Re: Research?...Who owns Las Cristinas?
in response to
by
posted on
Jun 01, 2010 04:58PM
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 Venezuelan Government. From the 11.7.07 Technical Report page 19 (a great fact filled document):
4.3 Agreements and Encumbrances
Under the Venezuelan constitution, all hydrocarbon and mineral resources belong to the Republic. The Mining Law of 1999 (“VML”) regulates the exploration and exploitation of mineral resources (other than some industrial minerals not found on government lands). The Ministry of Basic Industries and Mining (“MIBAM”) (formerly, the Ministry of Energy and Mines) is responsible for administering the VML. The VML permits the exploration and exploitation of mineral resources in several ways, including concessionary exploration and exploitation by private companies pursuant to mineral concessions granted by the MIBAM and direct exploration and exploitation by the Government of Venezuela.
The Government of Venezuela may reserve for itself through a decree the right to directly explore and exploit specific areas or some or all of the minerals within specific areas. Direct exploration and exploitation may be carried out either by the Government itself through the MIBAM or by a public entity such as CVG. The effect of such a reservation is to prohibit the granting of mineral concessions within the reserve area to private parties. If the Government of Venezuela has reserved direct exploration and exploitation of minerals for itself, the MIBAM or the public entity may enter into operation agreements with third parties with respect to the exploration and exploitation of the reserved minerals.
Crystallex’s interests in the Las Cristinas deposits are derived from:
a Presidential decree pursuant to which the Government of Venezuela reserved for itself, through the then Ministry of Energy and Mines, the direct exploration and exploitation of the gold located in the Las Cristinas deposits and granted to the Ministry of Energy and Mines the right to contract with CVG the activities required to carry out such exploration and exploitation;
an agreement between the Ministry of Energy and Mines and CVG pursuant to which the Ministry of Energy and Mines granted to CVG the right to explore and exploit the gold mineral located in the Las Cristinas deposits and to enter into operations agreements with third parties for such purposes; and
a mine operation agreement between CVG and Crystallex (Appendix A).