Montero Mining and Exploration Ltd. has finalized a US$27 million settlement with Tanzania, receiving the last US$7 million payment and ending all arbitration proceedings. The company is evaluating the distribution of settlement proceeds for potential returns to shareholders to be announced in Q2 2025. Montero is also active in mining projects, particularly in precious metals and copper.
Montero Mining and Exploration Ltd. has announced the receipt of the final payment of US$7 million from Tanzania, concluding a total settlement of US$27 million related to the expropriation of the Wigu Hill rare earth element project. This final payment resolves the ongoing dispute and enables Montero to suspend its arbitration proceedings against Tanzania.
The company is currently evaluating strategies for allocating the settlement proceeds, which may include possible returns to shareholders. Montero plans to disclose these arrangements in the second quarter of 2025, aiming to provide clarity and guidance to its stakeholders regarding future distributions.
Montero Mining and Exploration Ltd. operates within the mining and exploration sector, focusing primarily on precious metals and copper projects. The company is advancing the Avispa copper-molybdenum project in Chile and is in pursuit of a joint venture partner for further development. It is publicly traded on the TSX Venture Exchange under the ticker symbol MON, with a total of 50,122,975 shares outstanding.
In summary, Montero Mining and Exploration Ltd. has concluded a significant settlement with Tanzania, receiving a total of US$27 million. The company is now poised to consider options for distributing settlement proceeds, including potential shareholder returns. Notably, it is also advancing its mining projects while maintaining its presence on the TSX Venture Exchange.
Original Source: www.tipranks.com
