Pathfinder Minerals Plc Update re Bilateral Investment Treaty Claim (3963D)
29 Junio 2021 - 1:00AM
UK Regulatory
TIDMPFP
RNS Number : 3963D
Pathfinder Minerals Plc
29 June 2021
29 June 2021
Pathfinder Minerals Plc
("Pathfinder" or the "Company")
Update re Bilateral Investment Treaty Claim
Pathfinder announced on 11 December 2020 that the title holder
for mining concession 4623C (the "Licence"), as specified on the
Mozambique Mining Cadastre Portal, had changed to TZM Resources
S.A. ("TZM"). The Company subsequently announced on 21 May 2021
that Pathfinder's solicitors had notified TZM of the Company's
dispute regarding the ownership of the Licence.
Pathfinder announces that on 24 June 2021, the Company held a
virtual meeting with the Chairman of the Board of Directors of TZM.
The meeting was facilitated and attended by representatives from
the British High Commission in Mozambique, the UK Department for
International Trade, and the National Mining Institute of the
Mozambique Ministry of Mineral Resources and Energy.
The purpose of the meeting was to confirm to TZM that in the
absence of an acceptable resolution of the dispute with the
Government of Mozambique, Pathfinder intends to refer the matter to
the International Centre for Settlement of Investment Disputes
("ICSID") under the Mozambique - United Kingdom Bilateral
Investment Treaty (2004) (the "Treaty"). Accordingly, TZM could
lose the benefit of its investment to date in the Licence, together
with any further investment it may make in relation to the
Licence.
Pathfinder and TZM (together the "Parties") agreed that, whilst
the issue remains an Investor-State Dispute ("ISD") and is time
sensitive, the Parties will continue with the dialogue and explore
alternative solutions to resolve the ISD. Whilst tentative, these
alternatives include, but are not limited to, TZM retaining the
Licence and compensating Pathfinder for its loss.
The Company continues to prepare for a claim under the Treaty
and will provide further updates when appropriate.
Peter Taylor, Chief Executive Officer, commented:
"We believe the opportunity to resolve this matter and the
consequences of failing to do so are clear to the Government of
Mozambique and to TZM. Whilst we reserve our position with respect
to the Treaty claim, constructive dialogue with TZM is a positive
development and we will continue to engage with them."
Enquiries:
Pathfinder Minerals Plc
Peter Taylor, Chief Executive Officer
Tel. +44 (0)20 3143 6748
Strand Hanson Limited (Nominated & Financial Adviser and
Broker)
James Spinney / Ritchie Balmer / Rob Patrick
Tel. +44 (0)20 7409 3494
Vigo Consulting (Public Relations)
Ben Simons / Kate Kilgallen
Tel. +44 (0)20 7390 0234
Email. pathfinderminerals@vigoconsulting.com
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
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END
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