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West African Share Discussion Threads
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|this was at 90pence a few years ago
so true i said it twice|
|Looks like a few buys from one person pushing this up.Also of interest GWMO for the next multibagger|
|many will be buying back again soon. with iron ore is rising, slowly people will start buying in again.|
|this was at 90pence a few years ago|
|ZIOC + WAFM -
real monster recovery plays if Iron ore prices hold up -|
|Stephen Dattels and Jimmy mellon still in this waiting Iron ore recovery -
Iron ore held well around $63 -
Top of the risers with hardly any trades yesterday -|
There will be some huge risers if we are at the bottom end of the commodity cycle|
|up 20% -
This has fallen from 70p+
So a decent commodity recovery could see this up|
|taken a small punt -
With commodities recovering they could restart|
|i am surprised that WAFM has assets worth more than BEM (30m mcap) and yet we are sub 10m mcap.
way below radar imho|
|Its a shame the market is in such a shape as if it was more healthy WAFM would be a very good buy.|
|West African Minerals Corporation
("WAFM", the "Group" or the "Company")
Interim Report and Financial Statements for the Period Ended 30 September 2015
The Directors of West African Minerals Corporation (AIM: WAFM) are pleased to announce its unaudited consolidated interim financial statements for the period ended 30 September 2015.
· Total Assets declined by 1.3% to £22.7 million (31 March 2015: £23.0 million) largely due to operational expenses incurred, no impairment losses were recognised during the period.
· Cash on hand equates to £3.9 million (31 March 2015: £4.4 million).
· Operational expenses continue to be rigorously controlled at all levels.
· During the financial period under review, the Group reported a total comprehensive loss of £0.4 million (30 September 2014: £0.7 million).
· Basic and diluted loss per share decreased to 0.11 pence per share (30 September 2014: 0.19 pence).
Mineral Resource Estimate (MRE) and Metallurgy at Sanaga:
· WAFM is currently completing internal scoping studies on the development of a local, collaborative steel production to secure future off-take from Sanaga and enable a Cameroon iron ore industry.
· The Ministry of Mines in Cameroon is finalizing a lease-area reduction of WAFM's surface holdings from 4,117 km2 to 331 km2 allowing the company to retain its resources and discovered iron ore deposits while significantly reducing its required exploration commitments. The company will now hold four leases instead of five previously and only the Sanaga relinquished block is awaited in January 2016 to finalize the process.
· The company continues to evaluate suitable target businesses in the mineral resource sector for acquisition or investment.
· Due to the persisting weak market for iron ore and following the completion of the Sanaga Mineral Resource Estimate (MRE), WAFM has successfully reduced operational and corporate expenditure, preserving its cash position in 2015.
· The strategy to reduce expenditure to a "bare minimum" included significant reduction in the operational team and exploration field activities, the divestiture of the company's Sierra Leone assets, the successful reduction in the lease area size under exploration permit in Cameroon (to include only areas of "known mineralisation") and a rationalisation of Corporate overheads. This strategy will remain in place through 2016, until such time as the company makes a new investment or implements its regional steel production strategy, or sees a significant improvement in market conditions.|
|whats happening here guys??
when the news expected|
|Massive move upwards likely to occur here|
|Due a swift recovery that's for sure|
|this dog is out of tune _ I wonder if it's still alive ...most of miners flying today|
|("WAFM" or the "Company")Disposal of Sierra Leone licence interestsOn 27 February 2015 the Board of WAFM announced that it had implemented a new stream-lined budget for the Company for 2015 (the "2015 Budget") to reduce expenditure at the operational and corporate level, including the proposal that the Company relinquish its licences in Sierra Leone thereby reducing costs in Sierra Leone to US$50,000 in the 2015 Budget for rehabilitation and wind-up.The Company has completed its withdrawal from Sierra Leone, which has been effected by the sale on 19 August 2015 of its entire interest in the share capital of its wholly-owned subsidiary, Ferrous Africa Limited ("FAL"). FAL's subsidiaries ("FAL Group") held the Company's five licence interests in Sierra Leone. As a consequence of the disposal, the buyer (Sierra Resources Limited) will be responsible for any liabilities of the FAL Group from completion, including any costs for rehabilitation and wind-up, which had otherwise been estimated to cost the Company US$50,000 in 2015. In addition, the buyer has paid a nominal consideration of US$1. Following completion, the Company has no further interests in Sierra Leone and no further financial liabilities in respect of the Sierra Leone licences.|
|For those interested in mining companies check this Interview with Charles Gibson: Head of Mining at Edison Research https://www.youtube.com/playlist?list=PLnSelbHUB6GSF2Rs5Ijdrriw4lo_0pWzE|
|Yup even with out Tom W*nkiFr*th....lol!|
|Expecting more big rises next week hrte|