Montero Concludes $27 Million Settlement with Tanzania
Montero Achieves Major Settlement with Tanzania
Montero Mining and Exploration Ltd. (TSX-V: MON) is celebrating a monumental achievement with the successful receipt of US$7,000,000, representing the final payment in a significant settlement with Tanzania. This payment closes the chapter on a long-standing dispute surrounding the expropriation of Montero's rare earth element project located at Wigu Hill.
Resolution of Dispute
This considerable settlement amounts to US$27,000,000 in total, and the recent payment received by Montero marks a pivotal point for the company. This resolution is crucial, as it puts to rest prolonged discussions and legal proceedings before the International Centre for Settlement of Investments Disputes (ICSID). The final payment allows Montero to shift its focus back to its core operations and future projects.
Legal and Financial Implications
While the company is stepping into a new phase, the final net proceeds from this settlement are subject to further review. Montero will assess various factors, such as final legal costs linked to defending their position during the expropriation process. With the receipt of the final payment, the management team is in the midst of determining how these funds will be allocated, including the possibility of distributing some of this wealth to shareholders.
Future Financial Plans
As the company evaluates its distribution plans, Montero’s leadership anticipates announcing detailed strategies in the second quarter of the upcoming year. This decision will hinge on numerous accounting considerations and board approvals, ensuring a meticulous approach to fund distribution.
Management's Response
Dr. Tony Harwood, the President and CEO of Montero, expressed his satisfaction with the timely receipt of the funds during a recent statement. His comments highlight the significance of this ongoing process for the company’s trajectory moving forward.
ICSID Proceedings Conclusion
In light of the recent developments, both Montero and the Tanzanian government have jointly moved to request the discontinuation of the ICSID arbitration proceedings entirely. This final payment signifies mutual agreement and fosters a pathway for future collaboration between Montero and Tanzanian authorities.
About Montero Mining
Montero is a forward-thinking mining company, with a strong reputation for its commitment to exploring and advancing mining operations, especially in the realm of copper and molybdenum projects. Currently, the company is working on the Avispa project in Chile, actively seeking a joint venture partner to further these efforts. Montero's experienced management and board of directors have proven histories of discovering and advancing significant mineral projects, making them a noteworthy entity in the mining sector.
Contact Information
Those interested in learning more about Montero Mining and Exploration Ltd. can reach out directly for inquiries:
Montero Mining and Exploration Ltd.
Dr. Tony Harwood, President & CEO
Email: ir@monteromining.com
Tel: +1 604 428 7050
Website: www.monteromining.com
Frequently Asked Questions
What was the total settlement amount with Tanzania?
The total settlement amount with Tanzania was US$27,000,000.
When did Montero receive the final payment?
The final payment of US$7,000,000 was confirmed recently, concluding the settlement process.
How will the funds from the settlement be utilized?
Montero is evaluating options including potential distributions to shareholders and retaining funds for legal and operational expenses.
What project is Montero advancing aside from Wigu Hill?
Montero is currently advancing the Avispa copper-molybdenum project in Chile.
Who is the CEO of Montero Mining and Exploration Ltd.?
Dr. Tony Harwood serves as the President and Chief Executive Officer of Montero Mining and Exploration Ltd.
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