Montero Mining and Exploration Ltd (TSX-V:MON) has provided investors with an update on its arbitration proceedings against the United Republic of Tanzania over the expropriation of the Wigu Hill rare earth element project before the International Centre for Settlement of Investment Disputes (ICSID).
The company is seeking compensation of more than C$90 million for the loss of its investment in its former flagship Wigu Hill project due to Tanzania’s expropriation of the company’s retention license.
It said that on November 3, 2023, the tribunal accepted its request to open the in-person hearing scheduled to run from December 4 to 8 to the public.
On the same day, the tribunal held a pre-hearing meeting via video conference during which the parties discussed and agreed upon procedural matters related to the hearing.
Montero noted that two similar cases involving foreign mining investors have been heard at the ICSID tribunal with Tanzania ordered to pay multi-million dollar sums to the two companies involved, Indiana Resources (ASX:IDA) and Winshear Gold.
“Indiana’s substantial damages award and Winshear’s settlement are providing shareholders with recognition that the cancellation of the retention licenses by Tanzania was economically catastrophic to each company,” Montero CEO Tony Harwood said in a statement.
“Montero is fully funded to complete its arbitration hearings with the same lead attorney that represented both Indiana and Winshear earlier this year.”
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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