s license had been suspended and was facing ongoing legal challenges. Tagliamonte later repeated this assertion in an interview with the Canadian Broadcasting Corporation, despite the ongoing legal challenges and license suspension. Additionally, Belo Sun’s project documents do not disclose the full extent of the risks posed by conflicts with communities and Belo Sun’s failure to uphold Free, Prior, and Informed Consent (FPIC).

The development of the Volta Grande Project has been characterized by misleading claims from Belo Sun executives, legal controversies, community opposition, and concern by scientists and mining experts about the project’s potential impacts on biodiversity and the environment. As such, the VGP poses immense threats to the Amazon and risks to any firm or individual that seeks to invest in Belo Sun. This report will detail the reputational, legal, political, social, and environmental risks associated with the project.

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