Canadian companies are facing difficulties with the executive
Saturday, 20 June 2009
Louis Poisson, Commercial Counselor of the Embassy of Venezuela in Canada, said
it has been difficult for investors in that country dialogue with the official
sector, especially those with capital in mining, like Crystallex and Gold
Reserve, and posed grieving the situation, because Venezuela, after Brazil is
the most important for Canada.

Isidro Casanova
Las Claritas. Louis Poisson, Commercial Counselor of the Embassy of Venezuela in
Canada, confirmed to be interviewed in this mining population that "certainly,
Canadian companies in Venezuela, are facing various difficulties." He cited that
the main problems presented in the gold business, located in the municipalities
of the South, Bolivar State, owned by Canadian investors, including reference to
Crystallex and Gold Reserve, better known as the Brisas project Cuyuni.El
diplomat was this mining area, forming part of the guests of Crystallex, for the
launch of the plant wastewater treatment, performed by this program, which was
extended to an inspection of the modern hospital building in the heart of Las
Claritas and tour of the clinic in Las Claritas, whose staffing and other
services are due to Crystallex. During the opening and inspection visits, the
engineers were Robert Fung, Chairman and Chief Executive Officer of Crystallex
and Luis Felipe Cottin, president of the company, who explained in detail the
investments that the organization continues to represent the parish in San
Isidro, where is the Las Cristinas project.


Good business relationships

-We must take into account the diplomat said that Venezuela is the second
largest country after Brazil, where Canadians have extensive investments. In
Guyana, the investment sector are gold, but other investment banks, law firms,
coal and others. The main problems that our investors are related to dividends.
Importers are not currency. Are problems with cadivi. We also affect delays in
payments and others.

We were hindered rapprochement with the Government

Involved in the conversation José Páez, commercial attaché for the mining sector
of the Embassy of Canada, who together with Louis Poisson said that the problems
confronting Canadian investors, trying to talk with the government, but have
difficulty approaching.

We have tried to talk with government representatives to raise the issue, but we
are hindered.

At what level the talks have run?

With the Ministry of Mines, but no answer. We have sent messages and await
answers. We want to allow us to meet with them. I think that when there are
problems, the best is talk. We want the government to realize that these are
Canadian investors. We must treat the case of Las Cristinas, where Crystallex
has made significant investments. Many of the investments in social projects.
Canadian companies do not think only in their gain, they also serve to push the
social part. We have the case of the company Gold Reserve's Brisas project
Cuyuni, also of Las Claritas, saying continued. This company, it's likely to go
to international arbitration. Wait for the six months to see if an amicable
settlement is possible. The arbitration will tell which side is right.

Hope the boot Las Cristinas

Finally, diplomats and Poisson Páez hope that any time the company start the
Crystallex Las Cristinas project. They believe that if the company has fulfilled
all terms of the contract with the CVG, which is left is to start construction
of the mine for later exploitation, which will also help generate employment for
the families of the area, taking in addition, good image that Crystallex is in
the community where it operates.


Gold and coal

Responding our interview, the diplomat Poisson extended exposure, indicating
that other Canadian investment in Venezuela are affected, as the coal industry
in Zulia.

-The coal industry in Zulia, capital of Canada, had a contract for five years
and the government canceled. There being no agreement, the investors have to
resort to international arbitration. It emphasizes problem-joins-the shortage of
foreign exchange for entrepreneurs to advance their programming. It happens also
that Scotland Bank of Canadian capital, you can not repatriate capital. This
bank is mobilized in partnership with the Bank's Caribbean. The Bank will limit
the entry to other markets.

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