Montero Agrees to US$27 Million Settlement from Tanzania
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