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Venezuela says $1.4bn Crystallex award ‘unfair’

Venezuela said on Thursday that a $1.4-billion award to Canada’s Crystallex International for the expropriation of a mining project was “unfair and disproportionate.”

The World Bank’s International Centre for Settlement of Investment Disputes this month ordered Venezuela to pay the sum as compensation for expropriating the Las Cristinas gold project that former president Hugo Chavez’s government took over in 2008.