Montero Mining has received the final US$7 million installment from Tanzania, completing a US$27 million settlement regarding the expropriation of its Wigu Hill project. The Company will review the distribution of net proceeds to shareholders while retaining funds for legal and administrative costs. An update on distribution plans is expected in Q2 2025.
Montero Mining and Exploration Ltd., trading on the TSX-V under the symbol MON, has successfully received a final payment of US$7 million from the United Republic of Tanzania. This payment concludes a US$27 million settlement regarding the expropriation of Montero’s Wigu Hill rare earth element project, and is anticipated to resolve the ongoing dispute previously filed with the International Centre for Settlement of Investments Disputes (ICSID).
Following this settlement conclusion, Montero will assess its final net proceeds, accounting for legal costs incurred during the defense and settlement process. The Company plans to analyze the potential distribution of remaining funds to shareholders and will provide an update on these plans in the second quarter of 2025.
Dr. Tony Harwood, President and CEO of Montero, expressed satisfaction regarding the receipt of the final payment, stating, “I am pleased Montero has timely received the third and final payment of US$7,000,000 from Tanzania.”
Montero and Tanzania are expected to formally request the ICSID tribunal to terminate arbitration proceedings following this final payment. As the Company considers options for distributing proceeds, it remains cautious, retaining a portion of the funds for legal, taxation, and administrative expenses. Further announcements regarding these distributions will be forthcoming.
In summary, Montero Mining has finalized its settlement with Tanzania by receiving the last payment of US$7 million, concluding disputes over the Wigu Hill project. The Company aims to analyze and periodically communicate its plans for the allocation of resources, maintaining financial prudence by reserving funds for necessary expenses. Future updates on shareholder distributions will be provided in the upcoming months.
Original Source: www.juniorminingnetwork.com
