Montero Mining Concludes USD 27 Million Settlement with Tanzania

Montero Mining has received USD 7 million from Tanzania, concluding a USD 27 million settlement related to the expropriation of the Wigu Hill project. The Company is evaluating distribution options for these funds, with updates expected in Q2 2025. This payment resolves the ongoing ICSID arbitration, allowing Montero to refocus on its mineral projects.

Montero Mining and Exploration Ltd. (TSX-V: MON) has confirmed the receipt of the final instalment of USD 7,000,000 from the United Republic of Tanzania, concluding a USD 27,000,000 settlement related to the expropriation of its rare earth element project, Wigu Hill. This payment is significant as it aims to resolve the dispute that initiated the ICSID arbitration proceedings.

Despite receiving the final payment, the exact net proceeds for Montero remain uncertain as legal costs and related expenses will now be assessed. The Company plans to analyze various options for fund distribution, including potential capital returns to shareholders, with announcements expected in Q2 2025.

Dr. Tony Harwood, President and CEO of Montero stated, “I am pleased Montero has timely received the third and final payment of USD 7,000,000 from Tanzania.” Following this payment, Montero and Tanzania will formally request the ICSID tribunal to discontinue the arbitration proceedings.

Montero is currently evaluating potential distribution methods for the settlement proceeds while retaining funds for necessary legal and administrative expenses. Further details on the distribution plans will be disclosed in due time.

Montero’s successful reception of the final payment closes its dispute with Tanzania and allows it to focus on advancing its Avispa copper-molybdenum project in Chile. With a solid track record, Montero continues to explore opportunities in mineral development on the TSX Venture Exchange under the symbol MON, with 50,122,975 shares outstanding.

In summary, Montero Mining has successfully received the final USD 7 million instalment from Tanzania, marking the resolution of its investment dispute. The Company is now tasked with determining the distribution of these funds while ensuring coverage for legal and administrative expenses. Future announcements will clarify their distribution strategies and the Company’s ongoing projects in Chile.

Original Source: www.juniorminingnetwork.com