JoshuaL, have a read, yet another item straight from Pathfinder Resources 2020 annual report....
“ In 2018, an amount of US$500,000 (equivalent AUD$677,425) was transferred to the Company’s DRC lawyer - Pelesa & Associates Law Firm, to be held in trust for the future acquisition of mining licenses located in the DRC Copperbelt.
In addition, the company transferred $USD505,660 (equivalent AUD$714,146) to its Pathfinder Resources Congo SAU bank account in October of 2018.
On 22 January 2020 the company announced that the Company will not be proceeding with the Heads of Agreement to establish a joint venture to manage and operate the Luapula Processing Facility.
While the Company seeks to have the advanced funds repaid
there is uncertainty around the recoverability of the advance, as such the company has impaired the total amounts advanced to the DRC of USD$1,005,660 (AUD$1,391,571) representing the bulk of the impairment expense for the year ended 30 June 2019.”
Welcome Pathfinder, page-116
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