Venezuela is taking its fight over a $1.4 billion arbitral award to the District of Columbia’s federal court of appeals.
The award capped a bitter dispute between Venezuela and Crystallex International Corporation, a Canadian mining company. The fight began in 2002, when Crystallex acquired the rights to develop the Las Cristinas gold deposits in Venezuela. Despite the mining company’s years-long efforts to obtain the necessary permit, Venezuela denied Crystallex the permit in 2008. Later that year, the country announced that it would operate and exploit Las Cristinas itself. Continue Reading