Crystallex keeps eye on the arbitration
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October 21, 2010, 2:29 a.m. | High carat 2041
year is estimated mine closure, as the initial project signed with the state.
20.000
tonnes of gold production is calculated daily by the company.
2002
was awarded the contract to Crystallex, for the defunct Ministry of Energy and Mines. Erika Hidalgo López
ehidalgo@cadena-capriles.com
Although the company Crystallex will not issue any statement or declaration about the possible nationalization of the object would be the Las Cristinas mine, industry sources claimed that an action materialize such a Canadian mining company would turn to international arbitration.
President Hugo Chavez announced on his trip to the Middle East and former Soviet countries estatizaría reservoir Las Cristinas gold exploitation of which was given by the Corporación Venezolana de Guayana to Canadians in 2002. However, the company has found it impossible to begin the operational phase, due to delays in the delivery of environmental permits, still held by the Ministry of Environment.
Persons working with the company insisted that will not respond to this "ad", "we'll do when we hand over an official communication."
Although not an ounce of gold produced, the Canadians began their plan and investment commitments established in the agreement to operate the mine.
The investment project has two phases. The building, which requires $ 265 million, and production requires $ 235 million. Between 2002 and 2009 disbursed $ 350 million.
In works contract for the community are incurred $ 10 million: for the treatment plant water, which runs from May last year, the sewer system, pumping station, and the medical clinic that reaches the level of urban one, a step below the category of hospital, close to inauguration.
Las Brisas
The mining company Gold Reserve, also from Canada, maintains an international arbitration against the Venezuelan State before the International Centre for Settlement of Investment Disputes, the World Bank.
It appealed to mediation after the Venezuelan government in 2008 revoked the concession and, consequently, the rights of mining on the Brisas project and the Choco 5 promising.
"Until September 24th, Gold Reserve valued the loss at a minimum of $ 1.928 million," said a company source.
