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.”
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.
