Pathfinder Minerals (LON:PFP) updated the markets on Wednesday on its progress recovering its license concessions in Mozambique.
Pathfinder said it is awaiting a decision by the Mozambique High Court on whether Pathfinder is the valid owner of the mining licences in the region, as ruled by the English High Courts back in 2012.
Whilst the company said it remained “confident” of progress given court precedents, Pathfinder Minerals continue to explore alternatives.
According the the update, the company stated:
“The Company’s regional representative is leading discussions on the Company’s behalf with the two principal parties to a would-be resolution: the Mozambique Government and Jacinto Veloso (the Company’s former local partner into whose control the Licences were transferred).”
The statement continued:
“While the content of such discussions is sensitive, Pathfinder is pleased to report that it is currently preparing with its legal counsel the framework of an agreement with Jacinto Veloso that would, if successful, result in the restoration of the Licences to Pathfinder’s control.”
Pathfinder Minerals Plc is a natural resources company listed on the AIM market of the London Stock Exchange and based in London.
Back in February 2012, it was announced that ownership of its licences across the Indian Ocean coast of the Zambezia province of Mozambique, are being disputed.
Back in June, the company revealed in its annual results that it continued to make progress in its efforts to recover its assets.
Specifically, a total of approximately £700,000 was raised through the issue of new shares to investors in 2016 and earlier this year. In addition, the company revealed that a further £161,000 was raised through sale of all shares previously owned by Pathfinder’s former local partners.
As a consequence of the latest trading update, shares in the company ticked up on Wednesday morning. As of currently, shares in Pathfinder Minerals are up 20.23 percent as of 13.03PM (GMT).