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Settlement of claim against Mozambique Government
Settlement of claim against Mozambique Government.
About this update from Rome Resources Plc
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n20 March 2025\n \nRome Resources Plc\n(\"Rome\" or the \"Company\")\n \nSettlement of claim against the Mozambique Government for the expropriation of Mining Concession 4623C\n \nRome Resources Plc (AIM: RMR), the DRC-focused tin and base metals explorer, is pleased to announce that it has entered into a settlement agreement with IM Minerals Limited (\"IM\") and the Mozambique government (the \"Settlement\") in relation to the Company's legacy claim over the expropriation of a heavy mineral sand mining concession 4623C in 2011 (the \"Claim\"). Rome was formerly named Pathfinder Minerals plc (\"Pathfinder\") until 24 July 2024.\n \nAs part of the Settlement, the Mozambique government has agreed to grant five new research and exploration licences to a registered Mozambican company (or companies) to be nominated by IM (the \"New Licences\"). In this regard, Rome will receive a 30 per cent. carried interest in the future value of the New Licences, as further described below.\n \nBackground to the Claim\n \nThe Claim was sold by Pathfinder to Acumen Advisory Group LLC (\"Acumen\") by way of a sale of the Company's wholly owned subsidiary, IM, which completed on 18 August 2023. The Claim was subsequently sold by Acumen to Luangwa Resources LLC (\"Luangwa\"), as announced on 29 January 2024 (the \"Disposal\").\n \nSince then, and during the course of negotiations it became apparent that the Mozambican government justified the expropriation of mining concession 4623C on the basis of purported failures by the Company's previous management to put in place sufficient safeguards prior to the expropriation. This resulted in a perceived weakening of the Claim. Consequently, the Mozambique government did not offer a cash settlement, resulting in a subsequent period of further negotiation over a number of replacement New Licences which was ultimately offered in lieu of a cash settlement. \n \nSettlement details\n \nThe New Licences that form the Settlement are as follows:\n...