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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

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Message: Draft letter to selected Ministers (+ the PM)

Draft letter to selected Ministers (+ the PM)

posted on Nov 12, 2008 02:33PM

Dear Ministers,

I am writing as a Canadian investor in a Canadian Mining Company that is currently doing business in the country of Venezuela.

I am not sure you are aware of the current Venezuelan situation so I will try and summarize:

The company called Crystallex has been operating inside Venezuela for 16 years. In 2001 they were granted a Mine Operating Agreement to explore and exploit the Las Cristinas gold deposit. A number of years have passed and although they have consistently been a good corporate citizen of Venezuela and of Canada the current Chavez government has either threatened to renege on the contract in which they signed or has reneged on this agreement. News out of Venezuela is not entirely reliable however if current reports are true, the investments made by Canadians is about to be stolen by the Chavez government.

I understand that Canada has an Investment Agreement with Venezuela that *should* protect Canadian companies that do business with Venezuela. Whether this agreement will be sufficient in protecting Canadian investments is not clear to me.

My questions to you are:

· Will the Canadian Government support Canadian Companies that do business in Venezuela?

· If companies such as Crystallex have their investments seized by Venezuela will Canada freeze Venezuelan assets in Canada?

· Will the Canadian Minister of Foreign Affairs meet with the Venezuelan Ambassador to Canada and express his displeasure with the treatment of Canadian companies and investments in Venezuela?

· Will the Prime Minister address the issue with Mr. Chavez at some point in the future.

· Will trade between Canada and Venezuela be suspended if Canadian investments in Venezuela are seized.

· Would Canada support Crystallex in International Court (if it comes to that) in efforts to seek compensation for its seized assets?

· Does Canada a protocol in place when foreign countries damage/seize Canadian investments in said country?

o Ie: Recall the Canadian Ambassador to Venezuela?

As you may tell, I am very interested in learning what efforts my Government is prepared and able to take to support Canadian investment abroad.

I eagerly await your reply.

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