Montero Mining Finalizes US$27 Million Settlement with Tanzania

Montero Mining has confirmed the receipt of a US$7 million payment from Tanzania, marking the final installment of a US$27 million settlement regarding the Wigu Hill rare earth project expropriation. The company is evaluating fund distribution options and plans to update shareholders in Q2 2025, while also pursuing new project opportunities in Chile.

Montero Mining and Exploration Ltd. has received a final payment of US$7 million from the United Republic of Tanzania, concluding the previously established US$27 million settlement over the expropriation of Montero’s Wigu Hill rare earth project. Following this payment, Montero is prepared to formally request the International Centre for Settlement of Investments Disputes (ICSID) to discontinue arbitration proceedings, thereby resolving the dispute in its entirety.

The company is currently assessing how to allocate the received funds, which may include distributions to shareholders as part of a potential return of capital. The determination of the exact distribution amounts will depend on ongoing legal and administrative costs, requiring board approval and an accounting review. An announcement regarding these plans is anticipated in the second quarter of 2025.

Dr. Tony Harwood, the President and CEO of Montero, expressed satisfaction with the receipt of the final payment, indicating it allows Montero to move forward. The company is also exploring new opportunities, such as advancing the Avispa copper-molybdenum project in Chile and seeking partners for joint ventures.

In summary, Montero Mining has successfully received the final payment in its settlement with Tanzania, effectively resolving the protracted dispute over the Wigu Hill project. The company will evaluate distribution strategies for the cash received, with potential implications for shareholder returns. Moving forward, Montero aims to concentrate on new ventures, positioning itself for further growth and development.

Original Source: www.juniorminingnetwork.com