British Virgin Islands-registered mining group West African Minerals Corporation published its final audited results for the fiscal year ended 31 March 2016. The company which is mainly focused on iron ore mining and exploration in West Africa reported that its total assets decreased by 2.6 per cent, from £23 million in 2015 to £22.4 million in 2016. This decrease was mainly because of operational expenses, and not impairment losses. As at the end of reported period, cash on hand was £3.6 million, as compared to £4.4 million in 2015. The mining group reported a total comprehensive loss of £0.7 million during the financial year (reduced if compared to £5.7 million in the previous year); basic and diluted loss per share was 0.15 pence for all operations (1.48 pence in 2015).
BVI company’s shareholders’ equity reduced by 2.7 per cent, primarily as a result of the operational costs incurred. Total costs capitalised to Deferred Mine Exploration costs were £11.8 million as compared to £11.5 million on 31 March 2015. Total number of issued shares in the reported period was 381.2 million, there were no new shares issued during the period.
West African Minerals Corporation completed its withdrawal from Sierra Leone, which followed the sale of its wholly-owned subsidiary, Ferrous Africa Limited, in August 2015.