NewsFlash / Rare Earth / Montero Mining Receives Final $7M Payment from Tanzania in Wigu Hill Dispute Settlement
Montero Mining Receives Final $7M Payment from Tanzania in Wigu Hill Dispute Settlement
iconMar 7, 2025 13:49
Source:SMM
Montero Mining and Exploration Company has confirmed receiving the final $7 million from the United Republic of Tanzania. This payment is part of a $27 million settlement reached between the company and the Tanzanian government over the dispute concerning the Wigu Hill rare earth project. The dispute primarily revolved around the validity of Montero's retention license for the Wigu Hill project. This license was revoked in 2018 under the new mining law, which no longer recognized the "retention license" category. Montero began exploration of the area under an exploration license as early as 2008 and was granted a retention license in 2015.

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