BVI-registered West African Minerals Corporation announced its unaudited consolidated interim financial statements for the period ended 30 September 2015. During the reported period, company’s total assets decreased by 1.3 per cent from £23.0 million on 31 March 2015 to £22.7 million. There were no impairment losses during the period, and the decline was primarily due to operational expenses.
Cash on hold reported by the company equated to £3.9 million, as compared to £4.4 million in the period ended 31 March 2015. During the financial period, West African Minerals reported total comprehensive loss of £0.4 million, as compared to £0.7 million as at 30 September 2014. Company’s loss per share (basic and diluted) decreased to 0.11p (0.19p on 30 September 2014).
The BVI group announced that it is still evaluating suitable businesses in the mineral resource sector for acquisition or investment. It is also continuing its strategy of reducing expenditures through 2016, until it makes a new investment or implements its regional steel production strategy, or sees a significant improvement in market conditions.