Montero Mining has confirmed the receipt of US$8 million from Tanzania, marking the second installment of a US$27 million settlement related to the expropriation of its mining project. A final payment of US$7 million is expected by February 28, 2025, with potential fund distributions for shareholders to follow.
Montero Mining and Exploration Ltd. has received the second payment of US$8 million from the United Republic of Tanzania, confirming a significant milestone in the ongoing settlement regarding the expropriation of Montero’s Wigu Hill rare earth element project. This payment is part of a total settlement of US$27 million, with a final payment of US$7 million expected by February 28, 2025.
In summary, Montero’s receipt of the second installment signifies progress in its settlement with Tanzania concerning the expropriation of its project. The final installment is anticipated soon, which will allow the company to evaluate potential uses of the funds, possibly including shareholder distributions. Ongoing developments will be communicated as they arise.
Original Source: www.globenewswire.com
