Montero Agrees to US$27 Million Settlement from Tanzania

[Bush Dokta]

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:​

• US$12,000,000– payable by 20 November 2024 –PAYMENT RECEIVED
• US$8,000,000– on or before 31 January 2025
• US$7,000,000– on or before 28 February 2025

The settlement sum represents ~39% of the US$70,000,000 initially claimed by Montero. This settlement obviates the need for a costly and time-consuming hearing, the risk of an adverse award, enforcement efforts, and finally concludes a near 7-year dispute.

Dr Tony Harwood, President and CEO of Montero commented: “I am pleased Montero was able to reach an amicable settlement with the government of Tanzania to bring a mutually beneficial end to this dispute. This resolution allows both parties to move forward, and we wish Tanzania every success in attracting new mining investment. I would like to thank our shareholders, board, management, and our legal and technical teams, for their valuable contribution to this outcome.”​

ICSID Arbitration

Montero and Tanzania have sent a joint request to the arbitral tribunal to suspend the ICSID arbitration proceedings, as the first payment has been received by Montero. Subsequent payments are to be made by the specified dates provided. Provided the final payment has been received by Montero, the parties will request the arbitral tribunal discontinue the ICSID arbitration altogether.​

Distribution of Funds

Montero and its litigation funding partner, Omni Bridgeway (Canada) will receive a distribution of the first payment. The second instalment will be distributed to Omni Bridgeway (Canada) and to Montero, and will also cover Montero's operational needs and legal expenses, including payments to Boies Schiller Flexner UK LLP and Jeantet AARPI. Montero will entirely retain the final instalment.

Montero is planning a return of capital to shareholders where no amount has yet been determined and is subject to accounting review and board approval. In addition, Montero will retain funds to cover legal, taxation, and administrative expenses, including potential costs for arbitral proceedings, or enforcement actions if the second or third instalments are delayed or unpaid. The net amount of the award after repayment to the funder and legal expenses cannot be estimated with certainty and no assurances can be made. Further announcements will be made in due course.

Acknowledgments

The Board would like to especially thank Dr. Tony Harwood for reaching this settlement. Without his perseverance and significant efforts to not only develop Wigu Hill initially, but to then safeguard and recover Montero’s investment speaks to his dedication and commitment to the Company and shareholders. Special thanks also to directors, the balance of management, our loyal shareholders, legal advisers and accounting team for their steadfast support and dedication throughout nearly seven years of efforts to secure compensation for the Company’s investment in the Wigu Hill Rare Earth Project. Montero’s legal team includes Timothy Foden of Boies Schiller Flexner (UK) LLP and Martin Tavaut of Jeantet AARPI. Quantum and technical expertise provided by Dr. Neal Rigby of SRK Consulting (USA) Inc. with full dispute funding secured from Omni Bridgeway, a leading global dispute funder. This unwavering commitment enabled the Board to achieve a favourable outcome for the benefit of shareholders.

Disclaimer

The conclusion of the ICSID arbitration and payment of the remaining instalments is conditional on Tanzania’s compliance with the settlement agreement. The agreement does not provide for any security for the benefit of Montero in case Tanzania would not pay any instalment, in which case Montero can either resume the ICSID arbitration or seek enforcement of the settlement agreement.

About Montero

Montero has agreed to a US$27,000,000 settlement amount to end its dispute with the United Republic of Tanzania for the expropriation of the Wigu Hill rare earth element project. Montero will continue to seek a joint venture partner to advance its Avispa copper-molybdenum project in Chile. Montero’s board of directors and management have an impressive track record of successfully discovering and advancing precious metal and copper projects. Montero trades on the TSX Venture Exchange under the symbol MON and has 50,122,975 shares outstanding.​

SOURCE: Montero Agrees to US$27 Million Settlement from Tanzania

MIGA Eltwege

 

[Bush Dokta]

Tunapigwa sana😭

Ukisikia unapigwa huku wamekushikilia Kabari ndio hivi.

