Montero Agrees to US$27 Million Settlement from Tanzania

[Nunua Toka UK]

TORONTO, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Company”) is pleased to report a US$27,000,000 settlement has been reached with the United Republic of Tanzania (“Tanzania”) in the dispute arising out of the expropriation of Montero’s Wigu Hill rare earth element project (“Wigu Hill”).

The settlement sum of US$27,000,000 (approximately CDN $38,000,000) due to Montero is payable in just over 3 months, with payments scheduled as follows:​

• US$12,000,000– payable by 20 November 2024 –PAYMENT RECEIVED
• US$8,000,000– on or before 31 January 2025
• US$7,000,000– on or before 28 February 2025

The settlement sum represents ~39% of the US$70,000,000 initially claimed by Montero. This settlement obviates the need for a costly and time-consuming hearing, the risk of an adverse award, enforcement efforts, and finally concludes a near 7-year dispute.

Dr Tony Harwood, President and CEO of Montero commented: “I am pleased Montero was able to reach an amicable settlement with the government of Tanzania to bring a mutually beneficial end to this dispute. This resolution allows both parties to move forward, and we wish Tanzania every success in attracting new mining investment. I would like to thank our shareholders, board, management, and our legal and technical teams, for their valuable contribution to this outcome.”​

ICSID Arbitration

Montero and Tanzania have sent a joint request to the arbitral tribunal to suspend the ICSID arbitration proceedings, as the first payment has been received by Montero. Subsequent payments are to be made by the specified dates provided. Provided the final payment has been received by Montero, the parties will request the arbitral tribunal discontinue the ICSID arbitration altogether.​

Distribution of Funds

Montero and its litigation funding partner, Omni Bridgeway (Canada) will receive a distribution of the first payment. The second instalment will be distributed to Omni Bridgeway (Canada) and to Montero, and will also cover Montero's operational needs and legal expenses, including payments to Boies Schiller Flexner UK LLP and Jeantet AARPI. Montero will entirely retain the final instalment.

Montero is planning a return of capital to shareholders where no amount has yet been determined and is subject to accounting review and board approval. In addition, Montero will retain funds to cover legal, taxation, and administrative expenses, including potential costs for arbitral proceedings, or enforcement actions if the second or third instalments are delayed or unpaid. The net amount of the award after repayment to the funder and legal expenses cannot be estimated with certainty and no assurances can be made. Further announcements will be made in due course.

Acknowledgments

The Board would like to especially thank Dr. Tony Harwood for reaching this settlement. Without his perseverance and significant efforts to not only develop Wigu Hill initially, but to then safeguard and recover Montero’s investment speaks to his dedication and commitment to the Company and shareholders. Special thanks also to directors, the balance of management, our loyal shareholders, legal advisers and accounting team for their steadfast support and dedication throughout nearly seven years of efforts to secure compensation for the Company’s investment in the Wigu Hill Rare Earth Project. Montero’s legal team includes Timothy Foden of Boies Schiller Flexner (UK) LLP and Martin Tavaut of Jeantet AARPI. Quantum and technical expertise provided by Dr. Neal Rigby of SRK Consulting (USA) Inc. with full dispute funding secured from Omni Bridgeway, a leading global dispute funder. This unwavering commitment enabled the Board to achieve a favourable outcome for the benefit of shareholders.

Disclaimer

The conclusion of the ICSID arbitration and payment of the remaining instalments is conditional on Tanzania’s compliance with the settlement agreement. The agreement does not provide for any security for the benefit of Montero in case Tanzania would not pay any instalment, in which case Montero can either resume the ICSID arbitration or seek enforcement of the settlement agreement.

About Montero

Montero has agreed to a US$27,000,000 settlement amount to end its dispute with the United Republic of Tanzania for the expropriation of the Wigu Hill rare earth element project. Montero will continue to seek a joint venture partner to advance its Avispa copper-molybdenum project in Chile. Montero’s board of directors and management have an impressive track record of successfully discovering and advancing precious metal and copper projects. Montero trades on the TSX Venture Exchange under the symbol MON and has 50,122,975 shares outstanding.​

SOURCE: Montero Agrees to US$27 Million Settlement from Tanzania

 

[Erythrocyte]

😆😆😆😆😆

 

[Kinyungu]

Hakuna penye afadhali.
Na hapo bado mikataba ya Kafulila ya PPP haijaanza kwenda mahakama za kimataifa. Hakuna rangi tutaacha kuona

Hizi hela zikilipwa hawa hawa viongozi wanaenda kuchukua mgao wao

 

[Nunua Toka UK]

Hakuna penye afadhali.
Na hapo bado mikataba ya Kafugila ya PPP hajaanza kwenda mahakama za kimataisha. Hakuna rangi tutaacha kuona

Hizi hela zikilipwa hawa hawa viongozi wanaenda kuchukua mgao wao

Wanatubamiza bila huruma. Hii ni kampuni ya nne ambazo tatu wameshafikia makubaliano na wameanza kulipwa:
1)Winshear Gold Corp - US$ 30 million
2)Ntaka Hill - US$ 90 million
3)Montero - US$ 27 million
4) Aqua Power na Catalysis Capita. Hii imefungu kesi tarehe 9th October kudai US$ 500 million. Ina shareholders Wakenya.

