Todays Canaccord Morning Coffee comments on the recent action on KRY and they like many others find this whole situation as bizarre and cannot figure out why both KRY and GRZ are not permitted to preceed. They are not alone in their thinking....
Crystallex International (KRY : TSX : $0.90), Net Change: 0.30, % Change: 50.00%, Volume: 4,578,886
Absence makes the heart grow fonder. Crystallex filed a legal rebuttal to Venezuela's Director General at Venezuela's Ministry of the Environment and Natural Resources after he rejected a key permit the company requires to build the Las Cristinas mine. "The company is continuing its efforts with the support of Venezuelan governmental agencies to advance the Las Cristinas project which will create significant employment, healthcare facilities and sustainable development for the surrounding communities," said the company. Crystallex already hinted that a lawsuit may be forthcoming but this court is probably not exactly on par with international standards of objectivity and lawfulness. Call us naive but Hugo Chavez and his friends in power will probably have their way, despite what a judge may decide. Over the weekend, a media report claimed the Venezuelan government is expected to decide this week if it will grant mining permits to Crystallex and Gold Reserve. We continue to find it bizarre that the government wouldn't grant these permits and let the mines get built. Once they are ready to produce, the spurious taxes may fly. But why stop these projects now? It just doesn’t make any sense. Then again, it’s not like anyone has high hopes when it comes to Hugo Chavez.