The Office of the Inspector General asked the Council of State to declare as null Decrees 3004 of 2013 and Resolution 90341 of 2014, which established the criteria and procedures for the exploration and exploitation of hydrocarbons in unconventional deposits, such as fracking, on grounds of incompatibility with the precautionary principles of sustainable development foreseen in the Constitution. This request takes into account the posibility of damage to the environment, especially the contamination of groundwater and surface water, the increase in seismic activity in places where develops the practice and a potential harm to human health.
Colombia´s National Hydrocarbons Agency announced that Ecopetrol, ExxonMobil and the Drummond mining company are the companies authorized to start the presentation of proposals today to carry out the pilots. Awarding of fracking pilot contracts would be done on November 23 of this year, and from there the contracts would begin, including the processing of environmental licenses. Current estimates of hydrocarbon resources in the middle Magdalena Valley are 5,000 million barrels, more than three times the current reserves.
Tecnoglass, manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries, entered into a new $300 million Senior Secured Credit Facility , consisting of a $250 million delayed draw term loan and a $50 million committed revolving credit facility, with a maturity date in 2025. Under the terms of the agreement, the facility will have an initial interest rate spread of 3.00%, which the Company expects to decrease to a spread of 2.75% in April 2021. The Company plans to use the proceeds to repay all outstanding borrowings under its previous credit facilities, as well as for ongoing working capital needs and general corporate purposes.
Baroyeca Gold & Silver entered into two formal mineral property option agreements with Malabar Gold Corp., a private British Columbia company, to acquire a 100-per-cent interest in the Santa Barbara property and the Falan property, two mineral properties located in Colombia. The Santa Barbara and Falan properties consist of 110.86 and 2,585.94 hectares located in the Bolivar and Tolima departments, for which Baroyeca will make cash payments of $2.8 million to Malabar, issue 12 million Baroyeca common shares to Malabar and must incur expenditures of $500,000 on the Santa Barbara property.
Colombias potato farmers have seen a 30% drop drop in demand caused by the closure of schools and universities and the hospitality sector in the early stages of the government´s coronavirus response. Several producers have stated that there is a marked drop in consumption of this product, which has cut prices almost in half, according to industry accounts.