Proactive Investors - Run By Investors For Investors

Northland Capital Partners View on the City: Churchill Mining and Pathfinder Minerals

Northland Capital Partners View on the City: Churchill Mining and Pathfinder Minerals




  • Further to the Company’s announcement 27/12/12 that the International Centre for Settlement of Investment Disputes ("ICSID") had notified the Company that it anticipated its ruling on jurisdiction in late January or early February, Churchill has yet to receive the Tribunals ruling.
  • Churchill’s lawyers Quinn Emmanuel Urquhart & Sullivan, LLP are currently seeking an updated timeframe for the decision.


NORTHLAND UK VIEW: The continued delays to the jurisdiction ruling are disappointing as the outcome of this ruling will determine Churchill’s ability to continue to pursue its claim for financial redress under arbitration, Churchill’s is seeking $1bn. The Company remains well capitalised for the arbitration proceedings and we look forward to further updates on the time frame for the decision.

MINING: Pathfinder Minerals (LON:PFP)



  • Pathfinder Minerals has appointed Henry Bellingham MP as Non-executive Chairman.
  • John McKeon will transition to the role of Non-Executive Vice Chairman.


NORTHLAND UK VIEW: Mr Bellingham first entered Parliament in 1983 and served as Shadow Minister for Small Business and Enterprise, Opposition Whip and Shadow Minister for Legal Services. He was also the Under Secretary of State at the Foreign and Commonwealth Office and held ministerial responsibility for Africa, the United Nations, Overseas Territories, economic issues, conflict resolution and climate change. He is currently the Chairman of the Westminster Foundation for Democracy, a leading democracy-building foundation that promotes parliament-to-parliament links in emerging democracies. A practised barrister he was formerly a Non-executive Director of AIM listed White Knight Investments PLC that became Pan African Resources. Mr Bellingham’s appointment strengthens Pathfinder’s Board as they seek to regain control of the heavy mineral sand deposits in Zambezia Province.

1. Northland Capital Partners Limited (“Northland”) acts as Nominated Advisor and/or Broker to the company.

2. Northland) and/or its affiliates companies do beneficially own 1% or more of any class of the issuer’s equity securities, as of the end of the month immediately preceding the date of issuance of the research report or the end of the second most recent month if the issue date is less than 10 calendar days after the end of the most recent month. 

3. The authoring analyst or any associate of the authoring analyst does maintain a long or short position in any of the issuer’s securities directly or through derivatives, including options or futures positions.

4. Northland, its affiliated companies, partners, officers, directors or any authoring analyst of Northland has provided services to the issuer for remuneration during the preceding 12 months other than investment advisory or trading services.

5. Northland or any of its affiliated companies has performed investment banking services for the issuer during the 12 months preceding the date of issuance of the report.  

6. A partner, director, officer, employee or agent of Northland or any of its affiliated companies is an officer, director, employee or advisor of the issuer.  Disclosures are applicable for all companies

7. The authoring analyst, or any associate of the authoring analyst, has viewed the material operations of the issuer. 

8. The authoring analyst, or any associate of the authoring analyst, received reimbursement for travel expenses.

9. Northland makes a market in the securities of this company.




This document is provided solely to enable clients to make their own investment decisions. It may therefore not be suitable for all recipients and does not constitute a personal recommendation to invest. It does not constitute an offer or solicitation to buy or sell securities or instruments of any kind. If you have any doubts about the suitability of this service, you should seek advice from your investment adviser. This document is produced in accordance with UK laws and regulations. It is not intended for any person whose nationality or residential circumstances may render its receipt unlawful.

The past is not necessarily a guide to future performance. The value of shares and the income arising from them can fall as well as rise and investors may get back less than they originally invested. The information contained in this document has been obtained from sources which Northland Capital Partners Limited believes to be re¬li¬able. The Com¬pany does not warrant that such information is accurate or complete. All estimates and prospective figures quoted in this report are forecasts and not guaranteed. Opinions included in this report reflect the Company’s judgement at the date of publication and are subject to change without notice. If the investment(s) mentioned in this report are denominated in a currency different from the currency of the country in which the recipient is a resident, the recipient should be aware that fluctuations in exchange rates may have an adverse effect on the value of the investment(s). The listing requirements for securities listed on AIM or PLUS markets are less demanding, also trading in them may be less liquid than main markets.

Northland Capital Partners Limited and/or its officers, as¬sociated entities or clients may have a position, or other material interest, in any securities men¬tioned in this report. Northland Capital Partners Limited does not provide recommendations on securities of firms with which it has a corporate relationship. More information about our management of Conflicts of Interest, Investment Research Methodology & Definition of Recommendations can be found at 

Northland Capital Partners Limited is authorised and regulated by the Financial Conduct Authority and a Member of the London Stock Exchange.

Published by/copyright: Northland Capital Partners Limited, 2013. All rights reserved

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use