The Globe's Report on Business leads with the fact that KRY loses 2/3 of the project...

Chinese firm joins Crystallex

Crystallex International Corp. (KRY-T) is giving up a huge chunk of its Las Cristinas project in Venezuela and bringing in a heavy hitting Chinese company to help get the development off the ground. Crystallex announced this morning that China Railway Resources Group Co., a state-owned group, will lead the efforts “to unblock the stalled environmental permitting process ... and will provide the necessary project capital to develop the project to commercial production at an optimized mining rate.”

Crystallex has been struggling under the weight of the Venezuelan gold project, and its headaches there, and today’s deal wil see it hold just a one-third interest in Las Cristinas, while its Chinese partner holds two-thirds.