Last checked at 14 Nov 2013 08:00
For immediate release: 14 November 2013
Pathfinder Minerals Plc
("Pathfinder" or the "Company")
Update Re. Mozambique Interdict
On 22 October 2013 Pathfinder announced the receipt of an order (the "Order") from the First Commercial Section of the Judicial Court of the City of Maputo declaring that the interdict obtained by General Veloso and Diogo Cavaco (the "Interdict") (by which they sought to prevent the Company's wholly owned subsidiary IM Minerals Limited from taking action in the English courts in respect of the agreements by which it acquired its 99.99% shareholding in CMDN) was void on the basis that they had failed to file the main claim on which the Interdict was dependent within the prescribed time period.
Pathfinder has been informed through its legal advisers in Mozambique that General Veloso and Mr Cavaco have appealed against the Order. Pursuant to the applicable Mozambique civil procedure rules, the effect of the appeal is to suspend the effect of the Order being appealed.
Pathfinder is advised that the appeal against the Order will be considered as part of General Veloso and Mr Cavaco's appeal (already pending before the Mozambique Appeal Court) against the judgment (notified to the Company in November 2012) which revoked the Interdict itself and which confirmed that it did not apply to the English proceedings. In any event, as pointed out in previous announcements, the Interdict does not apply to Pathfinder itself, since it is not a party to the Interdict proceedings. Judgment in this appeal is still awaited.
Nick Trew, Chief Executive Officer, said: "I have been informed that General Veloso and Mr Cavaco have been grossly overstating the outcome of their actions in Mozambique: all they have in fact done is to appeal against the Order - the standard effect of which is to suspend the effect of the Order being appealed. Pathfinder continues to take all appropriate legal steps to enforce the Company's rights and recover its assets."
Enquiries:
Pathfinder Minerals Plc
Nick Trew, Chief Executive
Tel. +44 (0)20 7464 8413
Daniel Stewart & Company Plc
David Hart or James Thomas
Tel: +44 (0)20 7776 6550
Vigo Communications
Ben Simons or Peter Reilly
Tel: +44 (0)20 7016 9574
Notes to Editors:
Pathfinder Minerals Plc is incorporated in England & Wales and is admitted to trading on the AIM market of the London Stock Exchange.
Companhia Mineira de Naburi S.A.R.L. ("CMDN"), a subsidiary of Pathfinder Minerals, 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.
As announced on 3 February 2012, ownership of these licences is being disputed.