The dispute relates to the validity of Montero’s renewed licence on the Wigu Hill project, which was cancelled in 2018 under a new mining code that did not recognize the “retention licence” classification. The company first began exploring the property in 2008 under a prospecting licence and was later granted the retention licence in 2015.
In late 2019, Tanzania’s mining commission announced a public invitation to tender for the joint development of areas previously covered by retention licences, including the area of the Wigu Hill. This essentially deemed the Wigu Hill project “valueless” to Montero.
The company said it has since made repeated attempts to work with Tanzanian government to reach an amicable settlement, while the discovery and development of the Wigu Hill project “has created significant value for Tanzania.”
“Acting in good faith, Montero made several attempts to settle the…
