LONDON (Alliance News) - West African Minerals Corp Friday said it plans to relinquish its licences in Sierra Leone so it can save USD50,000 in costs in 2015.
The plan was initially proposed in February and on Tuesday, the company agreed to sell its subsidiary which held the five licences in Sierra Leone to Sierra Resources Ltd. West African Minerals said Sierra will be liable for any outstanding liabilities, which it said would have cost the company USD50,000.
Sierra Resources paid USD1 for the deal.
"Following completion, the company has no further interests in Sierra Leone and no further financial liabilities in respect of the Sierra Leone licences," it said.
West African Minerals shares were untraded 4.375 pence per share on Friday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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