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History

  • The areas licensed to Pathfinder Minerals have long been known to contain titanium dioxide bearing minerals.
  • The licences were originally issued to former subsidiary companies of BHP Billiton which invested approximately US$29 million in building infrastructure including a site camp, roads, bridges and an airstrip as well as drilling over 1,100 boreholes for data analysis.
2004 Companhia Mineria de Naburi (CMDN) acquired the Naburi Licence from BHP Billiton and obtained a 25 year Mining Concession.
2009 CMDN acquired the Moebase Licence from BHP Billiton with exploration and research rights.
2010 Expert consulting mining engineers, URS Scott Wilson, confirmed in a report that the land licensed to Pathfinder Minerals contains commercially viable reserves of titanium dioxide bearing minerals.
2011 Pathfinder Minerals acquired CMDN, through its UK holding company IM Minerals Ltd, and with it gained 100% interest in the two licences. URS Scott Wilson attributed a Net Present Value to the licences of US$529 million.
2011 Pathfinder Minerals experienced interference within Mozambique in the form of an irregular transfer of the licences to an unconnected company (with the similar name of Pathfinder Moçambique), controlled by General Jacinto Veloso, with the approval of Mozambique’s Ministry of Mineral Resources. General Veloso was, until that point, a director of Pathfinder Minerals and its local partner. General Veloso sought to justify the action by claiming that Pathfinder Minerals never legitimately acquired CMDN.
2012 English High Court ruled that Pathfinder Minerals did validly acquire CMDN and granted a permanent injunction restraining General Veloso from taking any steps to interfere with Pathfinder Minerals’ rights of ownership of CMDN. The Court of Maputo also issued a provisional finding, pending a substantive hearing, that, as a matter of Mozambique law, Pathfinder Minerals is the owner of CMDN.
2013 English Court of Appeal dismissed an application from General Veloso for permission to appeal against the 2012 judgment, finding the grounds to be "devoid of merit". Pathfinder Minerals lodged the English Court judgments for recognition by the Supreme Court in Mozambique.

For a detailed background summary of the dispute and associated steps being taken by Pathfinder Minerals to recover its assets and resume project development click here.