Pathfinder continues fight for Mozambique resource

• Autores: Kasia Patel
• Localización: Industrial Minerals, ISSN 0019-8544, Nº. 569, 2015 (Ejemplar dedicado a: Febrero)
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • At the time, [Jacinto Veloso] owned the remaining stake in CMDN as required by Mozambique law and attempted to restrict any further action by Pathfinder by convening a general meeting without Pathfinder's knowledge to dismiss its representatives on CMDN's board and to cancel Pathfinder's shares in order to reissue them to himself and his associates. Although the Maputo court ruled on 15 December 2014 that the resolutions at this general meeting were annulled, Veloso is now seeking to appeal that decision.

    Pathfinder has now received judgment from the Mozambique Supreme Court which has rejected the company's claim for recognition of the first English court costs orders. The Supreme Court upheld all of Pathfinder's arguments with one exception - that the jurisdiction clauses in question were not valid under Mozambique law.

    [Henry Bellingham] said in support of the project: "As the former Minister for Africa, I am acutely aware of Mozambique's will to work with international companies to develop responsibly the vast natural resource capacity of the country. I share my fellow directors' aim to restore control to Pathfinder of the heavy mineral sand deposits in Zambezia province acquired by Pathfinder in 2011; and to develop them for the benefit of Mozambique and of Pathfinder's shareholders."