The environmental permit requirements for the Las Cristinas mine owned by Canadian mining company Crystallex International (KRY) has been met according to the company.
Venezuelan president Hugo Chavez has mandated national resources from the country stay owned by the country, but this may turn into “a state-dominated joint venture company.” according to Venezuelan officials.
The stock has been hovering around the $4 mark for some time as investors have been waiting for news on the opening of the mine. Speculation on this stock has been building ever since Jim Cramer mentioned it on his show last year. Since then it has seen a run up to nearly $6 and back down to $3. Should the mine open, we could see the stock go as high as $10 in a very short time.
Shares of Crystallex (KRY) were up $.60 at $4.51 in intraday trading.
At the time of publication, I was long KRY
