start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)

7/23/15

Belo Sun (BSX.to) in IKN323, last Sunday

Subscriber to the Weekly, reader 'R' (he only wants one initial out here) mailed on Tuesday morning to ask if I'd put the short note on Belo Sun (BSX.to) on the public blog, as he hadn't seen that information anywhere else. I said okay but I'd wait until later in the week before doing so. 

Here it is today.

And yes, Belo Sun is the very same stock that I said had deep premitting problems back in early 2013 when Canaccord were pumping it. At that time Canaccord retorted to IKN's solid information by saying of this blog, "This newsletter has a track record of incorrectly representing facts in order to put a negative spin on mining stocks". When a pumphouse like Canaccord complains about spin on mining stocks, hell you know you're on the right track.

We good? Yeah, we're good. Here's Sunday's piece:

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Belo Sun (BSX.to): Local indigenous call for social consultancy
The Volta Grande project on the Xingu river of Brazil, owned by Belo Sun (BSX.to) has been one of the most contentious gold mining projects on the continent for several years, its poor community relations and unclear permitting path is why your author has been calling "avoid" on the stock for several years (e.g. see IKN vs Canaccord February 2013 (30) when BSX traded around $1.40 and people didn't like us telling you the truth about its permitting situation).

That call does not change this weekend.

Last Wednesday and Thursday (31), the local "Yudjá" people (literal translation of their tribal name "owners of the river", to give you an idea of what this all means to them) held a meeting at which they demanded their right to a social consultancy on the project in the presence of the province's environmental committee. They also asked that a study period of six years on the region that's been regulated for the period once the upstream Belo Monte dam goes into operation also be applied to the Belo Sun Volta Grande project and from the looks of the feedback, that's probably going to happen. IKN's bet: We're about to see BSX.to project go into a six year deep freeze.