Crystallex sells equipment as debt deadline nears

* Sells $18.7 mln of mining equipment

* Seeks $3.8 billion in compensation from Venezuela

* $100 mln of notes are due Dec. 23

Nov 11 (Reuters) - Crystallex International Corp said on Friday it has sold $18.7 million of equipment from a Venezuelan gold mine while seeking compensation of $3.8 billion after the country terminated its permit to develop the property early this year.

Crystallex, which is facing a large debt maturity next month, said it wants the compensation or reinstatement of its contract to develop the Las Cristinas mine, which had been signed in 2002 but rescinded in February.

The company has filed an arbitration request with the World Bank's International Center for Settlement of Investment Disputes against Venezuela. The tribunal will hold its first session on Dec. 1.

In the meantime, it sold equipment for proceeds of $16.9 million in the second quarter and $1.8 million in the third quarter, it said.

Meanwhile it is still trying to line up financing alternatives to repay $100 million in notes due December 23. It gave no assurances that it would be able to finalize such an arrangement.

The company's shares were unchanged at 20 Canadian cents on the Toronto Stock Exchange on Friday. That is down from a 52-week high of 34.5 Canadian cents.