Montero Mining and Exploration Ltd (TSX-V:MON) has updated investors on its recent share price movement.
The company’s US and Canadian-listed shares were halted at the market close on Wednesday, July 19, after spiking by about 155% and 189% respectively since July 14.
Montero said in a statement it has a fully funded arbitration case underway for the expropriation of its Wigu Hill rare earth element project against the United Republic of Tanzania, with a hearing set to be held in December 2023 in Washington D.C.
It highlighted that on July 14, ASX-listed Indiana Resources (ASX:IDA) announced that it was awarded US$109.5 million in its International Centre for Settlement of Investments Disputes (ICSID) arbitration case against Tanzania regarding the expropriation of its retention licenses for the Ntaka Hill nickel project, in addition to an order for Tanzania to repay US$3,859,161 in legal costs and expenses.
Montero said its dispute with Tanzania is also subject to ICSID arbitration.
The company is seeking more than C$90 million in compensation for the loss of its investment in Tanzania, including interest which continues to accrue, reimbursement of its arbitration costs and fees by Tanzania.
“I am pleased that the ICSID tribunal in the case of Indiana versus Tanzania has recognized the damage done to Indiana’s shareholders, investors, and companies after Tanzania unlawfully expropriated retention licenses,” Montero CEO Tony Harwood said in a statement.
“Value is created by exploration and development using investor funds and professional expertise that companies (Montero) legitimately brought to Tanzania.
“Montero is seeking to recover its investment and damages due to the loss of its Wigu Hill retention licenses. The arbitration hearings will be held in December of 2023 after which an award will be rendered.”
Montero is a junior exploration company focused on finding, exploring, and advancing globally significant gold, silver, and base metal deposits in Chile.
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