Montero Delivers Notice of Intent to Submit a Claim to Arbitration Under Canada-Tanzania Agreement for Reciprocal Protection of Investment - Press release - 17 January 2020
The Notice of Intent is necessary in order to preserve Montero's rights to initiate arbitration should a resolution with the Tanzanian government not be reached. The filing of the Notice of Intent initiates a six-month consultation period between the parties during which time they are to attempt to amicably settle the dispute. If no amicable settlement is reached in this period, then Montero may then initiate international arbitration proceedings in accordance with the BIT between Canada and the United Republic of Tanzania.
Montero confirms that it is taking all necessary actions to preserve its rights and to protect its investment in Tanzania, and has retained international arbitration counsel to advise. Montero's desire is to reach a mutually acceptable outcome.