Pathfinder Minerals (PFP)

Sector:

Mining

 0.28p
   
  • Change Today:
      0.000p
  • 52 Week High: 0.75
  • 52 Week Low: 0.27
  • Currency: UK Pounds
  • Shares Issued: 1,057.49m
  • Volume: 0
  • Market Cap: £2.91m
  • RiskGrade: 442

Pathfinder Minerals shares drop amid Mozambique legal battle

By Duncan Ferris

Date: Wednesday 21 Feb 2018

LONDON (ShareCast) - (ShareCast News) - Pathfinder Minerals provided an update on Wednesday on its battle to recover control of areas in Mozambique that were previously licenced to it.
The licences are currently held by Pathfinder's former partner and former Mozambique government minister, General Jacinto Veloso, who gained them after they were appropriated from a subsidiary company in 2011.

In 2012 the English High Court ruled against Veloso and others concluding that Pathfinder had validly acquired its shares in the licence holding subsidiary and the company is now pursuing a dual track process to recover the licences through recognition of the judgement by the Mozambique Supreme Court of Judgement, or through a negotiated statement with Veloso.

Pathfinder said its board had been advised that the prospects for recognition of the judgement in Mozambique are high.

Nick Trew, chief executive of Pathfinder, said: "While there have been twists and turns, we are optimistic that, subject to the fulfilment of certain criteria, a negotiated settlement is achievable. We should be mindful nonetheless that, absent a negotiated settlement, the company believes the declaratory judgment from the English High Court in its favour will eventually be recognised in Mozambique."

The 25 year licences cover a 32,000 hectare area of land on the Indian Ocean coast of the Zambezia province, which is rich in heavy minerals such as ilmenite, used to make paint, rubber and zircon.

As of 1542 GMT, Pathfinder Minerals' shares were down 14.17% at 1.03p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

PFP Market Data

Currency UK Pounds
Share Price 0.28p
Change Today 0.000p
% Change 0.00 %
52 Week High 0.75
52 Week Low 0.27
Volume 0
Shares Issued 1,057.49m
Market Cap £2.91m
RiskGrade 442

PFP Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
19.44% below the market average19.44% below the market average19.44% below the market average19.44% below the market average19.44% below the market average
8.40% above the sector average8.40% above the sector average8.40% above the sector average8.40% above the sector average8.40% above the sector average
Value
19.44% below the market average19.44% below the market average19.44% below the market average19.44% below the market average19.44% below the market average
8.40% above the sector average8.40% above the sector average8.40% above the sector average8.40% above the sector average8.40% above the sector average
Income Not Available
Growth Not Available

PFP Dividends

No dividends found

Trades for --2024

Time Volume / Share Price
0 @ 0.000p

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