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LONDON (Alliance News) - Pathfinder Minerals PLC Monday said its pretax loss in the first half narrowed as the group brought its costs down in the period.
Pathfinder said its pretax loss for the six month to June 30 was GBP606,000 against a GBP1.7 million loss last year. The loss came down in line with the reduction in costs for the group year-on-year in the half, down to GBP614,000 from GBP1.7 million last year. The company generates no revenue.
The group said its focus for the remainder of the year will be to try to achieve a resolution regarding its ongoing legal dispute in Mozambique. The company is awaiting the Mozambique Supreme Court to deliver a judgement on whether it will recognise and enforce a ruling in England that it validly acquired its Mozambique licence-holding subsidiary.
The English ruling that subsidiary IM Minerals Ltd validly acquired its 99.99% stake in Companhia Mineira de Naburi SARL provides the basis for Pathfinder's application to have the English judgements recognised in, and enforced by, the Mozambique Supreme Court and/or to seek compensation for the loss of value.
Pathfinder shares were untraded on Monday, quoted at 0.3 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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