Pathfinder Minerals Plc Withdrawal of VAT Claim by HMRC (3408J)
December 17 2015 - 2:00AM
UK Regulatory
TIDMPFP
RNS Number : 3408J
Pathfinder Minerals Plc
17 December 2015
Embargoed: 0700hrs 17 December 2015
Pathfinder Minerals Plc
("Pathfinder" or "the Company")
Withdrawal of VAT Claim by HMRC
Pathfinder is pleased to announce that yesterday it was advised
by HMRC that:
-- HMRC has rescinded its decision to cancel the Company's VAT
registration and to demand the repayment of GBP1,071,891 of
refunded VAT, together with interest;
-- it has withdrawn its related assessment; and that
-- it will refund the Company's VAT repayment claims that had
been suspended since December 2014.
Although no provision for the claim was made in the Company's
financial statements, it was noted in the Directors' Report and in
the Contingent Liability note in the 2014 Annual Report and again
as a Contingent Liability in the 2015 Interim Report.
The Board of Pathfinder is pleased that its continuing efforts
to recover its expropriated mining licences will no longer be
overshadowed by a contingent liability of such magnitude.
Enquiries:
Pathfinder Minerals Plc
Nick Trew, Chief Executive
Tel. +44 (0)20 3440 7775
WH Ireland Limited (Nomad and Broker)
Paul Shackleton or Mark Leonard
Tel. +44 (0)20 7220 1666
Vigo Communications
Ben Simons or Ali Roper
Tel. +44 (0)20 7016 9595
Email. pathfinderminerals@vigocomms.com
Notes to Editors:
Pathfinder Minerals Plc is incorporated in England & Wales
and is admitted to trading on the AIM market of the London Stock
Exchange.
Companhia Mineira de Naburi S.A.R.L., a subsidiary of Pathfinder
Minerals, 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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