West African Minerals Corporation, the British Virgin Islands-registered mining and exploration group having assets in West Africa, reported final audited results for the year ended 31 March 2015. In this period, company’s total assets declined by 18.9 per cent and made £23.0 million, as compared to £28.4 million in the previous year. This came mainly as a result of impairment in respect of Sierra Leone license permits.
During the financial year 2015, the group had a total comprehensive loss of £5.7 million, as compared to £8.5 million in year 2014. Basic and diluted loss per share made 1.48p (2.78p in the previous financial year). Cash on hand was £4.4 million, while in 2014 it was £7.1 million.
To preserve its cash position throughout the year, notwithstanding weak market for iron ore and following the completion of the Sanaga MRE, West African Minerals implemented a significantly reduced operational and corporate budget, in accordance with the strategy to reduce expenditure to a “bare minimum”.