Notice of Mozambique Court Order

RNS Number : 2290B

Pathfinder Minerals Plc

02 April 2013

 

Embargoed: 0700hrs 2 April 2013

Pathfinder Minerals Plc
("Pathfinder" or the "Company")

Notice of Mozambique Court Order

On 28 November 2012 Pathfinder announced it had received a judgment from the Maputo Court (the "Maputo Judgment") which revoked an interdict (the "Interdict") previously obtained by General Veloso, his company JV Consultores Internacionais, Limitada and Diogo Cavaco (the "Defendants") against the Company's wholly owned subsidiary IM Minerals Limited ("IMM").  The Defendants had sought through the Interdict to prohibit IMM from taking action in the English courts under the agreements by which IMM validly acquired 99.99% of the issued shares in Mozambican subsidiary Companhia Mineira de Naburi S.A.R.L. (which action has since been upheld by the English High Court).  At a hearing on 3 May 2012 in Maputo, at which Pathfinder, through IMM, contested the Interdict, the judge confirmed that, at the time when she had first granted the interdict (at a hearing held without notice to IMM), she had not been made aware of the existence of the English proceedings which had been underway since December 2011; and that the Interdict therefore did not apply to those English proceedings. That position was confirmed by the Maputo Judgment which also revoked the Interdict in its entirety.

On 27 March 2013 Pathfinder received notification from the Maputo Court of the Defendants' appeal against the Maputo Judgment (the "Notification"). The Notification also indicated that the effect of the Defendants' appeal is to suspend the effect of the Maputo Judgment pending the outcome of the appeal or further order. Pathfinder understands that the decision to suspend the effect of the Maputo Judgment was made following an application by the Defendants without notice to or hearing from IMM. IMM believes there are good grounds for challenging the validity of the order suspending the effect of the Maputo Judgment. It will do so on an urgent basis and will also contest the Defendants' appeal.

The Company will provide further updates in due course.

Enquiries:

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone]

Daniel Stewart & Company Plc

David Hart or James Thomas

Tel: [phone]

M: Communications

Ben Simons or Maria Souvorov

Tel: [phone] /2327

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.  Ownership of these licences is being disputed, as announced on 3 February 2012. 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.

 

END

 

 

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