- Montero Mining and Exploration Ltd. (MON) announces the dispute resolution process dealing with the expropriation of the Wigu Hill project in Tanzania is underway
- The International Centre for Settlement of Investment Disputes’ (ICSID) arbitration tribunal was constituted on 18 November signalling the process initiated by Montero to protect its investment and exploration rights
- The company seeks compensation based on the damages it suffered from the Tanzanian government’s acts and omissions
- Montero is not permitted to comment on the potential quantum of any claim for compensation for damages at this point
- Montero Mining and Exploration Ltd. (MON) is unchanged trading at $0.08 per share as of 3:39 p.m. EST
Montero Mining and Exploration (MON) has confirmed that its compensation claim for the expropriation of the Wigu Hill project in Tanzania is underway.
The International Centre for Settlement of Investment Disputes (ICSID) arbitration tribunal was constituted on 18 November signalling the process initiated by Montero to protect its investment and exploration rights.
ICSID requires that each party to the dispute make a deposit of US$150,000, after which a first hearing to establish the procedural calendar for the proceedings will be held within 60 days.
Montero’s Wigu Hill Rare Earth Element Retention License was expropriated by the Tanzanian government in 2018 when the Mining Regulations 2018 cancelled all previously issued retention licenses.
The company commenced exploration activities on the project in March 2008 under a prospecting license, before obtaining a five-year retention license for the property in 2015.
Montero filed a request for arbitration with the ICSID on 8 January 2021.
On 9 February 2021, ICSID registered Montero’s request for the institution of arbitration proceedings to resolve the illegal expropriation matter.
The company seeks compensation based on the damages it suffered from the Tanzanian government’s acts and omissions.
Montero is not permitted to comment on the potential quantum of any claim for compensation for damages at this point.
It has obtained dispute funding from Omni Bridgeway, a leading global dispute funder.
Montero has retained as legal counsel Mr. Thierry Lauriol and his team at Jeantet AARPI, who is highly experienced in international arbitration and has an excellent track record of achieving successful outcomes for clients in Africa.
Montero Mining and Exploration Ltd. (MON) is unchanged trading at $0.08 per share as of 3:39 p.m. EST.
