Companhia
Mineira de Naburi (“CMdN”)
Response
to Pathfinder Minerals plc announcement re UK Court Proceedings
The Board of Pathfinder Minerals plc (“Pathfinder Minerals”) has today
announced that the company has obtained a judgement from the High Court in the
UK supporting its claim to own the shares of Companhia Mineira de Naburi
(“CMdN”). see http://otp.investis.com/generic/regulatory-story.aspx?cid=195&newsid=278231
1. Pathfinder
Minerals is in criminal breach of
Mozambique law in obtaining this judgement in UK.
2. On 15 April 2012
CMdN obtained an injunction in the Maputo Court preventing Pathfinder Minerals
from continuing UK legal proceedings until a judgement had been made by the
court in Maputo. The Directors of
Pathfinder Minerals have chosen to ignore the decision of the Mozambique court.
3. The owners of
CMdN walked away from the proceedings in the UK and decided not to defend them
because:
a.
they have received legal advice that the only
appropriate jurisdiction to hear a case concerning Mozambique law and
Mozambique assets owned by Mozambique nationals is the court in Mozambique
b. they obtained an
injunction to this effect in Mozambique which remains in place
c.
the UK proceedings therefore serve no useful purpose
4. Pathfinder
Minerals has obtained a “default judgement” i.e their case was not defended by
CMdN. To have any use this judgement must be enforced in Mozambique.
5. On 5 July 2012
the owners of CMdN filed their case in the court in Maputo asserting their
rights of ownership of CMdN.
The owners would like to reiterate that contrary to the findings of the
UK Court and the claims of Pathfinder Minerals and their Directors:
1.
Pathfinder Minerals’ subsidiary IM Minerals has never
exercised its option to acquire the shares of CMdN and did not and has not paid
the outstanding purchase price of $9.9m.
This crucial issue does not
appear to have been considered by the Judge.
2.
Nick Trew, Gordon Dickie, Tim Baldwin and John
McKeon have only ever paid $100,000 to acquire an option over CMdN shares despite agreeing to pay $10m for the shares
of CMdN, in 2005.
3.
Pathfinder Minerals and IM Minerals are in breach of
contract in respect of their obligations under the Memorandum of Understanding
signed in November 2005 between the parties and thus their contract has been
legally cancelled by CMdN.
The owners are confident that while it is likely to take several years
for this case to be finally resolved, they will be successful in defending
their rights of ownership under Mozambique law.
They are grateful to the UK Government for confirming to them that they
agree this dispute should be resolved through appropriate processes and
procedures.
General Jacinto Soares Veloso
Diogo Henriques Cavaco
Maputo - 19 October 2012
