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Crystallex International Corporation

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Canadian mining company operating in Venezuela

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Crystallex International Corporation
Company typePublic
IndustryGold
HeadquartersToronto, Ontario, Canada
Key peopleRobert Crombie (CEO)
Number of employees250 (2008)
Websitewww.crystallex.com

Crystallex International Corporation (OTCQB: CRYXF) is a Canadian corporation engaged in gold mining and exploration. It operates open-pit mines and exploration sites in Venezuela. Its current level of output characterizes it as a junior gold producer.

Las Cristinas exploration & development

On June 14, 2007, Crystallex announced that it had completed all necessary steps in the permitting process and had received approval from the Venezuelan Ministry of the Environment to begin mining operations at its Las Cristinas site.

On April 30, 2008, Crystallex has been denied a key important environmental permit. Crystallex will not be able to construct the mine without the environmental permit.

Venezuela arbitration

Crystallex has been litigating for losses relating to nationalization of the Las Cristinas mine in 2008. On April 4, 2016, Crystallex won their case in front of ICSID and was awarded compensation.

In August 2018, a US federal judge ordered the Venezuelan government to immediately pay bonds towards $1.2 billion to Crystallex or to provide shares of PDV Holding Inc., the parent company of Citgo.

References

  1. "Company Profile for Crystallex International Corp (KRY)". Retrieved October 8, 2008.
  2. "Crystallex International Corporation - Home". www.crystallex.com. Retrieved January 25, 2019.
  3. Crystallex's Las Cristinas Permit Granted Archived August 1, 2007, at the Wayback Machine, Seeking Alpha, June 14, 2007.
  4. Crystallex Updates Shareholders Regarding Permitting for the Las Cristinas Gold Project Archived June 22, 2007, at the Wayback Machine Crystallex International Corporation press release, June 14, 2007.
  5. Crystallex Updates Shareholders Regarding the permit for the Las Cristinas Gold Project Archived May 2, 2008, at the Wayback Machine Crystallex International Corporation press release, April 30, 2008.
  6. "Crystallex wins U.S. court order to seize Venezuela funds". Reuters. August 25, 2017. Retrieved August 27, 2017.
  7. Araujo, Carlos (August 18, 2017). "Crystallex Goes for the Jugular". Caracas Chronicles. Retrieved August 27, 2017.
  8. "Home: Case Details Crystallex International Corporation v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/11/2)". icsid.worldbank.or. World Bank. October 5, 2011. Retrieved February 2, 2019.
  9. Wernau, Julie (August 24, 2018). "Judge Orders Sale of Citgo's Parent Unless Venezuela Posts Bond". The Wall Street Journal. ISSN 0099-9660. Retrieved August 24, 2018.
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