Welcome to the Crystallex HUB on AGORACOM
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
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Nov 01, 2010, 02:20 A.M. | Marc Oppenheimer, president of Crystallex in 2002, celebrated the escogencia of the company on the part of the Venezuelan Corporation of Guayana (CVG) like operator in the Cristinas.
In that one occasion, the president of the CVG, Francisco Rangel Go'mez, commented that Crystallex had been chosen to realise the project because offered the best proposal for a fast development and the beginning of the mine. Oppehenimer responded: “This he is a little while historical for our company and our shareholders. We are enchanted of to be chosen to begin the works of operation of this project. Also we must be thankful for our shareholders who have endorsed to the company in the process that has lead to us to obtain the property of legal form”. The signed contract between the CVG and Crystallex indicated that the operating company was this one because the Law of Mines and decree 1757 ratified clearly the legal property of the State on those auriferous reserves. They have already spent eight years and Crystallex annually presents/displays a report in which it indicates that it has 100 people working in the Cristinas, of which 80 are watchmen and are assigned to a company (Security Gold); a cook, personnel of cleaning and two or three geologists who have eight years taking samples to previously confirm the explorations done by Placer Dome. The Crystallex company alleges in its defense that the Ministry of the Atmosphere does not finish giving the environmental permission and for that reason they have not been able to begin the trabajaos. History is similar to the one of Placer Dome, that in a while used the same arguments in which the market of gold was depressed and tried to obtain through a company, Vanessa Venture, investment to initiate the works, something that never happened and that concluded in the rescission of the contract. In that occasion they were five years. In June of this year, Crystallex presented that the Cristinas was associated with a Chinese group in the project. One is China Railway Resources Group Co Ltd (CRRC), a unit of the giant Chinese contractor and company of Crec engineering, that will own two thirds of the emprendimiento, while Crystallex will be owner of the rest. Option: to be associated In this occasion it was Crystallex International Corp the one that took the baton in the communicational part and said that with this association it would impel his paralyzed gold project in Venezuela. The Canadian miner, in agreement with the note of the company, “had bought the rights to develop to the gold project the Cristinas in the state of Bolivar of Venezuela, but she has been fighting to solve a dispute of permissions with the Government”. Crystallex said that CRRC had advanced 2.5 million dollars during the negotiation in this agreement and this investment was convertible in action of Crystallex, to a price of 40 cents Canadian the action. The price of conversion is of near a discount of 27% to the value of the closing action of Friday of Crystallex, of 55 cents Canadian, in stock-market of Toronto. A month before the negotiation, in May, the company said that it was looking for to solve the one of the controversial permission and that it would choose to ask for the international arbitration if it did not reach an agreement. President Hugo Chavez had said before he would develop the mines of Bolivar with Russian companies instead of Canadian companies. Separately, Crec is executing the project of a valued railway network in 7.500 million dollars in Venezuela, that will unite to Cojedes with Anzoátegui. History returns to repeat itself As well as Placer Dome left after five years without being able to allege nothing else, eight years later Crystallex crosses the same way. Placer Dome looked for Vanessa Venture as financial muscle and Crystallex did the own thing with the Chinese company. There are some who think that the CVG in the contract that granted to him to Crystallex it gave more rights to the company that those that the Ministry of Energy and Mines gave the corporation. Placer Dome tried in its opportunity to resort to an arbitration, but in that one occasion the decree 1757, through what the State reserves to the operation of the Cristinas through office of Energy and Mines and of the CVG, besides another being of exclusive property of the Republic was not effective. That means that although Crystallex resorted to an arbitration, that is just like Gold Reserve in Breezes of the Cuyuní has raised, in the end the Venezuelan State is the unique owner of those auriferous reserves. There will be some who think that the logic indicates that the Venezuelan Corporation of Guayana could not to set off that mine, but why to look for a private partner if article 6 of the 1757 were very clearly? It had to be a being of the State. There same, in the auriferous zone, it is the company of the Minerven State that, in agreement with geologic studies, would own gold even more than the Cristinas; by that reason, the surafricanos want that it is let to them explode in the estates of the Isidora mine, in the Colombia Well, of 1,000 meters for down and they assume all the costs. to have a participation shareholder, who was of 30% with Placer Dome, the State ended up signing a contract to obtain between 1% and 3% and all the rights that had the CVG that gave to the Ministry of Energy and Mines him, and CVG gave them to Crystallex. The experts will now have to analyze these aspects and to define which of both was more business for the Venezuelan State, in the denied assumption that the contract of the Venezuelan Corporation of Guayana and Crystallex is legal. CC |
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