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In a statement, Belo Sun said the court has verbally advised the company of its decision, although it has yet to publish the written details of the ruling.
"Belo Sun will provide an update on the ruling if the written decision is materially different than what was verbally announced by the court," the company said.
In mid-April, a federal court issued an interim order suspending the license because the indigenous studies that had been completed by Belo Sun were not approved by national indigenous foundation Funai.
"We are disappointed with the ruling, however we are confident that a resolution can be reached," Belo Sun's president and CEO, Peter Tagliamonte, said in the statement. "We will continue working with Funai to ensure that our indigenous study meets their requirements, and in parallel we intend to explore all legal measures to appeal the decision."
Volta Grande is set to be Brazil's largest gold mine and one of the biggest in Latin America.
However, the project has suffered some problems as it lies close to the controversial 11.2GW Belo Monte hydroelectric project in the Brazilian Amazon.