Montero Mining and Exploration Ltd. has received the final installment of US$7 million from Tanzania, completing a US$27 million settlement over the Wigu Hill project expropriation. The company will assess options for utilizing these funds, with results expected in Q2 2025. Montero continues to advance its mining initiatives, including the Avispa project in Chile.
Montero Mining and Exploration Ltd. has announced the receipt of the final installment of US$7 million from Tanzania. This payment concludes a total settlement of US$27 million regarding the expropriation of the Wigu Hill rare earth element project. With this settlement finalized, Montero is poised to suspend arbitration proceedings with the Tanzanian authorities.
The company is currently evaluating potential strategies for distributing the settlement proceeds, which may include providing returns to shareholders. Montero intends to disclose its specific plans for the allocation of these funds in the second quarter of 2025.
Montero Mining and Exploration specializes in the mining and exploration sector, emphasizing precious metals and copper projects. The firm is actively progressing on the Avispa copper-molybdenum project located in Chile and is in search of a joint venture partner. The company is publicly traded on the TSX Venture Exchange with the ticker symbol MON, having a total of 50,122,975 shares outstanding.
In summary, Montero Mining has successfully concluded its dispute with Tanzania by receiving the final settlement payment related to the Wigu Hill project. The company is contemplating various options for utilizing the settlement funds, with an announcement regarding its plans scheduled for 2025. This resolution allows Montero to refocus on its other mining projects and potential shareholder returns.
Original Source: www.tipranks.com
