West African Minerals Corporation, the AIM-listed mining company incorporated in the British Virgin Islands, reported its unaudited consolidated interim financial statements for the period ended 30 September 2016. In the reported year half, BVI group’s total assets remained at the same level of £22.4mln (£22.4mln in the previous period ended 31 March 2016), without impairment losses. Cash on hand was £3.44mln (£3.57mln at 31 March 2016).
For the reported financial period, group’s comprehensive loss was £0.07mln, as compared to £0.41mln in the same period of 2015. There was a decrease in basic and diluted loss per shre from 0.11 pence as at 30 September 2015 to 0.03 pence per share as at 30 September 2016.
West African Minerals announced that in 2017 it will continue its strategy to focus on cash preservation, because of continuing uncertainty over the medium term evolution of iron ore prices. Also, the company will continue to evaluate suitable target businesses in the mineral resource sector for acquisition or investment.