11:46 AM EST, 03/04/2025 (MT Newswires) -- Montero Mining and Exploration ( MXTRF ) , down 5.8% on last look, on Tuesday confirmed it received US$7 million in cash from the Tanzanian government, the final instalment of the US$27-million settlement between Montero and Tanzania over Tanzania's expropriation of Montero's Wigu Hill rare earth element project.

The final net proceeds will be determined after Montero settles legal costs and other expenses.

Montero is considering all options regarding the distribution of the settlement proceeds, including but not limited to a return of capital distribution to shareholders.

The company's shares were last seen down $0.02 to $0.33 on the TSX Venture Exchange.

Price: 0.33, Change: -0.02, Percent Change: -5.71