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Montero Mining and Exploration ( (TSE:MON) ) just unveiled an announcement.
Montero Mining and Exploration Ltd. has received the second instalment of US$8 million from the United Republic of Tanzania as part of a US$27 million settlement for the expropriation of its Wigu Hill rare earth element project. The final instalment is expected by the end of February 2025, after which Montero plans to finalize the distribution of funds, potentially including a return of capital to shareholders. The company and Tanzania intend to suspend the ICSID arbitration proceedings following the final payment. Montero is considering options for the distribution of the settlement proceeds and will retain some funds to cover expenses related to legal and administrative matters.
More about Montero Mining and Exploration
Montero Mining and Exploration Ltd. is a company engaged in the mining industry, focusing on rare earth elements and copper projects. It operates the Avispa copper-molybdenum project in Chile and seeks joint venture partnerships. Montero is listed on the TSX Venture Exchange under the symbol MON and has a history of successfully advancing metal projects.
YTD Price Performance: 1.64%
Average Trading Volume: 280,562
Technical Sentiment Consensus Rating: Sell
Current Market Cap: C$15.54M
Find detailed analytics on MON stock on TipRanks’ Stock Analysis page.
