Court document accepting the appeal

In response to appeals for clarification from small shareholders who have not received all the relevant information from Pathfinder Minerals plc, here is the court document accepting the appeal.

Pathfinder now technically insolvent?

15 July 2015

Companhia Mineira de Naburi (“CMdN”)

 HMRC claims £1.1m from Pathfinder Minerals plc (“Pathfinder”)

The Owners of CMdN, General Veloso and Diogo Cavaco, have noted the discussion on the LSE Blog disclosing the recent claim from HMRC to recover over £1.1m of VAT from Pathfinder. 

Quite extraordinarily Pathfinder seems to have actively chosen not to make a separate RNS announcement in April 2015 when it first received a claim from HMRC for repayment of  £1.1m. 

Pathfinder Minerals out of cash by March 2016

2 July 2015

Companhia Mineira de Naburi (“CMdN”)

Pathfinder Minerals plc (“Pathfinder”) Announcement of Final Results for 2015

The Owners of CMdN, General Veloso and Diogo Cavaco, have noted the announcement of Final Results for 2014 by Pathfinder.  Again it is a mishmash of half-truths, innuendo and worse.

Cash burn and funding requirements

Response to updated “Tearsheet” issued by Pathfinder Minerals plc

The owners of CMdN, General Veloso and Diogo Cavaco (“Owners”) note the updated “Tearsheet” issued by Pathfinder.  This so-called Tearsheet is nothing more than a bizarre and misleading concoction of half-truths and calumnies presenting a wholly inaccurate picture of the state of affairs of the dispute between the Owners and Pathfinder.

Mozambique Supreme Court rejects Pathfinder Minerals' claim

(1)  Mozambique Supreme Court unanimously rejects Pathfinder Minerals claims

The Owners of CMdN, General Veloso and Diogo Cavaco are pleased that the Mozambique Supreme Court has unanimously rejected Pathfinder Minerals’ claim for costs related to the UK proceedings (the so-called “First Claim”) on the grounds that the English contracts breached articles 99 and 100 of the Civil Procedure Code of Mozambique and therefore the UK court did not have jurisdiction over this matter. 

The effect of this judgment is that the so-called “Second Claim” for additional costs of £1m and enforcement of the UK judgment will also be rejected.

Response to Pathfinder Minerals plc's update re Mozambique Court Proceedings

16 December 2014

The Owners of Companhia Mineira de Naburi, General Veloso and Diogo Cavaco, have noted the announcement by Pathfinder called “Update re Mozambique Court Proceedings”.  This is the usual concoction of half-truths and misinformation which Nick Trew continues to issue on behalf of Pathfinder to the public markets. He grows increasingly desperate to convince shareholders to support him in his futile attempt to claim ownership of an asset for which he and the other Promoters of Pathfinder, John McKeon, Gordon Dickie and Tim Baldwin never paid.

What the judgement actually decided

Response to Pathfinder Minerals plc Half Yearly Report

30 September 2014

The Owners of CMdN, General Veloso and Diogo Cavaco, have noted the statements by Henry Bellingham, the Chairman of Pathfinder in the recent half yearly report of Pathfinder.  It is disappointing that Mr Bellingham, a former Minister of the British Crown, has chosen to issue an incomplete and therefore misleading statement to the market despite having recently been made aware of the full facts of the dispute.

Legal proceedings in Mozambique

Response to Pathfinder Minerals Final Results for 2013

1 July 2014

The Owners of CMdN, General Veloso and Diogo Cavaco, note the publication of the final results of Pathfinder Minerals plc for the year ended December 2013.

The purpose of this announcement is to clarify to investors in Pathfinder Minerals the true state of affairs.

Legal Proceedings in Mozambique

Response to Pathfinder Minerals “Tearsheet” – Summary of the dispute

15 January 2014 

Companhia Mineira de Naburi (“CMdN”)

The Owners of CMdN, General Veloso and Diogo Cavaco, have noted the appearance of a so-called “Tearsheet” on the website of Pathfinder Minerals plc (“Pathfinder Minerals”) following the judgement in favour of the Owners in the Mozambique courts on 21 October 2013 by Judge Arnaldo Rui Siquela. This Tearsheet claims to set out the “background to the dispute” from the perspective of the Directors and Promoters of Pathfinder Minerals (John McKeon, Nick Trew, Gordon Dickie, Tim Baldwin and James Normand). 

It is unclear why this Tearsheet was not made public by way of a formal RNS announcement.  In any case, this Tearsheet is inaccurate, misleading and defamatory.

Set out below is a detailed response to the points raised by the Promoters.

Further victory for General Veloso in the Mozambique Courts

13 November 2013

Companhia Mineira de Naburi (“CMdN”)

Injunction obtained by General Veloso in April 2012 is reinstated in full

The owners of CMdN, General Veloso and Diogo Cavaco, are pleased to announce that they have been informed today by the Judicial Tribunal of the City of Maputo that their Injunction, originally obtained in April 2012, has been reinstated in full.

This means that:

1)    The UK judgement obtained by Pathfinder Minerals on 19 October 2012 was obtained in criminal breach of the laws of Mozambique

Victory for General Veloso in Mozambique Courts

6 November 2013

Companhia Mineira de Naburi (“CMdN”)

Victory for General Veloso in the Mozambique Courts 

General Veloso and Diogo Cavaco confirmed as the owners of CMdN 

The owners of CMdN, General Veloso and Diogo Cavaco, are pleased to announce that a judgement has been reached in respect of their challenge of the EGM of CMdN invalidly called by Nick Trew and Gordon Dickie on behalf of IM Minerals Limited, a subsidiary of Pathfinder Minerals plc (“Pathfinder Minerals”).

Injunction clarification

24 October 2013

Companhia Mineira de Naburi (“CMdN”)

Announcement by Pathfinder Minerals plc re Mozambique Court Order

The owners of CMdN, General Veloso and Diogo Cavaco, note the recent announcement by Pathfinder Minerals plc (“Pathfinder Minerals”) regarding the Interdict obtained by CMdN preventing IM Minerals from taking action in the English courts until the case is heard in Mozambique.

These announcements by Pathfinder Minerals are becoming increasingly desperate as

Confirmation from Mozambique

15 October 2013

Companhia Mineira de Naburi (“CMdN”)

Confirmation of  licence 4623c in the name of Pathfinder Mocambique SA

The owners of CMdN, General Veloso and Diogo Cavaco, note the recent announcement by the Mozambique Ministry of Mineral Resources of the publication of its new EITI Compliant Mining Cadastre Portal.

The introduction to the Portal states:

Comments on Pathfinder's cash position

23 August 2013

Companhia Mineira de Naburi (“CMdN”)

Pathfinder Minerals’ Interim Results for 2013

The owners of CMdN, General Veloso and Diogo Cavaco, note the announcement of Pathfinder Minerals’ interim results for 2013. 

Pathfinder Minerals’ financial position

According to Pathfinder Minerals’ announcement it had cash of £2.1m at the end of June 2013  (compared to the £11m raised in June 2011 and £3.8m at the end of 2012).  This implies a cash burn of approximately £280,000 per month

Response to Pathfinder's results statement

Companhia Mineira de Naburi (“CMdN”)

Pathfinder Minerals Final Results for 2012

The owners of CMdN, General Veloso and Diogo Cavaco, note the announcement of Pathfinder Minerals’ final results for 2012.  As usual Pathfinder Minerals has failed to provide its shareholders with the full picture.