Now we know for sure, the secret investor was infact Goldcorp.

The Claimant contends that, in February 2006, Goldcorp acquired 5% of Crystallex’s shares, as well as the right to purchase an additional 4.9% at US$4.25 per share, for an overall 9.9% interest.114 According to the Claimant, because between February 2006 and February 2011 (Claimant’s proposed date of valuation), gold prices more than doubled, and the value of gold stock indices increased by 62%, the US$982 million valuation (control premium excluded) at which Goldcorp was willing to purchase shares in 2006 would have become a valuation of at least US$1.97 billion as of 3 February 2011 (control premium excluded).115 Applying a “market standard” control premium of 20%, a but-for value of 100% of Crystallex projected from the Goldcorp investment as of the valuation date would yield a figure of US$2.37 billion.116 According to the Claimant, these extrapolations from a major real-world investment in Crystallex’s stock prior to Venezuela’s unlawful measures yield values that should provide the tribunal with further confirmation that Crystallex’s assessment of the Fair Market Value of its right at Las Cristinas is reasonable and consistent with market expectations.117 With regard to Venezuela’s objection that the Goldcorp “implied valuation” is new, the