 

[Hismastersvoice]

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:​

• US$12,000,000– payable by 20 November 2024 –PAYMENT RECEIVED
• US$8,000,000– on or before 31 January 2025
• US$7,000,000– on or before 28 February 2025

The settlement sum represents ~39% of the US$70,000,000 initially claimed by Montero. This settlement obviates the need for a costly and time-consuming hearing, the risk of an adverse award, enforcement efforts, and finally concludes a near 7-year dispute.

Dr Tony Harwood, President and CEO of Montero commented: “I am pleased Montero was able to reach an amicable settlement with the government of Tanzania to bring a mutually beneficial end to this dispute. This resolution allows both parties to move forward, and we wish Tanzania every success in attracting new mining investment. I would like to thank our shareholders, board, management, and our legal and technical teams, for their valuable contribution to this outcome.”​

ICSID Arbitration

Montero and Tanzania have sent a joint request to the arbitral tribunal to suspend the ICSID arbitration proceedings, as the first payment has been received by Montero. Subsequent payments are to be made by the specified dates provided. Provided the final payment has been received by Montero, the parties will request the arbitral tribunal discontinue the ICSID arbitration altogether.​

Distribution of Funds

Montero and its litigation funding partner, Omni Bridgeway (Canada) will receive a distribution of the first payment. The second instalment will be distributed to Omni Bridgeway (Canada) and to Montero, and will also cover Montero's operational needs and legal expenses, including payments to Boies Schiller Flexner UK LLP and Jeantet AARPI. Montero will entirely retain the final instalment.

Montero is planning a return of capital to shareholders where no amount has yet been determined and is subject to accounting review and board approval. In addition, Montero will retain funds to cover legal, taxation, and administrative expenses, including potential costs for arbitral proceedings, or enforcement actions if the second or third instalments are delayed or unpaid. The net amount of the award after repayment to the funder and legal expenses cannot be estimated with certainty and no assurances can be made. Further announcements will be made in due course.

Acknowledgments

The Board would like to especially thank Dr. Tony Harwood for reaching this settlement. Without his perseverance and significant efforts to not only develop Wigu Hill initially, but to then safeguard and recover Montero’s investment speaks to his dedication and commitment to the Company and shareholders. Special thanks also to directors, the balance of management, our loyal shareholders, legal advisers and accounting team for their steadfast support and dedication throughout nearly seven years of efforts to secure compensation for the Company’s investment in the Wigu Hill Rare Earth Project. Montero’s legal team includes Timothy Foden of Boies Schiller Flexner (UK) LLP and Martin Tavaut of Jeantet AARPI. Quantum and technical expertise provided by Dr. Neal Rigby of SRK Consulting (USA) Inc. with full dispute funding secured from Omni Bridgeway, a leading global dispute funder. This unwavering commitment enabled the Board to achieve a favourable outcome for the benefit of shareholders.

Disclaimer

The conclusion of the ICSID arbitration and payment of the remaining instalments is conditional on Tanzania’s compliance with the settlement agreement. The agreement does not provide for any security for the benefit of Montero in case Tanzania would not pay any instalment, in which case Montero can either resume the ICSID arbitration or seek enforcement of the settlement agreement.

About Montero

Montero has agreed to a US$27,000,000 settlement amount to end its dispute with the United Republic of Tanzania for the expropriation of the Wigu Hill rare earth element project. Montero will continue to seek a joint venture partner to advance its Avispa copper-molybdenum project in Chile. Montero’s board of directors and management have an impressive track record of successfully discovering and advancing precious metal and copper projects. Montero trades on the TSX Venture Exchange under the symbol MON and has 50,122,975 shares outstanding.​

SOURCE: Montero Agrees to US$27 Million Settlement from Tanzania

Mama apewe maua yake kuwawezesha wazungu kutalipa, Kenya watatuonea wivu.
LUCAS NJOO UTUONE TUNAVYOBUBUJIKWA MAKAMASI.

