Business
Corporate Update & Directorate Change
Corporate Update & Directorate Change.
About this update from Rome Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8497A Pathfinder Minerals Plc 03 June 2019 \n\n3 June 2019\nPathfinder Minerals Plc\n(\"Pathfinder\" or the \"Company\")\n \nCorporate Update &\nDirectorate Change\n \nPathfinder is pleased to provide a further update on its progress towards restoring an interest in Mining Concession 4623C (the \"Licence\") in Mozambique which, it is envisaged, would involve it settling all current and pending legal disputes associated directly and indirectly with the Licence.\n \nOn 10 April 2019, the Company announced that the Board was evaluating multiple transaction structures, taking into account commercial and regulatory factors, through which the Company would re-establish an interest in the Licence. The Company has received a number of proposals in recent weeks involving relevant interested parties; and in this regard the board of directors of Pathfinder (the \"Board\") has requested further clarity from those counterparties before it makes a decision as to whether to proceed with any one of these. \n \nPathfinder is pleased to announce that these discussions are continuing to progress in a positive way with potential counterparties conducting their own asset-level due diligence. Should any of these ultimately conclude, the Board anticipates that the effect on the business would likely be transformational.\n \nFurther information on the Licence\n \nThe Licence contains the Moebase and Naburi heavy mineral sands deposits and covers approximately 32,000 hectares of land on the Indian Ocean coast of the Zambezia province of Mozambique, containing ilmenite, rutile and zircon. As announced on 10 April 2019, a 2019 Scoping Study on the Licence delivered an estimated pre-tax net present value at a 10 per cent discount rate of US$1.05 billion; with projected annual revenues of US$323 million over a mine life of 30 years. \n \nResponse to media speculation\n \nThe Company notes an article which appeared in the press yesterday which suggested, inter alia, that Pathfinder was considering an equity fundraise. The Board continues to evaluate its funding requirements and will update the market in due course. The same article went onto reference action being taken by certain third parties in respect of the Licence. Whilst Pathfinder has received correspondence in relation to certain cl...