Venezuela Min: Crystallex Won't Get Las Cristinas Gold Permit

1 minute ago
CARACAS (Dow Jones)--Venezuela won't grant a permit to Crystallex (KRY) for the Las Cristinas gold mine, as the government has decided to no longer grant licenses for open-pit mining for gold, diamonds and coal, Venezuela's Environmental Minister Yuviri Ortega said Thursday.

"We are not going to give permits to anyone for open-pit mining in gold, diamonds and coal," Ortega told reporters.

According to the minister, Crystallex was planning on open-pit mining in the Las Cristinas gold mine. When asked specifically about Las Cristinas, she said: "Yes (open pit mining) is the method for Las Cristinas," which isn't allowed.

The Environmental Ministry recently denied a request from Crystallex to carry out exploration activities in the mining area of Las Cristinas.

According to Ortega several mining concessions were under review because the companies aren't following "adequate procedures" in their exploitation activities.

-By Raul Gallegos and Darcy Crowe, Dow Jones Newswires; (58) 212 905 6304; venezuela@dowjones.com