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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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nomar

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El Universal

posted on Feb 17, 2011 02:49PM

Not sure if this has been posted...

Crystallex seeks USD 3.8 billion compensation from Venezuela

Venezuela’s decision to terminate Las Cristinas mining agreement goes to international arbitration

Venezuela terminates Crystallex' Las Cristinas mining agreement

Economy
Pursuant to the agreement between the Government of Canada and the Government of Venezuela for the Promotion and Protection of Investments, Canadian mining company Crystallex International Corp. has filed a request for arbitration against the Venezuelan government.

The Toronto-based company decided to file the request before the World Bank's International Centre for Settlement of Investment Disputes ("Icsid"), seeking a full compensation in excess of USD 3.8 billion.

The gold producer seeks the restitution by Venezuelan of Crystallex's investments and the compensation for interim losses suffered following the failure of the Venezuelan government to propose any solution to the dispute over Las Cristinas gold mine.

Crystallex had reported last week that the government of Venezuela had "unilaterally terminated" the contract to operate the mine. As a result the shares of the company plummeted, Reuters reported.

The Canadian mining company expressed its disagreement with the termination of the contract it had signed with state-run company Corporación Venezolana de Guayana (CVG).