MoZ - Failed and Facilitated licence Transfer?19 Apr 2021 12:01
If MoZ government allow this to be taken to ICSID, they are going to be wholly embarrassed - not only did they allow this but also facilitated it. It’s been through the courts and UK courts have throughly reviewed the case and have wronged the General. So, better safe face now otherwise they will need to say goodbye to good chunk of future investment in the country by reputable foreign companies.
Accordingly, Pathfinder's solicitors have now written to Mozambique's Minister of Mineral Resources and Energy making it clear that, in the event that Pathfinder refers the matter to the International Centre for Settlement of Investment Disputes ("ICSID") under the Treaty, the ICSID tribunal would have the power to order the return of Mining Title 4623C to Pathfinder's control or to order payment of damages by the Government of Mozambique to compensate Pathfinder for its loss. Pathfinder estimates its losses in connection with the diversion of the licensed areas, including lost profits, to be in excess of US$ 621.3 million. Shareholders should be aware that there is no guarantee that this, or any, amount will be recovered, should the Company refer the matter to the ICSID.