Montero Mining Concludes Settlement with Tanzania, Considers Shareholder Returns
Montero Mining and Exploration has received a final settlement payment of US$7 million from Tanzania, completing a US$27 million settlement related to its Wigu Hill project expropriation. This ends the dispute and allows the company to suspend arbitration. Montero is considering options for using the settlement funds, including potential shareholder returns, expected to be announced in Q2 2025.
Montero Mining and Exploration Ltd. has announced the receipt of the final payment of US$7 million from Tanzania, concluding a US$27 million settlement regarding the expropriation of the Wigu Hill rare earth element project. This payment effectively resolves the dispute and allows Montero to cease arbitration proceedings with Tanzania. The company is currently evaluating options for distributing the settlement proceeds, including the possibility of shareholder returns, with plans to be disclosed in the second quarter of 2025.
Montero Mining and Exploration Ltd. operates within the mining and exploration sector, with a focus on precious metals and copper projects. Among its initiatives is the advancement of the Avispa copper-molybdenum project in Chile, for which the company seeks a joint venture partner. Montero is listed on the TSX Venture Exchange under the ticker symbol MON and currently has 50,122,975 shares outstanding.
Year-to-date, Montero’s stock has performed positively, reflecting a price increase of 15.00%. The average trading volume for the company’s shares stands at 224,630. Currently, technical sentiment indicates a consensus rating of ‘Sell,’ and Montero’s market capitalization is reported at C$17.29 million.
In summary, Montero Mining and Exploration has successfully concluded its settlement with Tanzania, receiving the final payment that ends the dispute over the Wigu Hill project. The company is now exploring potential options for utilizing these funds, including returning value to shareholders. As it continues its operations in mining and exploration, stakeholders will be keenly anticipating further announcements regarding the distribution of the settlement proceeds in the coming months.
Original Source: www.tipranks.com
