Thursday, 24 October 2013
Injunction clarification
24 October 2013
Companhia Mineira de Naburi (“CMdN”)
Announcement by Pathfinder Minerals plc re Mozambique Court Order
The owners of CMdN, General Veloso and Diogo Cavaco, note the recent announcement by Pathfinder Minerals plc (“Pathfinder Minerals”) regarding the Interdict obtained by CMdN preventing IM Minerals from taking action in the English courts until the case is heard in Mozambique.
These announcements by Pathfinder Minerals are becoming increasingly desperate as
half-truths are layered onto half-truths by the Directors of Pathfinder Minerals on what is meant to be the Regulatory News Service of a publicly-listed company.
The Mozambique Court Order that Pathfinder Minerals has obtained is in clear breach of the judicial procedures of the Courts of Mozambique. In particular, the judge who signed this Order no longer has any authority to make this judgement following the appeal of her earlier judgement and the reinstatement of the Owners Interdict with suspensive effect. The decision is void and illegal and the Owners expect this Order to be revoked in due course once their objection to the Order has been heard.
The announcement by Pathfinder Minerals is factually inaccurate in that the Owners did file their main action within the prescribed time period and that main action remains before the Court in Mozambique.
The Owners and their lawyers are taking steps to understand how Pathfinder Minerals and their lawyers, Couta Graca & Associados, managed to circumvent the due process of Mozambique law.
The Owners and their lawyers are taking steps to understand how Pathfinder Minerals and their lawyers, Couta Graca & Associados, managed to circumvent the due process of Mozambique law.
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Pathfinder Minerals Plc("Pathfinder" or the "Company")
Notice of Mozambique Court Order
As previously reported to shareholders, in April 2012 General Veloso, his company JV Consultores Internacionais, Limitada and Diogo Cavaco (the "Defendants") obtained an interdict (the "Interdict") against the Company's wholly owned subsidiary, IM Minerals Limited ("IMM"), with the aim of prohibiting IMM from taking action in the English courts to enforce the agreements by which IMM validly acquired its Mozambican subsidiary, Companhia Mineira de Naburi S.A.R.L. (which action has since been upheld by the English High Court).
The Company announces that on Friday 18 October 2013 it received notification of an order of the First Commercial Section of the Judicial Court of the City of Maputo (the "Order") declaring that the Interdict is void, on the grounds that the Defendants failed to file the main action on which the Interdict is dependant within the prescribed time period. Although that main action has since been filed (as announced by the Company on 21 December 2012), the Interdict itself has therefore expired.
Shareholders will recall that additionally, in November 2012, the Company obtained a judgment from the Maputo Court (the "Maputo Judgment") revoking the Interdict; and that in March 2013 the Defendants appealed against that judgment. Judgment in this appeal is still awaited.
IMM maintains that the Interdict did not apply to the pre-existing English proceedings in any event. This was endorsed by the judge at a hearing on 3 May 2012 in Maputo and confirmed in the Maputo Judgment itself. This is the case irrespective of the Order. Moreover, as pointed out in previous announcements, the Interdict does not apply to Pathfinder itself, since it is not a party to the Interdict proceedings.
Nick Trew, Chief Executive Officer, said: "The Board welcomes this further positive judgment from the Maputo Courts and will continue to take all appropriate legal steps to enforce the Company's rights and recover its assets."
The Company will provide further updates in due course.
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All very interesting
Companhia Mineira de Naburi S.A.R.L. engages in mining of titanium. The company is based in Mozambique. As per the transaction announced on October 31, 2009, Companhia Mineira de Naburi S.A.R.L. operates as a subsidiary of IM Minerals Limited.
And the original document
Proposed Initial Investment
Subject to the adoption of the new Investing Policy and the issue of the CLAs, the Board has agreed, following the receipt of the Convertible Loan monies, to invest £200,000 into IM Minerals to acquire a 4.67% shareholding in IM Minerals. The Company has also obtained a right of first refusal from a majority in number of the shareholders in IM Minerals whereby Pathfinder will be offered the right to acquire their remaining shareholdings at a later date, which would be classified as a Reverse Takeover under the AIM Rules.
IM Minerals is a privately owned, junior mining company that currently owns a 75% interest in Companhia Mineira de Naburi S.A.R.L which holds a Concession Licence dated 20 November 2009 over a potential TiO2 ore resource in Mozambique. In addition, IM Minerals has recently purchased for $500,000, from BHP Billiton, the shares in their local company, Sociedade Geral de Mineracao de Mocambique, S.A.R.L. Companhia Mineira de Naburi S.A.R.L holds an Exploration and Research Licence also dated 20 November 2009 over an adjoining potential TiO2 resource and over which the Company intends to apply for an extraction licence. For the year ended 31 January 2009, IM Minerals had gross assets of £87,288 and had made a loss in that year of £67,052. In addition, in September 2009, IM Minerals raised £330,000 by way of a placing.
To develop the opportunity, IM Minerals has agreed to retain Scott Wilson Mining Limited to undertake a mining plan to support the application for an extraction licence for the area purchased from BHP Billiton.
TiO2, titanium oxide, is an ore consisting of various quantities of Rutile, Zircon and Iluminite. The ore is used in its refined state to produce whiteners for the paint industry, foam and thin film for jewellery and metal coatings and in the form of metal in the aerospace and automotive industry. As a metal it is midway between aluminium and steel for both strength and weight.
The long term intention is to extract the ore for enrichment and sale to identified markets. As production and cash flow develops, the intention is to then enhance the enrichment process with the long term aim of increasing added value in the product. This may include small scale smelting in due course.
