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 28, 2023, the arbitral tribunal informed both parties that the hearing scheduled to be held at the ICSID premises in Washington DC from December 4-7, 2023, must be postponed as one of the three arbitrators is unable to travel to the US at that time. As the tribunal prefers to keep the hearing in person in Washington, it has decided to move the hearing dates to early 2024 and will advise on new hearing dates when determined, Montero added.
“While it is unfortunate that the arbitration hearing has been delayed, we are happy to report that the preparation work by our legal counsel, expert, and fact witnesses has been thoroughly completed,” Montero president and CEO Tony Harwood commented in a statement.
Montero noted that it is represented by Timothy Foden of Boies Schiller Flexner (UK) LLP and Martin Tavaut of Jeantet AARPI. Foden is leading the ICSID arbitration for Montero.
The company has also retained Dr Neal Rigby of SRK Consulting (USA) Inc as quantum expert with full dispute funding secured from Omni Bridgeway, a leading global dispute funder.
“We note that Indiana Resources (ASX:IDA) judgement for US$113 million and Winshear Gold’s settlement of US$30 million earlier in the year were both led by Montero’s lead attorney Timothy Foden,” Harwood added.
Montero is a junior exploration company focused on finding, exploring, and advancing globally significant gold, silver, and base metal deposits in Chile.
Contact the author at stephen.gunnion@proactiveinvestors.com