Montero Mining has received US$8 million, the second installment in a US$27 million settlement with Tanzania over expropriation issues. The company awaits a final payment of US$7 million by February 28, 2025. Considerations for distribution to shareholders are ongoing, with updates expected in Q2 2025.
Montero Mining and Exploration Ltd. has confirmed the receipt of US$8 million in cash, constituting the second installment from the United Republic of Tanzania as part of a US$27 million settlement related to the expropriation of Montero’s Wigu Hill rare earth element project. The final installment of US$7 million is due by February 28, 2025, though the exact net proceeds for Montero will depend on final legal costs and expenses associated with the settlement.
In conclusion, Montero Mining and Exploration Ltd. is progressing with the settlement received from Tanzania, anticipating the final installment soon. The company is evaluating the distribution of these funds, with potential returns to shareholders under consideration. Stakeholders should remain updated as further announcements are forthcoming regarding the finalized distribution plans in the second quarter of 2025.
Original Source: www.globenewswire.com
