Crystallex says Las Cristinas project secure

Canadian mining company Crystallex International Corp. said Wednesday it has not been informed by the Venezuelan government of any changes in its position toward the company's Las Cristinas project. It said it is aware of comments related to the gold project that were attributed to Venezuelan President Hugo Chavez, but beyond media coverage hasn't been informed of anything directly.

Chavez said last month that his country will seize several gold-mining concessions that previous governments granted private operators, in a bid to supplement falling oil prices with proceeds from state-controlled gold. Chavez didn't name specific contracts or companies to be affected, but his mining minister has vowed to take over the nation's largest mine, Las Cristinas, which is operated by Crystallex.

Venezuela relies on oil for 94 percent of exports and roughly half its federal budget, making it unlikely that its largely undeveloped gold reserves could ever compete in importance. Crystallex said in a statement that its staff and representatives are in continual communication with senior Venezuelan officials.