 

[Mpigania uhuru wa pili]

Wanatubamiza bila huruma. Hii ni kampuni ya nne ambazo tatu wameshafikia makubaliano na wameanza kulipwa:
1)Winshear Gold Corp - US$ 30 million
2)Ntaka Hill - US$ 90 million
3)Montero - US$ 27 million
4) Aqua Power na Catalysis Capita. Hii imefungu kesi tarehe 9th October kudai US$ 500 million. Ina shareholders Wakenya.

Unajiuliza ni nani aliyezileta in-first place na amechukuliwa hatua gani

 

[Ngalikihinja]

Wanatubamiza bila huruma. Hii ni kampuni ya nne ambazo tatu wameshafikia makubaliano na wameanza kulipwa:
1)Winshear Gold Corp - US$ 30 million
2)Ntaka Hill - US$ 90 million
3)Montero - US$ 27 million
4) Aqua Power na Catalysis Capita. Hii imefungu kesi tarehe 9th October kudai US$ 500 million. Ina shareholders Wakenya.

Sababu ya utemi wa kijinga..!!

 

[Mayor Quimby]

Unajua Sheria ya madini kabla ya kubadilishwa 2012 na mabadiliko mengine aliyokuja kuleta magu ilikuwa inaruhusu nini kwa mwekezaji?

Unaelewa kwamba mabadiliko aliyofanya magu ndio yameleta madai makubwa recently sababu aliweka sheria iapply retrospectively kitu ambacho kwenye basic principles of legal reforms hakipo dunia nzima?

Hapo hata umepeleke mwanasheria gani huwezi kushinda kesi brother usiishie kulaumu lawyers wakati mwingine watawala ni washenzi sana, wanaharibu then anakuangushia zigo mambo yakibackfire.

Naweza kukupa mfano wa ile kesi ya Nickel exploration kule Lindi ambayo nako tumelipishwa mahela kibao profesa Mruma alivurugwa na wale madogo sababu ndogo sana, unakuta sheria ilitamka wazi kwamba mabadiliko hayaathiri kampuni zilizoanza kazi before 2012 Magu akaamua tu kuwqfutia leseni hadi wale jamaa wakati wao waliannza kabla, then unaenda kujitetea kupitia sheria zako halafu akaambiwa asome mwenyewe akabaki na kigugumizi na jamaa wakasema wewe si ndio ulikuwa waziri kipindi hicho akaanza kutoa macho tu sababu hana cha kusema amefungwa na sheria zake na kutofuata sheria.

So mie naamini wanasheria wazuri tunao wala tusiseme hivi vyuo au watanzania wote hatuna mawakili wanaojua aisee hawa wanasiasa wanatafutaga wa kumning'iniza jambo likilipuka unakuta alilazimisha ukimbishia anasema wewe sio mzalendo yule mzee alikuwa anajifanya mjuaji sana kila kitu anajifanya anajua na haya ndio matokeo ya one man show

Kwa hivyo we ulitaka watu waje waombe exploration na mining licence. Wakishapewa vibali wanazuga-zuga kufanya activities hapo ili waonekane wawekezaji ilihali hawana capital ya kuchimba hiyo migodi wala secured buyers,

Mwisho wa siku wanakalia migodi kama mali yao tu, wakati leseni zao ni ku-extract minerał na kuipa serikali chake.

Hiyo kesi ya Lindi sio wewe tu uliisikiliza, watu wengi tu humu. Na shida kubwa ilikuwa wanasheria wa Tanzania kutoelewa breach ya kuvunja mkataba kwa upande wao.

Walipewa wanasheria watoto, kwa sababu kwa wazungu ile kesi hata mwanafunzi wa A level aliesema contract law ashindwi.

Ni kwamba hawana uwezo, hiyo ndio shida. Yaani we ukalia tu mine kama mali yako, moreover hata damages sought not justifiable based on what they had invested nor anticipated losses kwa sababu hawakufanya kitu.

Tanzania ni easy pickings.

