Montero Mining has received the final US$7 million installment from Tanzania, concluding a US$27 million settlement related to the Wigu Hill rare earth project. The company plans to evaluate fund distribution options, including potential returns to shareholders, with updates forthcoming in Q2 2025. Dr. Tony Harwood, Montero’s CEO, expressed satisfaction with the timely payment, allowing the cessation of arbitration proceedings.
Montero Mining and Exploration Ltd. (TSX-V: MON) has confirmed the receipt of US$7,000,000 from the United Republic of Tanzania. This amount constitutes the final payment in a US$27,000,000 settlement, resolving the dispute related to the expropriated Wigu Hill rare earth element project. The resolution follows the International Centre for Settlement of Investments Disputes (ICSID) proceedings, with the company now intending to cease arbitration.
Though the final net proceeds remain uncertain, Montero plans to evaluate the distribution of the funds, including potential returns to shareholders. An update regarding these plans is anticipated in the second quarter of 2025. Dr. Tony Harwood, President and CEO, expressed satisfaction regarding the timely final payment from Tanzania.
Both parties have asked the arbitral tribunal to discontinue the ICSID arbitration following the settlement. Montero will assess various options for distributing the settlement proceeds, taking into account necessary legal and administrative expenses. Future announcements regarding the allocation of these funds will follow after comprehensive review and approval from the board.
The settlement marks the conclusion of a lengthy dispute for Montero, which will continue to advance its Avispa copper-molybdenum project in Chile while exploring joint venture opportunities. The company’s management possesses extensive experience in bringing precious metal and copper projects to fruition. Montero currently has 50,122,975 shares outstanding and is listed on the TSX Venture Exchange under the symbol MON.
Montero Mining’s recent receipt of the final settlement payment from Tanzania marks a significant resolution to ongoing disputes regarding the Wigu Hill project. The company is set to evaluate the distribution of these funds, potentially benefiting shareholders. Updates on the distribution strategy are expected in due course, as Montero continues to focus on its other mining ventures.
Original Source: www.juniorminingnetwork.com
