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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
Message: GRZ CC Highlights
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- About 60% into costs of arbitration
- Spent 3.6 million on arb in 2010...the most expensive year
- 7 active parties looking at purchasing primary equipment
- Should dispose of primary equipment within a few months
- Rusoro\Endeavor fiasco proceeding to deposition stage
- 100 requests by Venezuela to arbitration panel for information including proprietary information. GRZ objected to turning over proprietary information and the panel ruled in their favor.
- Jurisdictional objection filed by Vz. will be reviewed\resolved without affecting existing arbitration schedule.
- Since both legal teams are located in DC....procedurally, the arb case will be tried there although record venue will still be Paris
- Last met with Venezuela in February with respect to negotiating possible settlement.
- Primary focus is on arbitration although they continue to talk with Venezuela regarding possible settlement.
- Doesn't want to give a negative impression or an overly positive impression regarding the prospect of reaching a negotiated settlement.
- 5 of 13 (if you include Cemex) arbitration cases were settled with Venezuela
- Venezuela has hands full right now between Libya, a new Attorney General and their disintegrating economy which, in conjunction with Venezuela's historically slow pace, doesn't seem to support any quick settlement to negotiations.
- Chavez has publically stated that he wants to develop Km 88 and after re-taking Las Cristinas, they feel that they now control them.
- Venezuela's preference is to develop Las Cristinas\Las Brisas themselves or with partner as majority stakeholder.
- Venezuelan "experts" are now reviewing the scope of information required to develop the mine and are beginning to comprehend the value (both in terms of money and time.....years) that it would take to reproduce proprietary information held by GRZ.
- GRZ scheduled to begin 10 day arb hearing in February of 2012 after which there will be a 30 day deliberation period.
- There probably will not be a 1st quarter 2011 conference call (which would be about 3 weeks from now).
24 Recommendations
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