Montero Mining Secures Second Payment of US$8 Million From Tanzania

Montero Mining has received US$8 million from Tanzania as the second instalment of a US$27 million settlement. The final payment of US$7 million is expected by February 28, 2025. Montero plans to evaluate the distribution of proceeds, including possible returns to shareholders, following the final instalment.

Montero Mining and Exploration Ltd. confirmed the receipt of US$8 million from the Republic of Tanzania, marking the second payment in a US$27 million settlement regarding the expropriation of the Wigu Hill rare earth project. This settlement was initially announced on November 20, 2024. The remaining US$7 million is due by February 28, 2025. The final proceeds for Montero are yet to be determined due to outstanding legal fees related to the expropriation. Following the final payment, Montero intends to assess fund distribution options, including potential shareholder returns, with updates on this expected in Q2 2025.

In conclusion, Montero Mining and Exploration Ltd. is progressing positively towards finalizing a US$27 million settlement with Tanzania, having received the second instalment of US$8 million. The company anticipates the final payment of US$7 million by the end of February 2025, and it will consider various distribution options for the settlement proceeds thereafter, while closely monitoring legal costs associated with the expropriation.

Original Source: www.globenewswire.com