Montero Mining and Exploration Ltd. (TSX-V: MON)
(“
Montero” or the “
Company”)
provides the following update on the move in Montero’s share price.
Montero has a fully funded arbitration case underway for the
expropriation of its Wigu Hill rare earth element project against
the United Republic of Tanzania (“
Tanzania”). The
in-person arbitration hearing is scheduled to be held at the
International Centre for Settlement of Investments Disputes
(“
ICSID”) hearing centre in Washington DC., USA,
from 4 – 8 December 2023. Two other junior mining companies are
seeking compensation for expropriation of their Retention Licences
in Tanzania, Indiana Resources Limited (“
Indiana”)
(ASX:IDA) and Winshear Gold Corp. (“
Winshear”)
(TSX-V:WINS).
As developments in each of these cases have
unfolded, Montero has seen higher volumes of its shares traded and
moves in its share price.
On September 18, 2023, ICSID updated its webpage
relating to the Winshear v Tanzania dispute to indicate that the
arbitration proceedings had been suspended by agreement of the
parties
(https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/20/25).
On September 19, 2023, Winshear announced that they have reached a
conditional settlement agreement with Tanzania in relation to their
claim against Tanzania for the expropriation of their SMP gold
project, but that there was no guarantee that this will be
concluded (https://winshear.com/news/).
This follows the announcement on July 14, 2023,
made by Indiana that it had been awarded US$ 109.5 million in its
ICSID claim against Tanzania
(https://indianaresources.com.au/us-109-5m-award-against-tanzania/).
Dr Tony Harwood, President and CEO of Montero,
commented: “Indiana’s substantial damages award and Winshear’s
pending settlement are providing shareholders with recognition that
the cancellation of the Retention Licenses by Tanzania was
economically catastrophic to each company. Montero is seeking
compensation for the loss of its investment in its former flagship
Wigu Hill Rare Earth Project due to Tanzania’s unlawful
expropriation of Montero’s Retention Licenses. Montero is fully
funded to complete its arbitration hearings with the same lead
attorney that represented both Indiana and Winshear earlier this
year. Montero’s arbitration hearings at ICSID will be held in
December 2023.”
Montero is represented by Timothy Foden of Boies
Schiller Flexner (UK) LLP and Mr. Thierry Lauriol of Jeantet AARPI.
Timothy Foden is leading the ICSID arbitration for Montero and
acted as lead attorney for Indiana and Winshear in their
arbitration proceedings. Montero has 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.
Montero’s dispute with Tanzania is also subject
to ICSID arbitration. Montero is seeking compensation in excess of
CAD$ 90,000,000 for damages and interest for the unlawful
expropriation of its Wigu Hill rare earth element project in
Tanzania. Montero is also seeking reimbursement of its arbitration
costs and fees by Tanzania. The damages claimed are for Tanzania’s
breaches of the Bilateral Investment Treaty between Canada and
Tanzania.
For further information, please see Montero’s
press releases dated July 21, 2023, April 25, 2023, July 28, 2022,
April 12, 2022, November 29, 2021, January 8, 2021 and the ICSID
website
(https://icsid.worldbank.org/services/arbitration/convention/process/overview).
The ICSID Convention has been ratified by 158
States, including Tanzania. An award issued by an ICSID tribunal is
enforceable in any one of those 158 member States as if it were a
judgment of one of their own courts. Partly because of this, States
often comply voluntarily with the payment terms of such awards.
Background to ClaimsMontero
commenced exploration activities on the Wigu Hill Rare Earth
Element project in March 2008 under a Prospecting License and spent
over CAD$ 17 million on exploration works in the discovery and
development of the project. In 2015 a five-year Retention License
was awarded by the Tanzanian Government on the property. This
Retention License was expropriated by the Tanzanian Government in
2019 when all previously issued Retention Licenses, which had been
cancelled by the Mining (Local Content) Regulations 2018, were put
to tender. Montero has made repeated attempts to reach an amicable
solution with the Government of Tanzania with no success since that
date. Montero filed a request for arbitration with the ICSID on
January 8, 2021. On February 9, 2021, ICSID registered Montero’s
request for the institution of arbitration proceedings to resolve
the illegal expropriation matter. The arbitral tribunal was
constituted on November 18, 2021, with the appointment of the
President, and appointees from Montero and Tanzania.
Qualified Person’s
StatementThis press release was reviewed and approved by
Mr. Mike Evans, M.Sc. Pr.Sci.Nat., a qualified person for the
purpose of National Instrument 43-101. It has also been reviewed by
Mr. Thierry Lauriol, avocat à la cour (Paris, France) and Mr.
Timothy Foden of Boies Schiller Flexner (UK) LLP.
DisclaimerWhile there may be
similarities between Winshear, Indiana and Montero’s claims against
Tanzania, the cases are heard by different arbitral tribunals, and
outcomes may differ.
About MonteroMontero is a
junior exploration company focused on finding, exploring, and
advancing globally significant gold, silver, and base metal
deposits 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 38,647,485 shares
outstanding.
For more information,
contact:Montero Mining and Exploration
Ltd. Dr. Tony Harwood, President, and
Chief Executive OfficerE-mail: ir@monteromining.comTel: +1 416 840
9197 | Fax: +1 866 688 4671www.monteromining.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain "forward-looking
information" within the meaning of applicable Canadian securities
laws. Forward looking information includes, but is not limited to,
statements, projections and estimates with respect to the Share
Consolidation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
“plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or
“does not anticipate”, or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will be taken”, “occur” or “be
achieved”. Such information is based on information currently
available to Montero and Montero provides no assurance that actual
results will meet management's expectations. Forward-looking
information by its very nature involves inherent risks and
uncertainties that may cause the actual results, level of activity,
performance, or achievements of Montero to be materially different
from those expressed or implied by such forward-looking
information. Actual results relating to, among other things,
completion of the agreement, results of exploration, project
development, reclamation and capital costs of Montero’s mineral
properties, and financial condition and prospects, could differ
materially from those currently anticipated in such statements for
many reasons such as: an inability to complete the agreement on the
terms as announced or at all; changes in general economic
conditions and conditions in the financial markets; changes in
demand and prices for minerals; litigation, legislative,
environmental and other judicial, regulatory, political and
competitive developments; technological and operational
difficulties encountered in connection with Montero’s activities;
and other matters discussed in this news release and in filings
made with securities regulators. This list is not exhaustive of the
factors that may affect any of Montero’s forward-looking
statements. These and other factors should be considered carefully
and accordingly, readers should not place undue reliance on
forward-looking information. Montero does not undertake to update
any forward-looking information, except in accordance with
applicable securities laws.
Winshear Gold (TSXV:WINS)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Winshear Gold (TSXV:WINS)
Historical Stock Chart
Von Dez 2023 bis Dez 2024