don-wys: what is amazing about GRZ is that they got VZ to agree to pay, to buy their mining data and to form a JV for Siempra Minera. How did they do that? What leverage did they have? And why hasn't Tenor taken the same approach? As to when GRZ will actually get any money, as I said, Maduro rules by decree (Trump must be so envious) so not much happens without his direct approval. So until he sees some personal gain from this it might continue stalled. My guess is we will see some tangible progress before the summer.

jimmijazz: I think you are wrong about the impact of default on ICSID awards. I think you need to read up on Argentina. For example, they took 5-8 years to settle some awards and did so using sovereign bonds valued at 85% of the award and 55% of the interest plus some other conditions. Yes, you are right that the IMF / World Bank will want to see ICSID awards dealt with before offering new loans but it isn't necessarily a positive for us.