West African Minerals Corporation, formerly known as Emerging Metals Limited and registered in the British Virgin Islands, announced its unaudited interim consolidated financial results for the six months period ended 30 September 2012. In this period, total assets of the company increased from £26.4 million to £30.6 million.
Highlights and achievements of the BVI corporation in the period ended 30 September 2012 included acquisition of remaining 5% minority interest in CMC Cameroon providing full ownership and operational control of the company’s major asset in this country and rigorous control of operational expenses at all levels of performance. Also, West African Minerals was awarded the Best Performing Share at the AIM Awards 2012.
Stephen Dattels, Executive Co-Chairman & CEO of WAFM, said in his comments on the interim results: “WAFM has had a highly successful year to date – both on the AIM market and in Cameroon. The Directors remain excited by the significant potential of the licences in Cameroon and believe further shareholder value can be created in both the short and long-term.”
The interim consolidated financial statements will shortly be available on the web site of West African Minerals Corporation.
Orca Exploration Group Inc. announced its financial results for the third quarter of 2012. For the period ended 30 September 2012, the BVI-domiciled exploration company reported record increase of funds from operations before working capital of US$14.1 million for the quarter – that is US$0.41 per share, a 44% higher than in the second quarter of 2012 (US$9.9 million, or $0.28 per share) and 170% higher than in the third quarter of 2011 ($5.3 million, or $0.15 per share).
In Q3 2012, the BVI company reported 75% decrease of profit after tax if compared to the previous quarter of 2012 – from US$5.2 million, or $0.15 per share to US$1.3 million or $0.04 per share, respectively. This became the result of writing off US$7.5 million in costs associated with the La Tosca Italy exploration well.
At the end of the third quarter of 2012, working capital was $37.7 million including $23.3 million cash. This is down 2% and up 15% respectively over the previous quarter of this year.
During the third quarter of 2012, Orca Exploration closed a US$10 million secured loan facility with Tanzania bank to assist in working capital whilst the resolution of the TANESCO payment issues is going to be resolved. This 18 months facility is to be repaid in equal instalments beginning in March 2013. The BVI company drew US$6.0 million under the facility during Q3 2012.
Regarding TANESCO payments, the BVI company received US$13.2 million from the state utility of Tanzania during Q3, ad another US$9,5 million since the end of this quarter.