McKeon’s Pathfinder finds way out of Mozambique legal difficulties
Exploration firm looking to recover its assets
Pathfinder Minerals, which Irish-born Mr McKeon has touted as the “next Kenmare Resources”, has been embroiled in a three-year legal dispute over exploration licences.
Pathfinder Minerals, an Aim-listed exploration company backed by Circle Oil founder John McKeon, says it is now focused on “recovering” its assets in Mozambique after winning a case there against a former company director who is also a former government minister.
The company, which Irish-born Mr McKeon has touted as the “next Kenmare Resources” because of its mineral assets, has been embroiled in a three-year legal dispute with Jacinto Veloso, who claimed ownership of Pathfinder’s Mozambique exploration licences and seized control of them in 2011.
A court in Mozambique before Christmas ruled that a Pathfinder subsidiary was the owner of the licences.
The company said it had been “orally informed” that Mr Veloso, a former adviser to the Mozambique president, intended to appeal the ruling, which backs another ruling obtained by Pathfinder in London.
The Mozambique courts refused to order Mr Veloso to cover Pathfinder’s legal costs, the company told the London Stock Exchange on New Year’s Eve.
“We will continue to focus our efforts on recovery of the company’s assets for the benefit of the project and Pathfinder’s shareholders,” it said.