Montero Mining has received US$8 million from Tanzania as part of a US$27 million settlement over the expropriation of its Wigu Hill project. The final payment of US$7 million is due by February 28, 2025. Montero plans to determine fund distribution options post-final payment, subject to legal reviews and board approval.

Montero Mining and Exploration Ltd. (TSX-V: MON) has confirmed the receipt of US$8 million from the United Republic of Tanzania as the second installment of a total US$27 million settlement associated with the expropriation of its Wigu Hill rare earth element project. This payment follows the earlier announcement made on November 20, 2024, detailing the settlement agreement. The final installment of US$7 million is expected on or before February 28, 2025, but the exact net proceeds Montero will receive remain uncertain due to pending legal costs and other expenses related to the expropriation.

Montero Mining has successfully received its second installment from Tanzania as part of their settlement related to the expropriation of its Wigu Hill project. The company anticipates receiving the final payment soon and is considering various options for distributing the settlement proceeds, which will depend on legal costs and a review by its board.

Original Source: www.juniorminingnetwork.com