La Rioja to start talks with holders of $300mn 2025 bond

Argentina's Province of La Rioja plans to initiate talks with holders of its dollar denominated 2025s after it "faced limitations" on making a coupon payment due earlier this week. The government said in statement released on Wednesday that it would make best efforts to cover the payment inside the 30-day grace period, but it will start consulting holders on ways to achieve debt sustainability. The deal was the province's debut green bond, with proceeds slated to finance the development of the Arauco Wind Farm project and other public works.

ECR’s shares were up 12% after announcing selling of gold mine in Argentina

The London-based precious metals explorer ECR Minerals PLC has sold its Argentinian subsidiary Ochre Mining SA, which holds the SLM gold project in the province of La Rioja, to Chinese-owned Hanaq Argentina SA, in order to focus on the company's core gold exploration activities in Australia. ECR retained a net smelter return royalty of up to 2%, to a maximum of $2.7 million in respect of future production from the SLM gold project.

Argentine provinces together face $26 billion in bond maturities

Buenos Aires, the most indebted, is already seeking reprofiling bonds maturing this month, but there are several governors who try to renegotiate with their creditors. Chubut, Chaco, Jujuy and Neuquén have to solve the problem soon. Córdoba bonds expire in 2021, Mendoza and La Rioja in 2022, and Entre Ríos in 2023.