Pathfinder Minerals Plc Update on Mozambique Court Proceedings (1197U)
October 19 2017 - 10:15AM
UK Regulatory
TIDMPFP
RNS Number : 1197U
Pathfinder Minerals Plc
19 October 2017
19 October 2017
Pathfinder Minerals Plc
("Pathfinder" or the "Company")
Update on Mozambique Court Proceedings
Further to the Company's update of 29 September 2015 (the
"September Update"), the Company has been notified that the Supreme
Court of Mozambique has dismissed its 'harmonisation of laws'
appeal, as referred to in the September Update, on procedural
grounds. As indicated in the September Update, a successful appeal
would not have affected the underlying decision of the Mozambique
Supreme Court not to recognise certain costs judgments obtained
from the English courts in any event. The Company's application for
recognition of the English court's substantive decision in respect
of the agreements by which Pathfinder acquired its shares in CMDN
(the "Substantive English Judgment"), together with additional
costs orders, remains to be determined. The Company is advised that
the Supreme Court is not bound to follow its previous decisions,
although it would not be appropriate to speculate on the likely
outcome of the application for recognition of the Substantive
English Judgment, nor is it known when that application will be
determined by the Mozambique Supreme Court.
Alternative steps to achieving a resolution
As announced in Pathfinder's Half-year Report on 28 September
2017, the Company is striving to enhance the prospect of an
alternative resolution that does not rely on the courts.
As announced on 20 September 2017, the Company's regional
representative in Mozambique is leading discussions on the
Company's behalf with the two principal parties to a would-be
resolution: the Mozambique Government and Jacinto Veloso. While the
content of such discussions is sensitive, Pathfinder confirms that
it has presented the framework of an agreement with Jacinto Veloso
that would, if successful, result in the restoration of the
licensed areas to Pathfinder's control.
The terms attached to a potential resolution remain fluid and
there is no certainty of a successful outcome to these discussions.
As Pathfinder is able to control only its role in these
discussions, the Company has no visibility over the timing of which
a resolution may be achieved. The Board is, however, encouraged by
the progress being made towards an alternative resolution and is
optimistic that one can be concluded.
Any material updates will be reported through the regulatory
news service.
Enquiries:
Pathfinder Minerals Plc
Nick Trew, Chief Executive
Tel. +44 (0)20 3440 7775
WH Ireland Limited (Nomad and Joint Corporate Broker)
Paul Shackleton or James Bavister
Tel. +44 (0)20 7220 1666
Beaufort Securities Limited (Joint Corporate Broker)
Jon Belliss or Elliot Hance
Tel. +44 (0)20 7382 8300
Vigo Communications (Public Relations)
Ben Simons or Ali Roper
Tel. +44 (0)20 7830 9700
Email. pathfinderminerals@vigocomms.com
Notes to Editors:
Pathfinder Minerals Plc is incorporated in England and is
admitted to trading on the AIM market of the London Stock
Exchange.
CMdN, a subsidiary of Pathfinder, was issued mining concession
licences 760C and 4623C on 13 September 2004 and 13 July 2011
respectively, each for a period of twenty-five years. Taken
together, these mining concessions cover approximately 32,000
hectares of land on the Indian Ocean coast of the Zambezia province
of Mozambique, known to contain the heavy minerals, ilmenite,
rutile and zircon.
As announced on 3 February 2012, ownership of these licences is
being disputed.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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