Crystallex International

Caracas — Canadian miner Crystallex International Corp. says it has sought international arbitration after Venezuela rescinded its contract to develop a major gold mine.

Toronto-based Crystallex claims it is due $3.8-billion (U.S.) in compensation.

A company statement issued Wednesday says Crystallex has appealed to the World Bank. It does not say when the company submitted its case.

There was no immediate response from the Venezuelan government.

Venezuela notified Crystallex on Feb 6. that its contract for Las Cristinas mine had been “unilaterally terminated.”

Crystallex considers Las Cristinas to be its principal asset and says it holds an estimated 17 million ounces of gold.