Ethiopia – TSX-V listed rare earths developer Montero Mining and Exploration has chosen to decline from any further participation in the Moyale graphite project in Ethiopia after entering into a binding agreement on 25 August, 2014, with Ethiopia’s Hulager General Import and Export, to acquire up to an 80% interest in its wholly owned project.
The agreement provided Montero six months to complete legal and technical due diligence to its satisfaction and is also subject to regulatory approval.
Dr. Tony Harwood, President and CEO of Montero comments, “The Moyale graphite project is a property that merits exploration with good geological and metallurgical characteristics but did not meet our due diligence criteria. We continue to focus on our high quality REE and phosphate assets and advance these via strategic partners”.
Montero wishes Hulager success in its endeavour to develop Moyale.
Montero’s primary focus moving forward is its Wigu Hill rare earths project in Tanzania and its Phosco properties in South Africa.