 

[Bondpost]

Magufuli wenu mlimshabikia sana na tulisema huyu anatumia ubabe dhidi ya wazungu atatuletea matatizo makubwa, tuliishia kuonekana sio wazalendo.

Ishu ni njia alizokuwa anatumia katika kuweka sawa masuala nyeti ya kitaofa. Alipaswa kufahamu mikataba ambayo serikali iliingia na vibali ilivyotoa kwa haya makampuni vilitokana na sera na sheria zetu mbovu wenyewe so ilipaswa atumie busara kubwa sana lakini yule bwana busara kwake ilikuwa ni wimbo wa msiba.

Na bado.

 

[Mayor Quimby]

Magufuli wenu mlimshabikia sana na tulisema huyu anatumia ubabe dhidi ya wazungu atatuletea matatizo makubwa, tuliishia kuonekana sio wazalendo.

Ishu ni njia alizokuwa anatumia katika kuweka sawa masuala nyeti ya kitaofa. Alipaswa kufahamu mikataba ambayo serikali iliingia na vibali ilivyotoa kwa haya makampuni vilitokana na sera na sheria zetu mbovu wenyewe so ilipaswa atumie busara kubwa sana lakini yule bwana busara kwake ilikuwa ni wimbo wa msiba.

Na bado.

Alisema kitu gani wewe, upeleke watu wasio na uwezo wa kutetea kesi rahisi halafu umlaumu Magufuli.

Yaani una kibali cha mining toka 2008 bado unafanya exploration mpaka 2018, maana yake huna hiyo hela ya uwekezaji tu zaidi kukalia ardhi.

 

[Nanye Go]

Niliwaambia hili deni dogo sana kwa CCM, nikasema hata wangeweka na interest ya deni bado CCM wangelipa, na hata wangeweka interest, na 10% wangelipa.

Uzuri Mwinguli alishatuambia " Hata siku moja hakuna mwananchi atafuatwa nyumbani kwake agongewe mlango kwamba kuna deni la kulipa huku" Wanalipa wao CCM hahaha, safi sana nchi hii.

 

[Stuxnet]

Ulisema kitu gani wewe, upeleke watu wasio na uwezo wa kutetea kesi rahisi halafu umlaumu Magufuli.

Yaani una kibali cha mining toka 2008 bado unafanya exploration mpaka 2018, maana yake huna hiyo hela ya uwekezaji tu zaidi kukalia ardhi.

Tundu Lissu alitoa ushauri mujarab kabisa. Ila Dikteta akamshindilia risasi 16. Na Mungu kamuepusha Lissu na kifo ili aje kutusuta kwa kupuuza ushauri wake

 

[Mag3]

Wanatubamiza bila huruma. Hii ni kampuni ya nne ambazo tatu wameshafikia makubaliano na wameanza kulipwa:
1)Winshear Gold Corp - US$ 30 million
2)Ntaka Hill - US$ 90 million
3)Montero - US$ 27 million
4) Aqua Power na Catalysis Capita. Hii imefungu kesi tarehe 9th October kudai US$ 500 million. Ina shareholders Wakenya.

• Winshear Gold Corp - USD 30 million sawa na Tshs. 79,500,000,000.00
• Ntaka Hill - USD 90 million sawa na Tshs. 238,500,000,000.00
• Montero - USD 27 million sawa na Tshs. 71,550,000,000.00
• Aqua Power - USD 500 million sawa na Tshs 1,325,000,000,000.00
• JUMLA 1,714,000,000,000.00

Na badooo!

 

[Nangu Nyau]

Mambo yetu yakitoto sana.

 

[Nangu Nyau]

Tukiwadharau hawa viongozi wetu wanatuona sisi wahaini, lakini tunawadharau kwa haya mambo ya kijinga.

Ardhi yetu, madini mwenyezi Mungu katupa sisi halafu bado tunashitajiwa na hayohayo madini na tunalipa faini huko Ulaya.
Kesho na keshokutwa baada ya kulipa faini anakuja tena mwekezaji Mzungu tunampa eneo kwa mkataba wa kijinga sana.

UTOTO SANA TUNAFANYA AISEE.

 

[Nangu Nyau]

Ukiwaona sasa huko barabarani walivyobusy na MaV8 utafikiri wanawahi vitu vya maana.

 

[Ngurukia]

Duh, kama kawaida, sisi ni wazee wa kulipishwa tu baada ya mikwara mingi.

