Recovery of Costs Awards

RNS Number : 8404G

Pathfinder Minerals Plc

30 November 2020

 

30 November 2020

Pathfinder Minerals Plc

("Pathfinder" or the "Company")

Recovery of Costs Awards

Pathfinder announces that the Company has appointed Hausfeld, an international law firm, to identify and source an asset recovery specialist to assume the outstanding costs awards against the Company's former local partners in Mozambique. The costs were awarded to Pathfinder following the successful English High Court proceedings in 2012 which established the validity and effect of the agreements by which Pathfinder (through its UK subsidiary) acquired 99.99% of the shares of Companhia Mineira de Naburi S.A.R.L.  (the Mozambique company which held the Naburi (760C) and Moebase (4623C) mining concession licences).

Subject to Hausfeld identifying a suitable recovery specialist, Pathfinder will, subject to any AIM Rule requirements, assign the rights to the costs awards and receive a cash payment, to be finally agreed, in exchange. Hausfeld is working on a predominantly success fee-based arrangement.

Hausfeld offers a balanced low risk approach to realising value from the costs awards for Pathfinder. In addition, the firm has forward-thinking in-house expertise dealing with complex litigation and has collectively recovered or obtained judgments amounting to billions of dollars for its clients through such forums as the ICSID (International Centre for Settlement of Investment Disputes). The Republic of Mozambique consents in the Mozambique - United Kingdom Bilateral Investment Treaty (2004) to use the ICSID forum for the settlement or arbitration of disputes.

Peter Taylor, Chief Executive Officer of Pathfinder, commented:

"This is an appropriate juncture at which to attempt to recover value from these costs awards and the Company is pleased to have appointed Hausfeld in this regard. The Company's main focus remains to recover the mining licences through diplomatic channels with the Government of Mozambique or, should this prove unsuccessful, through international arbitration with the Government of Mozambique."

Enquiries: 

Pathfinder Minerals Plc

Peter Taylor, Chief Executive Officer

Tel. +44 [phone]

Strand Hanson Limited (Nominated & Financial Adviser and Broker)

James Spinney / Ritchie Balmer / Jack Botros

Tel. [phone]

Vigo Communications (Public Relations)

Ben Simons / Simon Woods

Tel. [phone]

Email. [e-mail]

Novum Securities Limited (Broker)

Colin Rowbury / Jon Belliss

Tel. [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

 

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