Welcome to the Crystallex HUB on AGORACOM

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

Free
Message: Quarter four, day one

Hi everyone, tough to sit and wait for news.

IMO: The thing that stopped us was the enviromental issues just like GRZ they were just a little further along than we were at the time. The reason for this is political not enviromental, so no amount of tinkering was going to fix this. Chavez did not want to continue with the current contracts and this was a way to force renegotiation or to get us to quit. If the article about Chavez not moving forward without Venezuela being the 51% shareholder in future JV's is correct, we are not getting a deal done without some other real major concessions in additional projects, the gold exchange rate, etc. I am not sure if it is even possible given the noteholder debt and the shareholder vote. I am sure KRY and CRRC arre working on this dilligently but we might end up being worth more in arbitration than with 1/6 of what we originaly had. Looking at the size of the loss Balenger has placed on his project, I am positive we are worth more. I was (am) willing to do the 1/3 with the Chinese, even though we are giving up a lot. I thought for sure that a good part of what we are paying for is (was) a smooth and quick transition to a working and approved contract to mine Las Cristinas, and that is not happening, so why are we paying so much?

Share
New Message
Please login to post a reply