Summary of KRY vsVZ from Friend to Enemy
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posted on
Aug 31, 2011 08:11PM
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
Where did Fung go wrong! If friends to enemy happens is enemy to friends logical? Mathematical inverse.
The whole of the article is linked below.
Friends and enemies
Chancellor himself was imprisoned four years after a trial that opened following the 2005 protests that paralyzed the operations of the company is in the municipality Cristallex Sifontes Bolivar. In those days the Government supported the Canadian firm, while the miners denounced the population of Las Claritas pressure to evacuate a mine they were working informally.
Also denounced the disappearance of 15 million dollars, according to the contract that was awarded the Governor Francisco Rangel Gomez Cristallex, promised to bring drinking water pipes, sewers and other services to the population of Las Claritas.
The paradox of this story is that the authorities accused the Chancellor and other union leaders to confront the Cristallex company, which went from ally to enemy of the national government. Their entry and exit are full of irregularities, the government handed the sixth finger in 2005 the largest gold mine in the world and the way it took this year.
Goodbye Cristallex
Crystallex, based in Toronto, said in early February through its website received a letter from the Venezuelan Corporation of Guayana in notifying it of the revocation "unilaterally" of the contract that allowed him to operate the mine's Cristinas.
Through communication, CVG accused of abandoning the mine for over a year and therefore the revocation of the contract based on "reasons of expediency and convenience." The company responded, meanwhile, who had fulfilled all its obligations and had conditioned the place to start its operation while waiting for permission from the Ministry of Environment that never came.
Until last year showed the Crystallex Las Cristinas mine as his best card, the 17 million ounces in the area were calculated their main asset. However, things changed as of February 4, its shares fell 6.23% after the government send them to vacate.
. The Canadian company has undertaken since a lawsuit against Venezuela, to demand a compensation of 3,800 million dollars by a slump in its shares on stock exchanges worldwide.
Chavez had threatened last year to withdraw the concessions of private companies. Multinationals had accused of damaging the environment and violating the rights of miners. This year formalized out of this and other concessions and announced a plan to take the form of joint ventures in mining.
In El Callao, Las Claritas and other mining towns are waiting. This improvised an open meeting Monday to ask for a referendum on the issue. While some are opposed to private companies and others denounce Cristallex mixed experiences like Venrus, everyone agrees that the State is primarily responsible. "Gold is not going green in the ways that make it clear, the roads are going red," lamented Sean Davids union activity.
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