Canadian miner Crystallex International might be preparing a
lawsuit to take before the World Bank's International Centre for the Settlement
of Investment Disputes (ICSID) to regain control of the Las Cristinas gold
project from the Venezuelan government, a sector executive told BNamericas.
This a sector executive reference sounds pretty vauge. What are they talking about the gold sector, the junior miners sector, the companies trying to mine ore in Venezuela sector?
Again- It looks like another attempt to push the Russoro takeover spiel to possibly continue depressing the PPS to lower the cost of any potential recovery by the Venezuelan Government:
Minister Rodolfo Sanz, who was going to announce a solution for the
project and planned to look at the details of the Las Cristinas takeover by
miner Rusoro Mining.
It is feasible that Crystallex (having allready rejected any offer to be "taken over" by Russoro) would skip all meetings where Sanz plans to announce his Russoro takeover solution.
Which logically puts us back on track for arbitration, unless given permission to mine with the current agreement. (BUT) The law passed about the 70% gold production has to be first offered to Venezuela probably makes this situation even more intolerable for KRY management. The ICSID would figure damages at a fair global exchange rate not in Strong (weak) Bolivars.
At this point I would welcome a settlement proceeding and good luck to Russoro, they will get burned badly in the end.