 

[Mayor Quimby]

Jiridhishe kwanza kama unaijuwa MUGA ndiyo tuanze kubishana hapa

MUGA ndio nini mkuu, kwa uelewa wangu kwa nina rafiki anaitwa Muganyizi kifupi tunamwita Muga.

Otherwise MIGA ni mambo ambayo Lissu alikuwa anajiropokea kuikatisha tamaa serikali.

Ndio maana nimekuuliza umewahi sikia mtu kaenda shitakiwa huko MIGA au kuna kesi yeyote unayoijua ya mikataba ambayo mtu katumia hizo kanuni za MIGA kama citation ya breach.

To cut the story short uwezi kuleta huo ushahidi kwa Lissu alikuwa anaongea ujinga mtupu, hana analolijua kwenye maswala ya mikataba.

 

[Mpigania uhuru wa pili]

Ulisema kitu gani wewe, upeleke watu wasio na uwezo wa kutetea kesi rahisi halafu umlaumu Magufuli.

Yaani una kibali cha mining toka 2008 bado unafanya exploration mpaka 2018, maana yake huna hiyo hela ya uwekezaji tu zaidi kukalia ardhi.

Sasa nchi inalipa fidia kwa maamuzi yake ya kukurupuka

 

[Mpigania uhuru wa pili]

Kwa hivyo we ulitaka watu waje waombe exploration na mining licence. Wakishapewa vibali wanazuga-zuga kufanya activities hapo ili waonekane wawekezaji ilihali hawana capital ya kuchimba hiyo migodi wala secured buyers,

Mwisho wa siku wanakalia migodi kama mali yao tu, wakati leseni zao ni ku-extract minerał na kuipa serikali chake.

Hiyo kesi ya Lindi sio wewe tu uliisikiliza, watu wengi tu humu. Na shida kubwa ilikuwa wanasheria wa Tanzania kutoelewa breach ya kuvunja mkataba kwa upande wao.

Walipewa wanasheria watoto, kwa sababu kwa wazungu ile kesi hata mwanafunzi wa A level aliesema contract law ashindwi.

Ni kwamba hawana uwezo, hiyo ndio shida. Yaani we ukalia tu mine kama mali yako, moreover hata damages sought not justifiable based on what they had invested nor anticipated losses kwa sababu hawakufanya kitu.

Tanzania ni easy pickings.

Waekezaji almost wote hawana hela wanapata mradi ndo wanaenda kuraise ela kwa investors kwenye stock exchange au kukopa kwenye sovereign wealth kubwa duniani na hili hulijui ni ajabu sana

 

[Mayor Quimby]

Sasa nchi inalipa fidia kwa maamuzi yake ya kukurupula

Nchi inalipa fidia kwa kuweka vilaza ofisi ya mwanasheria mkuu.

 

[Mpigania uhuru wa pili]

Nchi inalipa fidia kwa kuweka vilaza ofisi ya mwanasheria mkuu.

Sawa kulikua na vilaza kwanini asitumie busara

 

[Mayor Quimby]

Waekezaji wengi hawana hela wanapata mradi ndo wanaenda kuraise ela kwa investors kwenye stock exchange kubwa duniani na hili hulijui ni ajabu sana

Ndio maana mnashindwa kesi, kwa sababu hawawezi onyesha conditional breach ilipo.

Kesi zote hizo sio za kushindwa ni uwezo mdogo tu wa wanasheria wa Tanzania unaosababisha nchi kupewa madeni hewa.

Easy pickings

 

[Mpigania uhuru wa pili]

Ndio maana mnashindwa kesi, kwa sababu hawawezi onyesha conditional breach ilipo.

Kesi zote hizo sio za kushindwa ni uwezo mdogo tu wa wanasheria wa Tanzania unaosababisha nchi kupewa madeni hewa.

Easy pickings

Sio mnashindwa kesi ndo biashara inafanywa duniani hivyo
Msikilize elon musk na matajiri wengine walikwa na idea tu wakaenda raise fedha kwa investors acha ushamba

Hayo mambo ya mikataba ni mengine ila njia ya kuraise fedha inajulikana

 

[Mayor Quimby]

Sawa kulikua na vilaza kwanini asitumie busara

Busara si ndio hiyo kuchukua chako, au busara kwako ni kumuachia mzungu ambae hana hela ya uwekezaji kujimilkisha ardhi yenye maliasili za Tanzania.

