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Gold/Mining/Energy : Crystallex (KRY)
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To: charred who wrote (4639)2/4/1998 3:27:00 PM
From: charred  Read Replies (2) of 10836
 
There has to be a decision soon. This very difficult. The next ruling is it..

Placer Dome stopped the construction of the mine. Rumors started flying around that they are going to leave Venezuela. These are only rumors. I don't believe it. This could be part a plan that Placer wants to pressure the government in making a decision. Why? Because at the moment they laid everybody off. Nobody is working. These contractors are expecting profits, hired new people companies may start to feel the squeeze. If KRY wins the concessions they will have to drill the property etc. This will take time. Somebody once posted that maybe Placer will sell KRY the information. Get real why would they do that?

If KRY wins they will have to redrill the deposit. This will delay in the construction of the mine. Many loss jobs. I believe the government is considering this.

This is a difficult decision for the government. The Venezuela government will have to pay up to someone. MEM granted the concession to CVG. Therefore CVG can sue. On the other hand Mael loss their concession and MEM refused to grant the title. Therefore the problem is not with Placer Dome, it is with the MEM and they are a government branch. Therefore the government of Venezuela is at fault. Why is everyone attacking Placer Dome? They are the victims not KRY.

One possible settlement is if the concessions were awarded to CVG by MEM then Mael should be able to sue the government for damages. Either way the government is in big trouble. I feel the best solution is to pay damages to Mael and let Placer continue with the development.
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