Montero Mining has received the final US$7 million payment from Tanzania, completing a US$27 million settlement regarding the Wigu Hill project expropriation. The Company will assess legal costs and plans to announce fund distribution options to shareholders in Q2 2025. Following this transaction, Montero will request the ICSID tribunal to discontinue arbitration proceedings with Tanzania.
Montero Mining and Exploration Ltd. has announced the receipt of a final payment of US$7 million from the United Republic of Tanzania, concluding a US$27 million settlement related to the expropriation of the Company’s Wigu Hill rare earth element project. This payment aims to resolve the ongoing dispute before the International Centre for Settlement of Investment Disputes (ICSID). Following this final instalment, Montero is preparing to determine the net proceeds after accounting for related legal costs and intends to disclose its fund distribution plans to shareholders in the second quarter of 2025.
Dr. Tony Harwood, President and CEO of Montero, expressed satisfaction regarding the receipt of the final payment, believing it marks a significant achievement for the Company. Upon receiving the final payment, Montero and Tanzania will formally request the ICSID tribunal to discontinue the arbitration proceedings entirely. The Company is also analyzing various distribution options for the settlement proceeds, which may include a return of capital to shareholders, contingent upon accounting reviews and board approval.
Additionally, Montero is ensuring that adequate funds are retained for legal, taxation, and other administrative expenses related to the settlement. The Company is actively involved in advancing its Avispa copper-molybdenum project in Chile and is seeking a joint venture partner to further its exploration efforts. Trading on the TSX Venture Exchange under the symbol MON, Montero currently has over 50 million shares outstanding.
In conclusion, Montero Mining and Exploration Ltd. has successfully received the final instalment of US$7 million from Tanzania, concluding a significant settlement. Moving forward, the Company is evaluating its financial strategies regarding fund distribution and will make further announcements in the upcoming months. With its ongoing projects and a solid management team, Montero seeks to advance its objectives in the mining sector.
Original Source: www.juniorminingnetwork.com