Huyo mama alitoa team yote ya wanasheria aliyopanga Magufuli na kuweka watu wake wasio na uwezo ili wahuni wafanye yao, halafu lawama mumpe Magufuli.

 

[sblandes]

Magufuli wenu mlimshabikia sana na tulisema huyu anatumia ubabe dhidi ya wazungu atatuletea matatizo makubwa, tuliishia kuonekana sio wazalendo.

Ishu ni njia alizokuwa anatumia katika kuweka sawa masuala nyeti ya kitaofa. Alipaswa kufahamu mikataba ambayo serikali iliingia na vibali ilivyotoa kwa haya makampuni vilitokana na sera na sheria zetu mbovu wenyewe so ilipaswa atumie busara kubwa sana lakini yule bwana busara kwake ilikuwa ni wimbo wa msiba.

Na bado.

Mjomba Magu,maskini hakujua hayo alidhani anavyoweza kuwaburuza wabongo ndivyo hivyo hivyo atawatambia walami.

Lakini kinachosikitisha badala ya Magu kuwanyonga hao waheshimiwa waliotia sahihi mikataba hiyo aliishia kusema hatafukuwa makaburi.

Lakini inasemekana pia kulikuwa na mikataba isiyo na utata lakini wakaingia wanafiki waliotaka kuwapatia wawekezaji wengine wakajua namna ya kumchokoza Mjomba Magu.Tanzania ni ngumu.

 

[Mayor Quimby]

Sio mnashindwa kesi ndo biashara inafanywa duniani hivyo
Msikilize elon musk na matajiri wengine walikwa na idea tu wakaenda raise fedha kwa investors acha ushamba

Hayo mambo ya mikataba ni mengine ila njia ya kuraise fedha inajulikana

Kwa hivyo we unadhani watu wanakupa tu ardhi indefinitely mpaka uwe tayari kuwekeza hata ikichukua miaka 100 kupata mtaji ardhi ni mali yako?

 

[Kimbori]

Kwa hivyo we unadhani watu wanakupa tu ardhi indefinitely mpaka uwe tayari kuwekeza hata ikichukua miaka 100 kupata mtaji ardhi ni mali yako?

Naomba kujua kadiri ya sheria ya madini za awali, je vibali vya 'exploration' havina ukomo?

"Bora ukose Mali upate akili"

 

[Mpigania uhuru wa pili]

Kwa hivyo we unadhani watu wanakupa tu ardhi indefinitely mpaka uwe tayari kuwekeza hata ikichukua miaka 100 kupata mtaji ardhi ni mali yako?

Unajua maana ya uwekezaji sababu unaaongea kama umelewa
Ni wapi nimesema muwekezaji anapewa ardhi milele ebu nionyeshe hapo niliposema

 

[Mpigania uhuru wa pili]

Busara si ndio hiyo kuchukua chako, au busara kwako ni kumuachia mzungu ambae hana hela ya uwekezaji kujimilkisha ardhi yenye maliasili za Tanzania.

Huyo mama alitoa team yote ya wanasheria aliyopanga Magufuli na kuweka watu wake wasio na uwezo ili wahuni wafanye yao, halafu lawama mumpe Magufuli.

Mikataba alivunja magufuli kesi zikafunguliwa hukumu imetoka magufuli amefariki na kumbuka aliyeshtakiwa ni Tanzania na sio magufuli ila aliyevunja mikataba ni magufuli

 

[Mpigania uhuru wa pili]

Naomba kujua kadiri ya sheria ya madini za awali, je vibali vya 'exploration' havina ukomo?

"Bora ukose Mali upate akili"

Huyo jamaa ni mjinga sana mikataba yote inavikomo anataka kudanganya waziwazi