Accordingly, the Company has entered into an investment agreement with IM Minerals and its executive directors and has obtained a right of first refusal with a majority in number of its shareholders, further details of which are set out in paragraph 3 of Part V of this Document. The agreement is conditional upon the passing of the Resolutions.
Nicholas Trew is a 17.77% shareholder in IM Minerals Limited.
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Names of note ;
Domenico Tacchi 30 Honeywood Drive Nottingham
Other officers in PATHFINDER MINERALS PLC
- BADGER HAKIM SECRETARIES LIMITED, secretary, 18 Mar 1998-27 Jan 2004
- JOHNSON FRY SECRETARIES LTD, secretary, 1 Oct 1997-18 Mar 1998
- BENJAMIN ALROY GEMAL, secretary, 6 Feb 2004-11 Mar 2009
- CHRISTOPHER LEAVER, director, 14 Feb 1997-25 Mar 2002
- CLAIRE ANTONETTE O'CONNOR, director, 4 Feb 2002-27 Jan 2004
- EDWARD AZOUZ, director, 27 Jan 2004-21 Dec 2009
- ENRIQUE ELLIOTT, secretary, 11 Mar 2009-21 Dec 2009
- GEORGE ANNAN HEGGIE, director, 1 Feb 1993-27 Jan 2004
- GERARD ALAN LEE, director, 6 Feb 2004-15 Jun 2010
- GORDON JOHN DICKIE, director, 9 Feb 2011-16 Sep 2011
- JACINTO SOARES VELOSO, director, 16 Jun 2011-11 Nov 2011
- JAMES PATRICK NORMAND, director, 21 Dec 2009-
- JEFFREY AZOUZ, director, 27 Jan 2004-21 Dec 2009
- JEFFREY AZOUZ, secretary, 27 Jan 2004- 6 Feb 2004
- JOHN GUY DAVIES, director, 27 Jan 2004-21 Dec 2009
- JOHN PHILIP MCKEON, director, 9 Feb 2011-
- JOHN RICHARD PARRY, director, 25 Mar 2002-27 Jan 2004
- JUNE KAY ROONEY, nominated secretary, 1 Sep 1993- 1 Oct 1997
- MALCOLM GRAHAM BACCHUS, director, 4 Aug 2000-27 Jan 2004
- MARC JASON GREEN, director, 14 Feb 1997-10 Sep 2003
- MARK ANDREW VULLY DE CANDOLE, director, 1 Feb 1993- 4 Aug 2000
- MARK RONALD EDMONDS, director, 21 Dec 2009- 9 Feb 2011
- 71 WINTON DRIVE
CROXLEY GREENWATFORDHERTFORDSHIRE - NICHOLAS SIMON TREW, director, 21 Dec 2009-
- PETER CHARLES MICHAEL DIMENT, secretary, 1 Feb 1993- 1 Sep 1993
- SIMON PATRICK DAWKINS, director, 4 Aug 2000-15 Apr 2002
- TIMOTHY EDWARD BALDWIN, director, 9 Feb 2011-14 Jun 2011
- RAM VISION LIMITED
TXO PLC
PATHFINDER MINERALS PLC
TRAINFX LIMITED
GBIN LIMITED
TASMANIA OIL AND GAS LIMITED - WLODZIMIERZ VICTOR LIPIEN, director, 28 Nov 2006-21 Dec 2009
- Golders GreenLondonNW11--------------------------------------------------------------------------------------------------------------------------------------------------
Address
Legal Information
Company Registration No.:02578942Incorporation Date:1 Feb 1991
22 Years oldFinancial Year End:31 DecCapital:£18,288,840.21
on 20 Feb 2013Company Accounts:For period ending:31 Dec 2012Filed on:4 Jul 2013Company Return - Directors & Shareholder Information:As at:1 Feb 2013Filed on:20 Feb 2013Directors and Secretaries
John Mckeon 9 Feb 2011 ⇒ Present (2 Years) Director James Normand 21 Dec 2009 ⇒ Present (3 Years) Company Secretary James Normand 21 Dec 2009 ⇒ Present (3 Years) Director Nicholas Trew 21 Dec 2009 ⇒ Present (3 Years) Director Jacinto Soares Veloso, Security Ministerin the Samora Machel era and now aprosperous businessman, is part ofCompanhia Mineira de Naburi, S.A.R.L withMiriam Gaivão Veloso, Diogo José HenriquesCavaco, Eduardo Gaivao Veloso, SandraMaria da Silva Pinto Belém Rodrigues, UrgelMorais Barreia, Verónica Alberto ChongoSeneta and António José Marques Gomes.The company has a licence to search fortitanium. Miriam Gaivão Veloso is also ashareholder in the import-export companyDistribuidora da Zambézia e Cruzeiro do Sul.Jacinto Veloso recently establishedCompanhia Mineira do Chibuto with DiogoHenriques José Cavaco, Morais UrgelBarreira, and Mário Diniz Fernandes Deus(one of the founders of the geologyconsulting company GondwanaEmpreendimentos e Consultores Lda).Through his company JV ConsultoresInternacionais, Jacinto Veloso is alsoinvolved in companies working withprecious stones, including Metais e PedrasPreciosas de Moçambique (Metalmoz Lda),which is turn is one of the foundingshareholders of Minas Rio Bravo Lda, amining company based in Tete.
Luís Nhachote
Perhaps a case of too many pies and not enough fingers eh General ?
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