MINING: CHURCHILL MINING (LON:CHL)
TIMING OF JURISDICTION DECISION: SEEKING UPDATED TIMETABLE
- 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.
APPOINTMENT OF HENRY BELLINGHAM AS CHAIRMAN: STRENGTHENING THE BOARD
- 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.