Crystallex (KRY), the once touted stock of the year, announced on the weekend that they have received a letter from the Corporacion Venezolana de Guayana that states that the Company's Mine Operating Contract for the Las Cristinas Project in Bolivar State, Venezuela, has been "unilaterally terminated" by the CVG.
The letter states the reasons as being that no activity was being performed on the mine, but that it was for "opportunity and convenience".
KRY says that no work was being done because they were still waiting for the infamous environmental permit.
The company says it may go for international arbitration, and so on. Against the Chavez government?
A sad story ends.