30th Jun 2020 15:24
Pathfinder Minerals PLC - Mozambique-focused natural resources explorer - Posts pretax loss of GBP652,000 for 2019, widened from a GBP645,000 loss the year before and due entirely to administrative expenses. The company said it moved closer to regaining an interest in mining concession number 4623C in Mozambique during 2019, and reached agreement on a proposal with Jacinto Veloso, who owns a 50% interest along with his family interests. However, post year-end, Pathfinder found out that the Mozambique Supreme Court had rejected its application to have an English High Court decision on the licence recognised. "While disappointing in the context of a legal strategy to regain an interest in the licence, a negotiated outcome was, and continues to be, the focus of all parties, including the Veloso family, which appears to remain committed to working towards a commercial resolution that avoids further protracted delays from legal proceedings," said Pathfinder Chair Henry Bellingham.
Current stock price: 0.48 pence
Year-to-date change: down 58%
By Anna Farley; [email protected]
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