Re: Court Approval of Settlement Agreement Between Crystallex and Venezuela
posted on
Nov 23, 2017 11:34PM
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 affidavit indicates the settlement is believed to be the largest one Vzla. has ever agreed to.
In the Golde Reserve settllement, Vzla. agreed to pay a $1.032 billion settlement, which included $240 million for the mining data (which was not part of the ICSID award). The GRZ ICSID award only covered the estimated value of the mine plus the interest, which at the time of the settlement added up to $713 million (see attached link).
The KRY award by the ICSID was set at close to $1.4 billion, with interest representing about $200 million.
So, the swttlement with KRY is supposed to be above $713 millon but below $1.4 billion. I cannot imagine KRY agreeing to anything below $1.0 billion.
Time will tell.
https://www.law360.com/articles/935448/venezuela-to-pay-gold-reserve-1b-under-new-settlement