Pathfinder Minerals Plc Company Update (2236R)
September 20 2017 - 2:00AM
UK Regulatory
TIDMPFP
RNS Number : 2236R
Pathfinder Minerals Plc
20 September 2017
Embargoed: 0700hrs 20 September 2017
Pathfinder Minerals Plc
("Pathfinder" or the "Company")
Company Update
Pathfinder announces the following update on the process to
recover the areas previously licensed to the Company in Mozambique
under mining concessions 760C and 4623C (the "Licences").
Legal proceedings in Mozambique
As previously announced, Pathfinder continues to await
information from the Mozambique Courts on pending judgments. In
particular, Pathfinder is awaiting a decision from the Supreme
Court, principally on whether it will recognise the English High
Court's 2012 ruling that Pathfinder is the valid owner of Companhia
Mineira de Naburi S.A.R.L. (the entity from which the Licences were
appropriated). Pathfinder is confident it will be successful in
this recognition application based upon relevant precedent.
However, the Company has no visibility over the timing of which
Mozambique court decisions will be forthcoming.
Alternative steps to achieving a resolution
Also as previously announced, Pathfinder continues to seek an
alternative resolution which does not rely on the courts. The
Company is pleased to report encouraging progress on this strategy.
The Company's regional representative is leading discussions on the
Company's behalf with the two principal parties to a would-be
resolution: the Mozambique Government and Jacinto Veloso (the
Company's former local partner into whose control the Licences were
transferred).
While the content of such discussions is sensitive, Pathfinder
is pleased to report that it is currently preparing with its legal
counsel the framework of an agreement with Jacinto Veloso that
would, if successful, result in the restoration of the Licences to
Pathfinder's control.
The terms attached to such discussions remain fluid and there is
no certainty of a successful outcome. As Pathfinder is able to
control only its role in such 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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