The MinAmb was instructed by the Venezuelan Government to reconsider the permit to open and begin mining of the Las Cristinas gold mine. Las Cristinas is the largest gold deposit in Venezuela and the president, Hugo Chavez has until now denied the permit to open the mine but appears to be reconsidering.
Concerns over the environmental impact of mining in the area have previously stalled the permit but as long as Crystallex is willing to make some concessions they could be allowed to proceed.
The modifications suggested by the MinAmb representative fall within three main categories:
- Further improvements to optimising the social projects in the area.
- Mitigating the impact of open-vein mining in the currently affected areas of the Imataca Forest Reserve.
- Improving the remediation plans at the end of the mine life as well as repairing existing environmental damage caused by illegal mining.
The Company prepared a report which addressed these three areas and the report has been submitted to MinAmb.
Shares of Crystallex were up $0.11 cents in intraday trading.
I own shares of Crystallex (KRY).
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