27th May 2020 16:59
(Alliance News) - Pathfinder Minerals PLC on Wednesday was dealt a blow in its bid to regain an interest in the 4623C mining concession in Mozambique.
Pathfinder shares closed 15% lower at 0.66 pence each on Wednesday in London.
The natural resources firm said the Mozambique Supreme Court rejected the company's application to recognise an English High Court judgement, which backed Pathfinder Minerals claim for the mining concession.
Pathfinder Minerals added it was waiting for a translation of the court verdict, before potentially launching an appeal.
Chief Executive Officer Dennis Edmonds said: "While the Mozambique Supreme Court's decision is disappointing, it is consistent with its previous decision and has never been regarded by the new board as pivotal to the strategy followed within the last twelve months to restore an interest in the disputed licence.
"We will investigate the possibility of an appeal as a matter of course but a negotiated outcome continues to be the focus of all parties."
By Eric Cunha; [email protected]
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