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4/26/18

Belo Sun ($BSX.to) and Agnico Eagle ($AEM): Looks like Agnico bowed to anti-mine pressure groups

Part of the fall-out of the decision taken by Agnico Eagle to dump its shares in Belo Sun (BSX.to), alongside the jaw-dropping chutzpah of Stan Bharti and his merry band to buy shares on the company's own coin, is this English language report from Brazil's Xingu Vivo, who have campaigned against the Volta Grande mine for years and are clearly happy that AEM have left. It's a factual report and has the local community's point of view, but what caught my eye was a one line paragraph in the middle of the piece:
"Now, one week before its general annual meeting, 
Agnico also cancels its stake in Belo Sun."
It stood out as a non-seq and looked weird, why should Xingu Vivo care about AEM's AGM? It piqued my interest, so I got in touch with the people behind the group and they told me the back story. In recent weeks they, along with another group called Avaaz, have been collecting a petition in the region and had got an enormous response. Avaaz had also been in contact with AEM at the highest corporate level and told AEM about the petition. Also that they planned to picket the AGM and put together a publicity-friendly protest on the day, which would also announce the results of the petition. And now, all of a sudden, AEM has dumped BSX. Coincidence?

This may also explains why Xingu Vivo put this at the end of its report:
Now we demand:
Sun Valley Gold to divest its 16.33%
Sun Valley Gold Master Fund to divest its 10.44%
RBC Global Asset Management to discard its 6.98%
1832 Asset Management to discard its 6.46%
I dunno 'bout you, but I get the feeling these people are going to repeat on a successful strategy.