Brazil’s Gold Importing Countries Encourage Illegal Mining in the Amazon

Mongabay , Jennifer Ann Thomas in 19/10/2021

Researchers estimated that 49 tons of 174 tons of gold sold by Brazil in 2019-20 were extracted from areas with irregularities evidences, such as the exploitation of indigenous lands and Conservation Units. It is estimated that 90% of the illegal gold extracted in this period came from the Amazon, generating socio-environmental losses of R$ 31.4 billion (US$ 5,5 billion).

The Federal Public Ministry called for the suspension of three financial institutions that bought illegal gold in the State of ParĂ¡. According to the action, securities distributors FD’Gold, Carol and OM were accused of bringing to the market more than 4.3 tons of illegal gold in the past two years.

In addition to having their activities suspended in the region, companies could be sentenced to pay a total of R$ 10.6 billion (US$ 1,8 billion) in fines for social and environmental damage.

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