LONDON (Alliance News) - Pathfinder Minerals PLC Tuesday said that Henry Bellingham MP has joined the company as a non-executive chairman with immediate effect.
The minerals development company has effectively been in limbo awaiting legal proceedings to get back assets it says were seized illegally by the board member of its subsidiary IM Minerals Ltd, General Veloso.
The company said Bellingham has experience of conflict resolution and has held non-executive roles boards in other AIM companies, including White Knight Investments PLC which in due course became Pan African Resources PLC.
Bellingham was, between May 2010 and September 2012, Under Secretary of State at the Foreign and Commonwealth Office with ministerial responsibility for Africa, the United Nations, Overseas Territories, economic issues, conflict resolution and climate change.
"As the former Minister for Africa, I am acutely aware of Mozambique's will to work with international companies to develop responsibly the vast natural resource capacity of the country," Henry Bellingham said in a statement.
In November, the company said that the Judicial Court of the City of Maputo had ruled that resolutions made in January 2013 by its subsidiary IM Minerals Ltd to remove former Mozambique state security minister General Veloso, his daughter and Diogo Cavaco from the board of its subsidiary Companhia Mineria de Nabura were void.
The English High Court has already ruled that Pathfinder is the rightful owner of its shares in Mozambique subsidiary Companhia Mineira de Naburi, a key point in the recovery of Pathfinder's assets, and the company is now trying to get the Supreme Court in Mozambique to formally recognize the English court ruling.
In October a court in Mozambique found that the attempt by the former minister of state security to block the company taking legal action in England had been ruled as void.
The company said in November that it is partaking in other proceedings in the Maputo courts over the validity of its shareholding, and is still awaiting judgements.
"I share my fellow directors' aim to restore control to Pathfinder of the heavy mineral sand deposits in Zambezia Province acquired by Pathfinder in 2011; and to develop them for the benefit of Mozambique and of Pathfinder's shareholders," Bellingham added.
Pathfinder Minerals shares were up 14.7% to 0.545 pence, putting it in the top five AIM movers Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Pathfinder Minerals (PFP)