 

[Mayor Quimby]

Tundu Lissu alitoa ushauri mujarab kabisa. Ila Dikteta akamshindilia risasi 16. Na Mungu kamuepusha Lissu na kifo ili aje kutusuta kwa kupuuza ushauri wake

Si ndio maana mnashindwa kesi kila siku, umewahi kuona kesi ya dispute imepelekwa huko MIGA toka uzaliwe au hata umewai sikia ‘claimant’ anataja neno MIGA kama source of breach.

Akili za Lissu kuna wasaa zinamtosha yeye na wafuasi huko CDM.

 

[Watu8]

Ni mwendo wa nyundo tu...

 

[TumainiEl]

Ulisema kitu gani wewe, upeleke watu wasio na uwezo wa kutetea kesi rahisi halafu umlaumu Magufuli.

Yaani una kibali cha mining toka 2008 bado unafanya exploration mpaka 2018, maana yake huna hiyo hela ya uwekezaji tu zaidi kukalia ardhi.

Watanzania tuwajinga sana chini ya chura tutasikia mengi nakuona mengi. We need Magufuli. Tunahitaji genius kwenye mifumo undugu nazation unaliuwa Taifa kuna nafasi wanaotaji watu wenye akili sio udaktari wakupewa...
Angalia nchi kama Israel unafikiri kuna kilaza na dk wa heshima kwa mifumo yao ona wanavyo watoa majasho mataifa makubwa na dunia wameshikilia kila eneo la dunia wanatawala wao why hakuna ukilaza kwenye mfumo tangu waziri mkuu wao iq yake ni ya juu sana... ccm endelezeni tu haya mambo kumbukeni maneno ya Nyerere tunaweka dhaifu kwenye mifumo inahitaji watu wenye akili what do you expect
Magufuli hata museme vipi he was genius president ever

 

[Bondpost]

Ulisema kitu gani wewe, upeleke watu wasio na uwezo wa kutetea kesi rahisi halafu umlaumu Magufuli.

Yaani una kibali cha mining toka 2008 bado unafanya exploration mpaka 2018, maana yake huna hiyo hela ya uwekezaji tu zaidi kukalia ardhi.

Unajua Sheria ya madini kabla ya kubadilishwa 2012 na mabadiliko mengine aliyokuja kuleta magu ilikuwa inaruhusu nini kwa mwekezaji?

Unaelewa kwamba mabadiliko aliyofanya magu ndio yameleta madai makubwa recently sababu aliweka sheria iapply retrospectively kitu ambacho kwenye basic principles of legal reforms hakipo dunia nzima?

Hapo hata umepeleke mwanasheria gani huwezi kushinda kesi brother usiishie kulaumu lawyers wakati mwingine watawala ni washenzi sana, wanaharibu then anakuangushia zigo mambo yakibackfire.

Naweza kukupa mfano wa ile kesi ya Nickel exploration kule Lindi ambayo nako tumelipishwa mahela kibao profesa Mruma alivurugwa na wale madogo sababu ndogo sana, unakuta sheria ilitamka wazi kwamba mabadiliko hayaathiri kampuni zilizoanza kazi before 2012 Magu akaamua tu kuwqfutia leseni hadi wale jamaa wakati wao waliannza kabla, then unaenda kujitetea kupitia sheria zako halafu akaambiwa asome mwenyewe akabaki na kigugumizi na jamaa wakasema wewe si ndio ulikuwa waziri kipindi hicho akaanza kutoa macho tu sababu hana cha kusema amefungwa na sheria zake na kutofuata sheria.

So mie naamini wanasheria wazuri tunao wala tusiseme hivi vyuo au watanzania wote hatuna mawakili wanaojua aisee hawa wanasiasa wanatafutaga wa kumning'iniza jambo likilipuka unakuta alilazimisha ukimbishia anasema wewe sio mzalendo yule mzee alikuwa anajifanya mjuaji sana kila kitu anajifanya anajua na haya ndio matokeo ya one man show

 

[Smart911]

Ahsante kwa taarifa...


Cc: Mahondaw

 

[Msingida]

Wanatubamiza bila huruma. Hii ni kampuni ya nne ambazo tatu wameshafikia makubaliano na wameanza kulipwa:
1)Winshear Gold Corp - US$ 30 million
2)Ntaka Hill - US$ 90 million
3)Montero - US$ 27 million
4) Aqua Power na Catalysis Capita. Hii imefungu kesi tarehe 9th October kudai US$ 500 million. Ina shareholders Wakenya.

Tunapigwa sana😭

 

[Stuxnet]

Si ndio maana mnashindwa kesi kila siku, umewahi kuona kesi ya dispute imepelekwa huko MIGA toka uzaliwe au hata umewai sikia ‘claimant’ anataja neno MIGA kama source of breach.

Akili za Lissu kuna wasaa zinamtosha yeye na wafuasi huko CDM.

Jiridhishe kwanza kama unaijuwa MUGA ndiyo tuanze kubishana hapa