Montero finalises distribution of $27m settlement in Tanzania dispute
Canadian junior Montero Mining and Exploration said on Tuesday that it has finalised the distribution of its $27-million settlement with litigation funder Omni Bridgeway over the expropriation of its Wigu Hill rare earth element project in Tanzania.
The settlement, reached with the Tanzanian government, is being paid in three installments. The first payment of $12-million was received on November 20, with funds distributed between Montero and Omni Bridgeway.
The second payment of $8-million is due by January 31, and will cover Montero’s share and outstanding legal fees.
The final $7-million payment, due by February 28, will be fully allocated to Montero. After all deductions, Montero said it should receive about C$20.58-million, or $14.46-million, net.
“I am pleased Montero successfully achieved an amicable distribution of proceeds of over C$20-million. We wish Tanzania success in attracting new mining investments and look forward to receiving the final two payments due within the next five weeks,” said Montero president and CEO Tony Harwood.
Following the first payment, Montero and Tanzania jointly requested the suspension of arbitration proceedings at the International Centre for Settlement of Investment Disputes (ICSID). The arbitration will be formally discontinued once the final payment is received.
Montero said it was considering a return of capital distribution to shareholders, though the exact amount remained undetermined pending an accounting review and board approval.
The company would also retain funds to cover legal, taxation, and administrative expenses, as well as potential enforcement actions if Tanzania failed to meet its payment obligations.
Comments
Research Reports
Projects
Latest News
Showroom
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
