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Veloso Family

Veloso Family
Based in Mozambique
Active in Mozambique
Targeted base metals

It's sufficiently unusual to find a former African general, and member of a liberation movement, heading into mining investment, that Major-General Jacinto Veloso - and his family - are worthy of mentioning on this database.

General Veloso was a member of Mozambique's independence movement, Frelimo, as it fought against the Portuguese colonial occupation of the east African state. Following the country's independence in 1975 he became Minister of State Security, General Director of the Intelligence Services, Minister of Economic Affairs and Minister of International Cooperation.

From 2003-2009 he was Chairman of the Mozambique Chamber of Commerce, and is currently an adviser to the President of the country, as well as being a member of the National Defence and Security Council [Mineweb 16 June 2011].

Through JV Consultores, a company beneficially owned by General Veloso and his family members, the general holds 10.62 of the issued share capital of AIM-listed Pathfinder Minerals (AIM: PFP), and his colleague, Diego Cavaco owns another 9.64% [Hemscott 4 November 2011].

According to a press release by Pathfinder earlier this year, General Veloso was himself "instrumental in identifying Pathfinder Minerals' opportunity to mine heavy minerals sands on the Indian Ocean coast of Mozambique" [Mineweb 16 June 2011, op cit].

Together with Diogo Cavaco, he co-founded Pathfinder's 99.99%-owned subsidiary, Companhia Mineira de Naburi, S.A.R.L., which holds the Naburi and Moebase mining licences.

Although it was earlier suspended from trading on AIM, Pathfinder Minerals returned to the market in early 2011 after the "reverse takeover" of another Mozambique-focussed company, IM Minerals. As a result it experienced a "surged in early dealings" [Resource Investor, 10 February 2011].

General Veloso himself is not the only family member to have made recent investments in mining. According to Indian Ocean Newsletter, his daughter also formed a joint venture with a Canadian uranium mining company in October 2011 [Indian Ocean Newsletter, 15 October 2011].