International

First Casualty At COP15: Canadian Mining Corp Belo Sun Stock Takes Major Hit Before Finance Day

As the United Nations’ 15th summit on biodiversity in Montreal, Québec enters its last week of negotiations for global targets, Canadian mining company Belo Sun has once again demonstrated the perils of investing in the destruction of the Amazon, as its share prices have dropped precipitously following protests and advocacy from activists and Indigenous leaders at the summit.

Belo Sun’s stock price has fallen over 50% since the release of the risk alert and reporting on Indigenous opposition, and currently sits at under USD$0.08 per share.

Canadian mining company Belo Sun is planning its Volta Grande Project (VGP), a proposed massively destructive open-pit gold mine, on the banks of the Xingu river in the Volta Grande region of the Brazilian Amazon. If completed, the project would be the largest open-pit gold mine in Brazilian history with irreversible impacts for amazonian biodiversity. It would pose immense threats to the region’s fragile ecosystem as well as the Indigenous and traditional peoples who live in the area.

On December 9th, Amazon Watch, together with Brazilian Indigenous leaders, released The Risks of Investing in Belo Sun, a risk assessment demonstrating the severe risks Belo Sun poses to the environment, people, and its own investors.

Brazil Campaign Advisor Gabriela Sarmet of Amazon Watch issued the following statement, saying “Belo Sun’s steep drop in value is yet another demonstration of what we already know: this company is an enormous investment risk, and it’s nothing but a ‘spending machine.’ Belo Sun’s suspended environmental license, repeated violations of Indigenous rights, and severe threats to biodiversity and ecosystem health in the Amazon paint a clear picture: the market clearly shows that any company or financial institution foolish enough to invest in or acquire Belo Sun would risk its entire investment.”

Amazon Watch is a nonprofit organization founded in 1996 to protect the rainforest and advance the rights of Indigenous peoples in the Amazon Basin. We partner with Indigenous and environmental organizations in campaigns for human rights, corporate accountability, and the preservation of the Amazon’s ecological systems.

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