UPDATE 1-Crystallex pursues settlement of Venezuela mine dispute
* May seek int'l arbitration if settlement not reached
* Says Court of Appeal dismisses noteholders claim
May 19 (Reuters) - Gold miner Crystallex International Corp KRY.TO said it is actively pursuing a resolution of a permit dispute with the Venezuela government over its principle asset there, and it may file for international arbitration if a settlement is not arrived at.
Last October, President Hugo Chavez said he would develop the mines in the southeastern state of Bolivar with Russian companies instead of Canadian companies.
Canada's Gold Reserve GRZ.A and Crystallex KRY.TO had purchased the rights to Venezuela's Brisas and Las Cristinas mines, respectively. [ID:nN26190764]
The company also said the Court of Appeal for Ontario upheld the Dec. 16 decision of the Ontario Superior Court dismissing noteholders' claims that the company had not acted in accordance with its obligations to noteholders.
The Ontario Superior Court had ordered the noteholders to pay Crystallex its costs.
Shares of the company closed at 54 Canadian cents a share on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Roshni Menon) (email@example.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: firstname.lastname@example.org))
- Exclusive: Radar data suggests missing Malaysia plane deliberately flown way off course - sources
- Investigators focus on foul play behind missing Malaysia plane: sources |
- Kremlin website hit by 'powerful' cyber attack
- West prepares sanctions as Russia presses on with Crimea takeover |
- UPDATE 1-Rolls-Royce concurs with Malaysia on missing jet's engine data