West African Minerals Corporation, the mining and exploration group focused on West Africa region and incorporated in the British Virgin Islands, published its final audited results for the year ended 31 March 2017. According to the annual report, total assets of the company were £22.2mln. This 0.9% decrease as compared to t£22.4mln in 2016 was due to operational losses of £0.5mln. Cash in bank equated £3.1mln, compared to £3.6mln in 2016.
In the financial year 2017, the group reported total comprehensive loss of £0.2mln, compared to £0.7mln loss in the previous year. Loss per share (basic and diluted) was 0.14 pence (0.15 pence in 2016).
The BVI company has reduced operational and corporate expenditure to a bare minimum, preserving its cash position during the year. This strategy included significant reduction of exploration field activities, operational team, reduction in the lease area under exploration in Cameroon, and rationalisation of company’s overheads. The company is planning to continue with this strategy in the next financial year.