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Mining company Pathfinder Minerals said a court in Mozambique had rejected its application to recognise a favourable UK judgement related to the ownership of a contested mineral licence in the African nation.
The English High Court had ruled that Pathfinder's subsidiary, IM Minerals, had validly acquired a shareholding in Companhia Mineira de Naburi, which previously held a mining concession.
'The company is awaiting a full translation of the judgment but is advised by its Mozambique lawyers that the application was rejected on the same basis as the company's first application for recognition as announced on 31 December 2014,' Pathfinder said.
'Once the company has been able to review a translated judgment, it will investigate the possibility of an appeal or other remedies against the Mozambique Supreme Court's decision.'
'The board remains of the view that a negotiated outcome in respect of mining concession 4623C in which all interested parties are involved is likely to lead to the optimum solution for shareholders.'
'The board has an open dialogue with the Veloso family, who appear committed to working towards a commercial resolution of the contested licence.'
At 9:11am: (LON:PFP) Pathfinder Minerals PLC share price was -0.15p at 0.63p