Crystallex looks on the bright side of talks with Venezuela

Economy

Canadian mining company Crystallex said on Wednesday that the recent talks with Venezuela about Las Cristinas, the giant gold project, have been encouraging and will start building the facilities as soon as it gets a yearned-for environmental license.

Crystallex, based in Toronto, has waited for years a permit to develop a mine where gold reserves amount to 17 million ounces.

Last August 22, the firm earned the recognition of the Venezuelan Ministry of the Environment, which considered that the changes made to the company's application were feasible.

Crystallex's stocks have significantly dropped over the last year because the environmental-related steps have come to a standstill, however, the shares climbed again following the news ending August, Reuters reported.