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Montero Mining Bolsters Legal Team and Provides Update on CAD$ 90 million ICSID Arbitration Claim against the Government of Tanzania
TORONTO, April 25, 2023 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Company”) is pleased to announce that it has eng
About this update from Montero Mining And Exploration Ltd.
[{"type":"text","content":" TORONTO, April 25, 2023 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Company”) is pleased to announce that it has engaged Timothy Foden of Boies Schiller Flexner (UK) LLP to act as co-counsel alongside Jeantet AARPI (\"Jeantet”) in the ongoing arbitration against the United Republic of Tanzania (“Tanzania”). The Company also provides an update on the arbitration proceedings over the expropriation of the Wigu Hill rare earth element project (“Wigu Hill”) before the International Centre for Settlement of Investment Disputes (“ICSID”). Timothy Foden is a renowned mining arbitration lawyer with significant experience in claims against sovereigns concerning resource nationalism. Most relevantly, this year he led two ICSID hearings in relation to Tanzania’s expropriation of Retention Licences. He also led several negotiations with the Solicitor General and the Special Presidential Negotiating Team. Mr. Foden and Jeantet will work together in the preparation of the Reply Memorial, and he will lead the advocacy of Montero’s case during the hearing on the merits. Mr. Foden’s experience in cross examining Tanzania witnesses and background information will significantly reduce costs and increase the effectiveness of the Montero’ s presentation of its case. In May 2022 Montero submitted its Memorial on the Merits (“Memorial”) to the ICSID arbitral tribunal. This contains the basis for the CAD$ 90 million compensation claim plus interest that continues to accrue. The damages claimed are for the unlawful expropriation and mistreatment of Montero’s investment in Tanzania which is in breach of the Agreement for the Promotion and Reciprocal Protection of Investments (“BIT”) signed between Canada and Tanzania in 2013. On October 24, 2022, Tanzania submitted its Counter-Memorial on the Merits of the Memorial (“Counter-Memorial”). On review the response and arguments provided by Tanzania was not unexpected and our legal and technical team remain confident on the outcome of damages claim before the ICSID arbitral tribunal. Dr Tony Harwood, President and CEO of Montero commented: “I am pleased to welcome Tim Foden to the legal team and to capitalize on his experience in legal proceedings against Tanzania. Montero has submitted a transparent and thorough claim against the government of Tanzania seeking damag...