ANNOUNCEMENT 03 Feb 2011In February 2011, the government of Venezuela announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Crystallex Press Release, 'Crystallex Updates Status of Las Cristinas Mine Operating Contract' (February 6, 2011):
Crystallex Press Release, 'Crystallex Files Request for Arbitration Before the World Bank's International Centre for Settlement of Investment Disputes' (February 16, 2011):
Crystallex Press Release, 'Crystallex's Request for Arbitration Registered by the World Bank's ICSID' (March 10, 2011):
On February 3, 2011, the Corporacion Venezolana de Guayana (the Venezuelan state agency in charge of natural resources in the southeast of the country) unilaterally terminated the mine operating contract of the Canadian mining company Crystallex International Corporation for the Las Cristinas gold mining project.
Crystallex announced on February 16, 2011 that it would bring the case to the International Centre for the Settlement of Investment Disputes (ICSID, ICSID Case No. ARB(AF)/11/2). The mining firm seeks a restitution of its investments or compensation in excess of USD3.8 billion.