Montero welcomes Indiana’s Tanzania compensation claim victory
Canada-based Montero Mining and Exploration has welcomed the news that Australia-based Indiana Resources had won its compensation claim against the government of Tanzania over the seizure of a nickel mine.
Montero has an arbitration case under way against the Tanzania government for the expropriation of its Wigu Hill rare earth element project.
Earlier this week, Indiana announced it had been awarded $109.5-million in its International Centre for Settlement of Investments Disputes (ICSID) arbitration case. Indiana’s arbitration proceedings were concluded in early February.
CEO Tony Harwood said he was pleased that the ICSID tribunal, in the case of Indiana versus Tanzania, had recognised the damage done to Indiana’s shareholders, investors and companies after Tanzania unlawfully expropriated retention licences.
“Value is created by exploration and development using investor funds and professional expertise that companies (Montero) legitimately brought to Tanzania. Montero is seeking to recover its investment and damages due to the loss of its Wigu Hill retention licences,” he said.
Montero seeks compensation of C$90-million for the loss of its investment in Tanzania (including interest which continues to accrue). Montero is also seeking reimbursement of its arbitration costs and fees by Tanzania.
The damages claimed are for the unlawful expropriation of Montero’s investment in Tanzania which is in breach of the BIT between Canada and Tanzania.
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