Re: Plight in CVG and subsidiaries imposes sacrifice
in response to
by
posted on
Feb 28, 2009 06:53AM
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
The word recovered is used by Sanz below with a whole different meaning than what we have seen used when discussing gold and LC.
However, "the State will try to recover aluminum prices in order to
lessen the current impact on the output," said the minister.
Here is a link to a Sanz statement from Nov. 6, 2008 hosted by the VZ embassy: http://www.embavenez-us.org/news.php...
A couple of exerts:
“Mining must be industrialized to create stable jobs, to bring technology into the country and to link transformation processes,” said Sanz.
Sanz also said that Las Cristinas mine is likely to be put into operation in 2009; this mine was previously in the hands of the transnational corporation Cristales. The mine is scheduled to be recovered and operating under state management by that time.
“Las Cristinas is one of the most important gold deposits in Latin America and one of the biggest in the world. It has approximately 31 million ounces of gold, worth close to 35 billion dollars,” he explained.
Most of the media reports of VZ taking LC away from Crystallex have focused on the word recover in terms of ownership. Recover when used in economic phrasing means something totally different such as Sanz comments about aluminum prices.
Here is another link: http://www.usatoday.com/money/econom...
The headlines says Chavez eyes Venezuela's largest gold mine. Here is an exert:
The Las Cristinas mine will operate under state control beginning next year and it will eventually help boost Venezuela's foreign reserves, Mining Minister Rodolfo Sanz told state radio.
"Due to the financial crisis that has extended throughout the world, it's necessary to attempt to recover our gold to increase our international reserves," Sanz said.
The story was part of the false information that VZ was taking LC away from Crystallex when what it meant was that VZ wants to bring LC into production so the gold can be put on VZ'z books.
I don't have the time right now (got a meeting) but if anyone wants to research some past stories by Sanz and Hugo that talk about recovering LC and look to see how the word recovered if used in economic terms would shed a different light on Crystallex not mining LC.