West African Minerals reported interim financial statement

West African Minerals Corporation, British Virgin Islands-registered corporation working in the sphere of iron ore mining and exploration, announced its unaudited consolidated interim financial statements for the period ended 30 September 2017. For the reported period, company’s total assets decreased to £2.8mln as compared to £22.2mln for the period ended 30 September 2016. Company’s cash at hand made £2.67mln (£3.15mln in the previous reported period). Also, according to the report, operational expenses continue to be rigorously controlled.

Also, the group reported total comprehensive loss of £19.4mln, as compared to £0.07mln during the same financial period of the previous year. Basic and diluted loss per share increased to 0.05 pence per share (0.03 pence in the period ended 30 September 2016). West African Minerals’ shareholders’ equity at 30 September 2017 was £2.64mln (£22.04mln at 31 March 2017); the 88% reduction was primarily the result of the full impairment of Sanaga costs incurred during the period.

The BVI group continues to follow the strategy of reducing operational and corporate expenditure to preserve its cash positions. This includes significant reduction of the operational team and exploration field activities, successful reduction in the lease area size in Cameroon, and optimization of Corporate overheads. It is expected that the strategy will remain in place until the next financial year end.

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