Update on ICSID Arbitration against the Government of Tanzania for the Expropriation of the Wigu Hill project
Update on ICSID Arbitration against the Government of Tanzania for the
Expropriation of the Wigu Hill project
Toronto, Ontario – April 12, 2022 – Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the
“Company”) provides the following updat e on the arbitration proceedings against the United Republic of Tanzania
(“Tanzania”) over Tanzania’s expropriation of the Wigu Hill rare earth element project before International Centre
for Settlement of Investment Disputes’ (“ICSID”).
The arbitral tribunal is composed of Dr Achille Ngwanza, the President, Mr Eric Teynier, appointed by Montero and
Mr Cecil W. M. Abraham, appointed by Tanzania . It held its first session together with the Parties on 17th January
2022, on which procedural issues were discussed and agreed, including the timeline of the proceedings.
On 18 February 2022 the arbitral tribunal issued Procedural Order No 1 , with a definitive timetable. Montero will
file its Memorial on the merits of its c ase and the valuation of damages claimed in May 2022. The place of the
arbitration is Washington DC.
Montero has retained as legal counsel Mr Thierry Lauriol and his team at Jeantet AARPI and Dr Neal Rigby of SRK
Consulting (US) Inc. as quantum expert. Dr Rigby has acted in this capacity and as mining and valuation expert in
many international mining disputes that have been resolved through ICSID arbitrations . Montero obtained dispute
funding from Omni Bridgeway, a leading global dispute funder.
Montero’s Wigu Hill Rare E arth Element Retention Li cense was expropriated by the Tanzanian government in
2018. The Compa ny has expended significant out of pocket costs on exploration activit ies on the project since
March 2008 , and its exp loration and development of the projec t has created considerable valu e for Tanzania .
Montero initiated international arbitration proceedings on the 8 th January 2021 through ICSID in accordance with
the Bilateral Investment Treaty between Canada and the United Republic of Tanzania which protects inve stment
rights. The Company seeks compensation b ased on the damages it suffered from the Tanzanian government’s acts
and omissions.
Dr Tony Harwood, Presiden t and CEO of Montero says: “While we are pur suing this significant claim for damages
and compensation, the Company has divested from Tanzania to focus on the exploration and development in Chile,
a tier 1 mining investment destination.”
For further information, please see the Montero press release (NR119 dated 8th January 2021 and NR132 dated
29th November 2021) and the ICSID website.
(https://icsid.worldbank.org/services/arbitration/convention/process/overview).
Qualified Person's Statement
This press release was reviewed and a pproved 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).
About Montero
Montero is a junior exploration company focuse d on findi ng, explo ring, and advancing globally significant gold ,
silver and base metal deposits in Chile. Montero’s board of directors and m anagement 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 Officer
E-mail: [email protected]
Tel: +1 416 840 9197 | Fax: +1 866 688 4671
www.monteromining.com
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responsibility for the adequacy or accuracy of this release.
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