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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: International Arbitration
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International Arbitration
This news has been read 19 times
Published at 06:15 AM on June 19, 2009 | The National
Cristallex the Canadian International Corporation, operator of the Las Cristinas mine in Bolivar state, maintains its investment plans in the areas adjacent to the gold deposit and is not aware of announcements by the Government on the delivery of the deposit to the company Venrusca mixed.
Last Wednesday was opened the plant wastewater treatment in Las Claritas, which is part of the works they undertook to implement Cristallex in the social field, in terms of the contract signed with the Venezuelan Guayana Corporation for operating site.
Luis Felipe Cottin, CEO of Cristallex said they have met all their commitments despite the silence on appeal that the company introduced more than a year to the Minister of Environment, after he was denied permission to operate.
In addition to the water treatment plant, Cristallex finds a new health center in Las Claritas, people born at one side of the gold deposit, the largest in Latin America. In total, Canada has invested 30 million bolivares strong social plans while waiting for permits to begin operation of Las Cristinas.
Cottin Although he avoided referring to the legal options you have Cristallex to defend their rights against the CVG, the company sources it was learned that the firm is preparing a request for international arbitration to settle the dispute that lead to shape the delivery of the mine to Venrusca.
In national jurisdictions, the company plans to go to the Supreme Court for permission, given that believe they have met all the requirements, but the Ministry of Environment has not answered the appeal and the deadline that had to do is expired.
"We have not received notification of any changes with respect to Las Cristinas therefore maintain our plans," said Cottin, and estimated at $ 350 million the amount invested by Cristallex since 2002 when they received mine.
As for the resolution of the Banco Central de Venezuela which requires the production of gold to the Central Bank to sell 70% of metal extracted, Cottin said that this measure is necessary to reassess the economic conditions of the project.
He added that so far has Cristallex the BCV 100% of its production, but market conditions and cost structures have changed. One of the parameters that must be analyzed in light of the rules of the BCV, said the executive chairman of Cristallex is the exchange rate because the sale price is calculated at official U.S. dollars, while production inputs are purchased at price dollar swap.
This news has been read 19 times
Published at 06:15 AM on June 19, 2009 | The National
Cristallex the Canadian International Corporation, operator of the Las Cristinas mine in Bolivar state, maintains its investment plans in the areas adjacent to the gold deposit and is not aware of announcements by the Government on the delivery of the deposit to the company Venrusca mixed.
Last Wednesday was opened the plant wastewater treatment in Las Claritas, which is part of the works they undertook to implement Cristallex in the social field, in terms of the contract signed with the Venezuelan Guayana Corporation for operating site.
Luis Felipe Cottin, CEO of Cristallex said they have met all their commitments despite the silence on appeal that the company introduced more than a year to the Minister of Environment, after he was denied permission to operate.
In addition to the water treatment plant, Cristallex finds a new health center in Las Claritas, people born at one side of the gold deposit, the largest in Latin America. In total, Canada has invested 30 million bolivares strong social plans while waiting for permits to begin operation of Las Cristinas.
Cottin Although he avoided referring to the legal options you have Cristallex to defend their rights against the CVG, the company sources it was learned that the firm is preparing a request for international arbitration to settle the dispute that lead to shape the delivery of the mine to Venrusca.
In national jurisdictions, the company plans to go to the Supreme Court for permission, given that believe they have met all the requirements, but the Ministry of Environment has not answered the appeal and the deadline that had to do is expired.
"We have not received notification of any changes with respect to Las Cristinas therefore maintain our plans," said Cottin, and estimated at $ 350 million the amount invested by Cristallex since 2002 when they received mine.
As for the resolution of the Banco Central de Venezuela which requires the production of gold to the Central Bank to sell 70% of metal extracted, Cottin said that this measure is necessary to reassess the economic conditions of the project.
He added that so far has Cristallex the BCV 100% of its production, but market conditions and cost structures have changed. One of the parameters that must be analyzed in light of the rules of the BCV, said the executive chairman of Cristallex is the exchange rate because the sale price is calculated at official U.S. dollars, while production inputs are purchased at price dollar swap.
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