Business
Montero Mining Secures US$2.32 Million Funding for Legal Proceedings Against the Government of Tanzania
TORONTO, Jan. 08, 2021 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON or “Montero”) provides the following update on arbitration activities
About this update from Montero Mining And Exploration Ltd.
[{"type":"text","content":" TORONTO, Jan. 08, 2021 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON or “Montero”) provides the following update on arbitration activities related to the expropriation of the Wigu Hill rare earth element Project (the “Project”) by the Government of Tanzania. Montero is pleased to advise that it has completed a Litigation Funding Agreement (the “Agreement”) with Omni Bridgeway Canada Limited (“Omni Bridgeway”) an affiliate of the Litigation Funder. The Agreement provides for funds to be drawn from a financing facility to meet all fees and expenses relating to the pursuit of certain claims against the Government of Tanzania for the illegal expropriation and loss of the Project, including all costs associated with legal proceedings and, if necessary, enforcement, of any awards. Montero has retained Mr Thierry Lauriol and his team at Jeantet AARPI (“Jeantet”) as highly experienced legal counsel in international arbitration with a track record of success for its clients in Africa. Dr Tony Harwood, President of Montero, commented, “Montero’s legal representatives, Jeantet, backed by the financial support of the Litigation Funder Omni Bridgeway, have been engaged to aggressively pursue compensation for the illegal activities of the Government of Tanzania in expropriating the Wigu Hill rare earth element Project.” Montero is not able to make any comment in relation to the potential quantum of any claim for compensation at this point. As a background Montero on January 17th, 2020 has delivered a Notice of Intent to Submit a Claim to Arbitration (“Notice of Intent”) to the Attorney General of Tanzania in accordance with the 2013 Agreement for the Promotion and Reciprocal Protection of Investments in the Bilateral Investment Treaty (“BIT”) between Canada and the United Republic of Tanzania. The dispute arises out of certain acts and omissions of the United Republic of Tanzania in breach of the BIT and international law, relating to Montero’s investment in the Wigu Hill rare earth element project (“Wigu Hill”) located in Tanzania. Montero commenced exploration activities on the Wigu Hill project in March 2008 when it was held under Prospecting License. Montero subsequently, on advice from the Mining Commissioner, applied for a Retention License in 2014 and this was granted in 2015 and was valid for a period...