LONDON (Alliance News) - West African Minerals Corporation PLC Friday said its pretax loss widened significantly in its first half as impairments hit company finances.
The mining company said its pretax loss widened to GBP6.4 million for the six months ended September 30 from GBP1.6 million the previous year.
The company, which is yet to post any revenues, said the majority of its losses were caused by impairments totaling GBP5.4 million for deferred mine exploration costs and impairments from exploration permits.
However, excluding the impairments, the company said it lowered its expenses and would have narrowed its losses.
The company said that it holds net cash of GBP3.5 million and that it is considering the possibility of raising roughly USD6 million in early 2014.
West African Minerals also said it expects the Binga concession in Cameroon to become the major focus of work for the company in 2014 as development costs are lower than other assets in Cameroon.
In early trade Friday, West African Minerals shares were quoted at 10.12 pence per share, down 0.01p.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright © 2013 Alliance News Limited. All Rights Reserved.
