Toronto-based Crystallex International will “undertake whaterver is necessary in order to protects its shareholders' rights,” the company said on Friday, in response to comments by the Venezuelan Minister of the Environment and Natural Resources that the country would block all openpit mining.
Shares in the company, which has been waiting for years for permission to build its Las Cristinas gold mine, fell 16% on Thursday and were down another 4,76% on Friday, to C$0,80 a share by 11:17 in Toronto.
The Minister's comments were in line with a letter from a director-general in the permits office of the Ministry, who refused the company's application for an environmental permit, Crystallex said.
“Crystallex still maintains that the director-general's letter and now the Minister's comments are in conflict with the Las Cristinas environmental impact study approval, construction compliance guarantee bond request and environmental tax request issued by the same Ministry,” the firm said.
Crystallex signed a mining operation agreement with State-owned Corporacion Venezolana de Guayana in 2002, and completed a feasibility study on the Las Cristinas project in 2004.
Friday, May 16, 2008
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