Montero Mining and Exploration Ltd. has received the final USD 7 million payment from Tanzania, finalizing a USD 27 million settlement related to the Wigu Hill project. This resolution ends the arbitration proceedings, and the company is exploring options for the settlement proceeds, including possible shareholder returns by Q2 2025. Montero is also advancing its Avispa project in Chile and seeks a joint venture partner for further development.
Montero Mining and Exploration Ltd. (TSE:MON) has announced that it has received the final installment of USD 7 million from the Tanzanian government, successfully concluding a total settlement of USD 27 million regarding the Wigu Hill rare earth element project expropriation. With this payment, Montero can now cease its arbitration proceedings against Tanzania. The company is currently evaluating potential methods for distributing the settlement proceeds, including the possibility of returns to shareholders, with more details expected in Q2 2025.
Montero Mining and Exploration Ltd. operates within the mining and exploration sector, focusing on precious metals and copper projects. Notably, the company is advancing its Avispa copper-molybdenum project in Chile. Montero is also actively seeking a joint venture partner for this venture, trading under the symbol MON on the TSX Venture Exchange with a share count of 50,122,975.
Year-to-date, Montero has experienced a price performance increase of 15.00%, with an average trading volume of 224,630. The current consensus rating for the company’s stock indicates a “Sell” sentiment, and its market capitalization is reported at CAD 17.29 million. For further detailed insights into MON stock, investors are encouraged to visit TipRanks’ Stock Analysis page.
In summary, Montero Mining and Exploration has successfully received a USD 7 million payment as the final installment of a USD 27 million settlement from Tanzania. This resolution allows the company to terminate arbitration proceedings and explore options for utilizing the settlement funds, potentially enhancing shareholder value. Montero continues to advance its projects and remains committed to seeking a joint venture partner.
Original Source: www.tipranks.com
