25 May 2012

Pathfinder raises £11m

18/07/2011 Robert Tyerman

Titanium heavy mineral sands play Pathfinder Minerals (PFP) has secured £11 million at 5p for feasibility and engineering studies in Mozambique. Chaired by Irish entrepreneur John McKeon, the company says it will spend the proceeds of a placing, handled by broker Daniel Stewart, on its Naburi and Moebase licences on Mozambique's Indian Ocean coast.

Steered by chief executive Nick Trew, Pathfinder indicates the placing should take it over the coming 18 months to a bankable feasibility study and the start of mine development. The company says it is exploring 'non-equity related sources of funding' for when the projects reach that point.

Pathfinder, whose shareholders include the family of former Mozambique minister Major General Jacinto Veloso, says it will build on work carried out at a cost of £18 million by mining giant BHP Billiton, the licences' former owner. Citing an anticipated suply deficit for heavy minerals, McKeon declares the company 'will waste no time in progressing towards the construction of an efficient mining operation.'

When former property investment concern Parthfinder returned to AIM in February with a £525,000 funding at 4.75p after a reverse takeover of IM Minerals and backed by McKeon, investors reacted with enthusiasm and the shares doubled. Since then, however, they have run out of steam and now trade at 5.13p, valuing the company at £42 million.

With the money raised, they now have speculative recovery potential.  

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Tags: AIM market, BHP Billiton, Heavy mineral sands, John McKeon, Mozambique

Sector: Mining

Companies: Pathfinder Minerals (suspended on 11 November 2011)

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