25 May 2012

Pathfinder takes AIM by storm

10/02/2011 Robert Tyerman

As foreshadowed here last month, titanium play Pathfinder Minerals (PFP) has returned to AIM and has surged in early dealings. After raising £525,000 at a lowly 4.75p, the company, where Irish resources entrepreneur John McKeon has become chairman with a significant stake, has already seen its shares reach 8.25p after hitting 9.75p.

Hitherto suspended, Pathfinder, which has come back after the reverse takeover of Mozambique-focused titanium play IM Minerals, boasts two licences to mine titanium dioxide ore, Ti02, used to make paper, plastic and a range of other items, acquired for £34 million. The company, steered by chief executive Nick Trew, estimates a present resource of 72 million tonnes of Ti02 in its Naburi and Moebase blocks, which are 50km south of the producing Moma mine, owned by titanium star Kenmare Resources, a fully-listed company now valued at £938 million.

Pathfinder, whose prominent shareholders include the family of former Mozambique minister Major General Jacinto Veloso, now plans to start a feasibility study on the two blocks. McKeon, founder of Circle Oil and consultant to active resources backer Niche Group (NGP), argues these licences 'expose us to one of the most exciting mining opportunities in Africa.'

Though clearly speculative, the shares, which value the company at £67 million, have every chance of motoring further, while the sector remains in vogue.

Tags: AIM market, John McKeon, Mozambique, Penny shares, Titanium

Sector: Mining

Companies: Pathfinder Minerals (suspended on 11 November 2011)

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