Cash Settlement with Tanzania

Montero Mining & Exploration Ltd. has settled with Tanzania for US$27,000,000 over the expropriation of its Wigu Hill rare earth project. Payments were received in three instalments: US$12,000,000 on November 20, 2024; US$8,000,000 on February 10, 2025; and US$7,000,000 on March 4, 2025.

Following receipt of the first payment, the parties requested that the ICSID proceedings be stayed, and following receipt of the final payment the parties indicated they would request discontinuance of the arbitration, concluding the dispute.

Montero engaged Boies Schiller Flexner, Jeantet AARPI, and SRK Consulting for the arbitration, with litigation funding  provided by Omni Bridgeway (Canada).

The company distributed C$15,036,892.50 of its share of the settlement in a capital return to its shareholders.