![\"\"](\"https:\/\/i0.wp.com\/monteromining.com\/staging\/5850\/wp-content\/uploads\/2022\/08\/LindaEedesPhotography-3940.jpg?resize=1%2C1&ssl=1\")
<\/p>\n<\/p>\n
<\/p>\n
Q: Montero has now submitted a CAD$90 million claim to the International Centre for Settlement of Investment Disputes (ICSID) for the illegal expropriation of its mining rights in Tanzania. Why are you driven to pursue this claim?<\/strong><\/p>\n A: We are committed to ensuring fair treatment of our shareholders and obtaining a return on the substantial value created by ploughing our time, expertise and investment into Tanzania. Our claim of CAD$ 90 million has been calculated by our independent mining and valuation expert as an estimate of the value we have created for our share of the Wigu Hill project. The arbitration process is fully and independently funded on a non-recourse basis. Winning the arbitration will compensate our shareholders for our loss of the project.<\/p>\n <\/p>\n Q: The ICSID has a good track record of resolving mining disputes in Africa. What are the other factors that make you optimistic about a positive outcome for Montero?<\/strong><\/p>\n A: In short, the Tanzanian government violated an investment treaty with Canada and expropriated a valid retention license held by Montero, without compensating us for the substantial investment we have made. The damages claimed are for the Tanzanian government\u2019s unlawful expropriation of the license and mistreatment of Montero\u2019s investment in Tanzania; its actions are in breach of the agreement between the governments of Canada and Tanzania for the Promotion and Reciprocal Protection of Investments (\u201cBilateral Investment Treaty\u201d) signed in 2013. The Tanzanian government expropriated the Wigu Hill retention license in 2018 when it cancelled all previously issued retention licenses. It first issued us a five-year retention license on the property in 2015.<\/p>\n <\/p>\n Q: Montero is not the only company that has filed arbitration procedures against Tanzania for the expropriation of retention licenses. Is there still a possibility that the country will come to the table and recognize the investment rights of Montero?\u00a0<\/strong><\/p>\n A: The company is open to an amicable settlement. While this did not appear to be an option with the former President, we are confident that Tanzania\u2019s new President may favour an out-of-court settlement, which would be in the interest of both parties. Montero\u2019s first choice would be to settle the matter.<\/p>\n <\/p>\n Q:\u00a0How does Montero see the role of the greater mining industry when it comes to protecting mining rights around the world?<\/span><\/strong><\/p>\n A:\u00a0When I first visited Tanzania in the early 1990s I saw little exploration being done but immense potential for discovering gold. I saw Tanzania introduce its first mining policy in 1996, aiming to transform the industry and the country. This policy and the Mining Act of 1997 laid out a 25- to 30-year vision that would see the sector\u2019s contribution to GDP grow from 1.5% in 1996 to over 10%. I saw the discovery and development of major gold mines and Tanzania being lauded as the number one mining investment destination in Africa. I played a part in this development working for Ashanti, Barrick and Placer Dome.<\/p>\n <\/p>\n Tanzania has seen significant economic development on the back of mining investment, boosting the country\u2019s GDP, enhancing local skills and bringing significant \u00a0 tax benefits to its people. Surely this is something to be proud of as a mining industry. Standing up for our rights in this arbitration process, I believe, will bring mining investment back to Tanzania at a time, after COVID-19, when it is most needed.<\/p>\n <\/p>\n Q:\u00a0Montero invests most of its capital in the ground. Will a paid compensation claim help to accelerate your gold and copper projects in Chile?<\/strong><\/p>\n A:\u00a0Montero is an exploration company that is committed to creating value for its shareholders. A compensation claim should benefit our faithful shareholders.<\/p>\n <\/p>\n Q:\u00a0Your company is focused on \u201cthorough and fast\u201d exploration in Chile while you are pursuing the claim for Wigu Hill.\u00a0 What is the next milestone that you will reach in Chile?<\/strong><\/p>\n A: Exploration results from our hard work!<\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Montero Mining has quantified its compensation claim against the Tanzanian government for the illegal expropriation of its Wigu Hill Rare Earth Element Project in the country. The company\u2019s CEO Tony Harwood sheds some light on the significance of the claim for the company and mining investment in Tanzania. Q: Montero has now submitted a … Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[17,7],"tags":[],"class_list":["post-1464","post","type-post","status-publish","format-standard","hentry","category-17","category-blog"],"acf":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/posts\/1464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/comments?post=1464"}],"version-history":[{"count":5,"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/posts\/1464\/revisions"}],"predecessor-version":[{"id":1479,"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/posts\/1464\/revisions\/1479"}],"wp:attachment":[{"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/media?parent=1464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/categories?post=1464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/tags?post=1464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/p>\n![\"\"](\"https:\/\/i0.wp.com\/monteromining.com\/staging\/5850\/wp-content\/uploads\/2022\/08\/LindaEedesPhotography-3940.jpg?resize=200%2C300&ssl=1\")
<\/p>\n