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Montero Mining Provides Update on CAD$ 90 million ICSID Arbitration Claim against the Government of Tanzania
TORONTO, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSXV: MON) (“Montero” or the “Company”) provides an update on the arbitration pr
About this update from Montero Mining And Exploration Ltd.
[{"type":"text","content":" TORONTO, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSXV: MON) (“Montero” or the “Company”) provides an update on the arbitration proceedings against the United Republic of Tanzania (“Tanzania”) over the expropriation of the Wigu Hill rare earth element project (“Wigu Hill”) before the International Centre for Settlement of Investment Disputes (“ICSID”). On November 3rd, 2023, the arbitral Tribunal issued Procedural Order No 3 accepting Montero’s request to open the forthcoming in-person hearing to the public. The decision was taken in accordance with articles 28, 30 and 31 of the Agreement between Canada and Tanzania for the Promotion and Reciprocal Protection of Investments (the “BIT”). On the same day, the Tribunal held a pre-hearing meeting with the parties by video conference, on which the parties discussed and agreed on procedural matters related to the hearing on the merits which is scheduled to be held at the ICSID premises in Washington DC., USA, from 4 - 8 December 2023. An audio-video recording will be made of the hearing and uploaded onto the ICSID website. Two similar arbitration cases involving foreign mining investors in Tanzania have been heard at ICSID tribunal in February this year. On July 14th, 2023, ASX-listed Indiana Resources Ltd (ASX:IDA) (“Indiana”) ICSID case against Tanzania has been awarded US$ 109.5 million and Tanzania was ordered to repay US$ 3,859,161 in legal costs and expenses. On July 28, 2023, Tanzania applied for the annulment of the award. The ICSID Annulment Committee was constituted on August 24th, 2023 (https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/20/38). On October 31st, 2023, the Annulment Committee issued a decision subjecting the continuation of the stay of enforcement of the award, to an undertaking from Tanzania that, if the award is not annulled, it will recognise its final and binding character and will pay the full amount of the award within 45 days of the notification of the Committee’s decision on annulment. Tanzania must provide this undertaking by December 15th, 2023.(https://indianaresources.com.au/category/recent-announcements/). On November 10th, 2023, Indiana announced the total amount payable by Tanzania under the Award now stands at US$ 113.1 million to date plus costs of US$ 4.28 million. Interest continues to accr...