miner Crystallex million disbursed in the first phase of the project, $ 85 million more than expected. "I announce to the world that the revolutionary government recovered Las Cristinas and Las Brisas mine" These mineral resources for all Venezuelans, not transnational "

Hugo Chávez Frías

October 20, 2010 President of Venezuela Erika López Hidalgo

ehidalgo@cadena-capriles.com

The national executive gave a Canadian mining company Crystallex 90 days to deliver to the Corporacion Venezolana de Guayana (CVG) control of the Las Cristinas mine, which kept the foreign company since 2002.

According to official sources, the period began on February 4, when it was delivered the letter in which the company informed the government's decision to terminate the operations of one of the sites that are among the largest in the world : Las Cristinas.

The fate of Las Cristinas, however, continues to see. The official source said that has not yet decided whether it will be delivered to the Russians or the Chinese. Possibility announced by President of the Republic, Hugo Chávez, on his last tour of several countries in Europe, Asia and the Far East in late 2010.

Despite the offer, say government sources, the National Executive wanders the possibility of not giving the deposit to any operator, but exploit it with their own efforts.

"This new stage is being analyzed with caution, since the investments are considered," he said.

For its part, the company Rusoro, of Russian origin, publicly restated its interest in obtaining the grant of the Las Cristinas mine. The company, with which the Government set up in 2008 a mining joint venture called Venrus, was the first to be designated as beneficiary after the return to mine.

The great promise

But El Dorado shines more. The promise of unifying the operation of the mine Las Cristinas with Brisas, metal sounds, so that Rusoro will bid and will lobby to prove he's the best decision, said a voice linked to the sector who requested anonymity.

Brisas, another promise of El Dorado, despite having been recovered by the state a year ago, has not yet been exploited or allocated to any operating company.

Las Brisas and Choco 5 mines were operated by the Gold Reserve also Canadian, but in early 2009 the government decided not to renew the lease. Following that action, the company decided to initiate, before the International Centre for Settlement of Investment Disputes and the World Bank (ICSID), a claim against the Venezuelan State.

Gold Reserve seeks compensation for all losses caused by infringements of Venezuela to the agreements with Canada, while ensuring that the valuation of the loss, until September 24, 2010, revolves around 1.928 million dollars.

Crystallex's story can be repeated. The company itself has stated on numerous occasions, and even in a statement released yesterday, which will examine the possibility of recourse to international arbitration agreements do not reach reasonable.

Canadians have reported that despite failing to produce either a gram of gold invested in the first phase more than estimated, about $ 350 million, $ 85 million more than expected.

Flats for Crystallex

The action by Venezuela against Crystallex began putting in more trouble the financial stability of the Canadian mining company, since its shares on the Toronto Stock Exchange tumbled 56% during the day yesterday.

Crystallex says the move is unfair, and even more so the argument submitted by the Government, which is to show that mining remained paralyzed during the time he held the contract.

The Canadians claim that the operation of the mine was not possible because the ministry did not give the green light to environmental permits, provided only that production remained in suspense.
Enter your comment
Important: It is strictly forbidden to include insults, slander, insult, attack others, inappropriate language or discriminatory comments