29th Sep 2015 12:26
LONDON (Alliance News) - Pathfinder Minerals PLC on Tuesday said no progress was made in the first half of the year on its push to recover its assets in Mozambique as its pretax loss widened slightly.
Pathfinder is pursuing legal action in both England and Mozambique to try to get back assets it says were seized by former Mozambique State Security Minister General Veloso. The assets are the company's only producing assets.
Earlier this month, Pathfinder said it had been refused permission to appeal against the Mozambique Supreme Court's rejection of a ruling made in England which was set to see General Veloso, and his associates, pay the company's legal costs from an ongoing court case.
The company said it will continue to make every effort to recover its assets, but said it would be inappropriate to speculate on the outcome of its appeals.
Pathfinder, which makes no revenue, said its pretax loss for the half to the end of June was GBP695,000, compared to GBP606,000 a year earlier.
Shares in the company were down 19% to 1.12 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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