Pathfinder Minerals Plc Update Re. Mozambique Supreme Court (7661Q)
June 08 2018 - 3:57AM
UK Regulatory
TIDMPFP
RNS Number : 7661Q
Pathfinder Minerals Plc
08 June 2018
8 June 2018
Pathfinder Minerals plc
("Pathfinder" or the "Company")
Update Re. Mozambique Supreme Court Application for Recognition
of the English Judgment
Pathfinder announces that, on 22 May 2018, the Supreme Court in
Mozambique notified the Company of its request for final written
submissions in relation to Pathfinder's application for recognition
of the English High Court ruling on 19 October 2012 (the "English
Judgment"), together with certain costs orders awarded in the
Company's favour in relation to the English proceedings. The
Company has duly complied and has lodged final written submissions
with the Supreme Court.
By way of background, the English Judgment ruled that Pathfinder
validly acquired its 99.99 per cent shareholding in Companhia
Mineira de Naburi S.A.R.L. ("CMdN"), the Mozambique entity to which
mining concession licences 760C and 4623C were registered; and that
all the agreements were governed by English law. On 2 August 2013,
Pathfinder lodged an application with the Supreme Court in
Mozambique for recognition of the English Judgment.
Nick Trew, Chief Executive, commented:
"While neither the timing nor the outcome of the Supreme Court
ruling can be predicted, Pathfinder is confident in its application
for recognition of this foreign judgment in Mozambique and is
encouraged by the request for final written submissions, which
provides reassurance that the wheels of justice are turning. Though
there can be no certainty of a favourable decision, the Board
believes that such a favourable decision would ultimately cause the
Ministry of Mineral Resources of Mozambique to restore control of
the areas previously licensed to CMDN to Pathfinder's control, and
enable the Company to resume development of the project."
Enquiries:
Pathfinder Minerals Plc
Nick Trew, Chief Executive
Tel. +44 (0)20 3440 7775
WH Ireland Limited (Nomad and Corporate Broker)
James Joyce or Jessica Cave
Tel. +44 (0)20 7220 1666
Vigo Communications (Public Relations)
Ben Simons or Kate Rogucheva
Tel. +44 (0)20 7390 0230
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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