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Crystallex Awarded $1.4 Billion in Venezuela Arbitration Case

  • Award comes as Venezuela faces mounting default concerns
  • Country has 26 pending cases at World Bank arbitration court

Crystallex International Corp. said it was awarded $1.4 billion from a World Bank arbitration court over Venezuela’s nationalization of an untapped deposit that the Canadian miner has said holds millions of ounces of gold.

The award, issued Monday by the International Centre for Settlement of Investment Disputes, upheld Crystallex’s claims that Venezuela breached an investment treaty “by failing to accord Crystallex’s investments in Venezuela fair and equitable treatment and by unlawfully expropriating those investments,” the Canadian company said Tuesday in a statement.