Montero Mining received the final payment of US$7 million from Tanzania, concluding a US$27 million settlement over the Wigu Hill project. The company will announce plans for the settlement proceeds in 2025. Montero focuses on mining and exploration of precious metals and copper, advancing its Avispa project in Chile.
Montero Mining and Exploration Ltd. has confirmed the receipt of a final payment of US$7 million from the government of Tanzania, completing a total settlement of US$27 million related to the expropriation of the Wigu Hill rare earth element project. This payment resolves the ongoing dispute, enabling Montero to halt arbitration proceedings with Tanzania.
Following this settlement, Montero is exploring different options for utilizing these funds, which may include potential dividends for shareholders. The company plans to disclose specific intentions regarding the distribution of the settlement proceeds in the second quarter of 2025.
Montero Mining is engaged in the mining sector, focusing primarily on precious metals and copper exploration. The company is currently progressing its Avispa copper-molybdenum project located in Chile and is actively seeking a joint venture partner to further develop the project. Listed on the TSX Venture Exchange under the ticker MON, Montero has a total of 50,122,975 shares outstanding, with a market capitalization of C$17.29 million.
For the year-to-date, MON stock has shown a price performance increase of 15.00%. The average trading volume stands at 224,630 shares, but technical sentiment suggests a consensus rating of ‘Sell’. For further analysis of MON stock’s performance, investors are encouraged to visit TipRanks’ Stock Analysis page.
Montero Mining and Exploration Ltd. has successfully concluded its settlement with Tanzania, receiving a total of US$27 million. The company is now considering how to best utilize these proceeds, potentially benefiting shareholders. With ongoing projects and a focus on new partnerships, Montero navigates within the precious metals and copper exploration markets while adapting to market conditions indicated by the trading sentiment for its stock.
Original Source: www.tipranks.com
