The Mining Court of Salta has granted Millennial's Argentine subsidiary, Proyecto Pastos Grandes S.A., the remaining mining license, Nueva Sijesyta 01, that comprised the original REMSA Properties. The REMSA Properties are comprised of 5 mining licenses totaling 6557 ha which are contiguous with Millennial's core licenses covering the Salar de Pastos Grandes.
Day: June 2, 2020
Argentina is in default and insurance is activated for $1.5 bn
A committee of the International Derivatives and Swaps Association (ISDA) defined that at least $1.5 billion will be paid in insurance against default or credit default swaps. To that end, the 14 members agreed that there was a default event last Friday when the grace period for paying the Global bonds expired.
Argentine private sector awaits agreement to refinance $2.5 billion
The Argentine private sector is waiting for an agreement with bondholders to move forward with the resolution of its commitments. Large local companies record maturities of $2.5 billion in 2021, mostly in the first half of the year. If Argentina does not come out of default, no company will be able to refinance. Companies and provinces with secure credit will have access to the financial market in better conditions if there is debt settlement.
The debt negotiation between Argentina and the bondholders set for three dollars.
Argentina was planted at $50 per $100, implying a 25% net increase in the original offer (from $40 to $50 per sovereign title per $100). Creditors are demanding that the proposal raises to $53 per 100. The IMF, a key player in the negotiation, will not allow a new red line. It is $50 NPV, and the bondholders have two options: accept the proposal or accelerate the default.
Government extends deadline for debt negotiation until 12 June
These are decisive hours for the Government in the negotiation of the debt. The Government, decided to extend the deadline until June 12 to reach an agreement with the bondholders.
