Las Cristinas: Talk about getting a company to do everything for you and then shafting them...

In the very risky Venezuela Crystallex was denied an exploration permit on its Las Cristinas mine which fuelled the talk of nationalization once again. In stark contrast to their approval in January regarding their environmental impact study they’ve now been shut down when only needing a mine construction permit. Talk about getting a company to do everything for you and then shafting them. There is no doubt this huge project will proceed, but who owns and operates it is still very much up in the air. Further to this Crystallex stated they were unsure how to proceed and are seeking clarification on whether this means they will be denied the right to open the mine. Company spokesman Richard Marshall said; 'This letter seems to suggest a complete policy change in position relating to this region.” While anyone investing in this sector is feeling the pain shareholders of Crystallex are near the end of their pain threshold as the stock dropped 60% on the news. The high over $6 in 2006 is a far cry from the $0.86 print on this day.