February 6, 2011 / 10:06 PM / in 7 years

UPDATE 1-Crystallex says Venezuela 'unilaterally' pulls plug

NEW YORK, Feb 6 (Reuters) - Canadian gold miner Crystallex International Corp KRY.TOKRY.A said that a state-owned Venezuelan company unilaterally decided to end their contract on Las Cristinas project, its largest asset.

The Venezuelan company, Corporacion Venezolana de Guayana, claimed that Crystallex had not done enough to advance the project, according to a Crystallex statement on Sunday.

Crystallex disputed that assertion, saying it had met all of its obligations under the contract and had worked to ensure the project was “shovel ready” while awaiting a permit from Venezuela’s Ministry for the Environment and Natural Resources.

Crystallex said it is considering the necessary steps to protect its investment.

Crystallex had raised C$35 million in June to be used on Las Cristinas project, in Venezuela’s Bolivar State. [ID:nSGE6580HJ]

Reporting by Phil Wahba; editing by Gunna Dickson

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