Browsing: Montero

• Montero Mining and Exploration Ltd has received the final $7M installment of a $27M settlement with Tanzania, resolving a long-standing dispute over the expropriation of its Wigu Hill rare earth project.
• While this payment marks the conclusion of the legal battle, Montero noted that final legal costs and expenses must still be determined before net proceeds can be confirmed.
• The company is now evaluating the distribution of funds and expects to provide an update on potential shareholder payments by Q2 2025.

Montero Mining and Exploration Ltd has confirmed receiving $7,000,000, being the final instalment in a US$27,000,000 settlement between the Company and Tanzania. Paid in cash, the final Instalment brings to an end the long standing dispute between the company and the East African country where it has mining operations.

Notably, the amount accounts for approximately 39 per cent of Montero’s initial $70 million claim in a legal battle that …

The Tanzanian government has found itself within mining dispute after three mining companies operating in the country, over various mining disputes.

The three have engaged the government in among other disputes a breach of international laws and mining licenses.

Winshear Gold Corporation

Canadian miner, Winshear Gold Corporation was the first miner to serve notice of intent to the Tanzanian government on January 10, which is in accordance with the 2013 Agreement for the Promotion and Reciprocal Protection of Investments (Bilateral Investment Treaty – BIT) was delivered to the Attorney General of Tanzania.

According to the company’s statement, the dispute develops out of certain acts and omissions of the United Republic of Tanzania in breach of the BIT and international law, relating to the Company’s investment in the SMP Gold Project located in Tanzania.

The gold miner commenced exploration activities on the SMP Gold Project in 2006. Successfully the company via …