MINCAMagnetic Island Nature Care Association Inc. (Australia)
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s Venezuelan holding company, Placer Dome de Venezuela, which owns 95% of MINCA, by Vannessa Ventures Ltd.
Thirdly, MINCA has garnered strong and considerable support for its development plans for Las Cristinas, and the region, from the leaders of the local small miner's associations and communities.
Vannessa also alleges that the Government of Venezuela has expropriated the investments of Vannessa, Vannessa de Venezuela and MINCA without due process of law, in a discriminatory manner and without prompt adequate and effective compensation, contrary to Article VII of the Bilateral Investment Treaty, and that the Government of Venezuela failed to accord fair and equitable treatment and full security to Vannessa de Venezuela and MINCA, contrary to Article II (2) of the Treaty.
Any awards arising from the claim will be shared with other shareholders or royalty holders of MINCA and Vannessa de Venezuela according to pre-existing contractual rights.
Furthermore, the Court in the same ruling confirmed again that the terms of the contract signed with CVG by MINCA for the exploration and development of Las Cristinas remained intact.
MINCA also requested the Supreme Court to annul the September 2002 CVG/ Crystallex Las Cristinas contract since this contract conflicts with the bona fide rights of MINCA.
Vannessa therefore expects the Court will reverse the CVG action, order the arbitration process, and restore its contract with MINCA.
CVG based the cancellation of its contract with MINCA on the claim that MINCA did not file reports for the four semesters prior to June 2001 and that MINCA failed to reinitiate mine construction after July 15 2001.
CVG has attempted to cancel its contract with MINCA but that action and other attempts to take over the Las Cristinas deposit are subject to several ongoing Supreme Court actions.
As stated in prior news releases, MINCA has also filed for an annulment on legal and constitutional grounds of the Presidential Decree declaring the Las Cristinas Concessions a project of "National Reserve".
The inspection will also confirm the reported destruction of infrastructure, possible environmental damages, and the removal of exploration data owned by MINCA.
MINCA has initiated a juridical inspection, supported by independent expert evaluators, to record the quality and condition of the Las Cristinas infrastructure and assets three days prior to the confiscation of those assets by the CVG in November, 2001.