08:08 AM EST, 12/02/2024 (MT Newswires) -- Belo Sun Mining ( BSXGF ) ( BSX.TO) on Monday said Brazil's Federal Court of Altamira ruled that the 2021 agreement between the company and the Brazilian National Institute of Colonization and Agrarian Reform (INCRA) is null and void on procedural grounds.

In the ruling, the judge said INCRA did not complete an ordinance required to announce the measure taken by the government on the declassification of the area from agrarian reform.

Belo Sun is considering appealing the decision.

In a victory for Belo Sun, the company can move forward with the Volta Grande project after the judge rejected the public defender's request to annul the project's environmental licensing process.