West African Minerals posts first half loss

Mining investor West African Minerals Corporation (WAMC) fell further into the red in the first half of the year but is putting its faith in iron ore exploration in its chosen region.

The firm posted a net loss for the six months to the end of September of £1.28m, compared to a loss if £896,884 the year before.

It also said operating expenses for the period had come in above budget at £1,873,497 due to increased professional fees from its proposed acquisition of Ferrum Resources.

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Equity shareholder funds fell 7.8% to £9,190,332 compared with the end of March.

The company said it intended to acquire the entire issued and to be issued share capital of Ferrum, a private company focused on early stage iron ore exploration projects in Africa.

Stephen Dattels, executive co-chairman of WAMC, said West Africa was fast emerging as the next significant iron ore province.

"We are excited by the potential exploration and development opportunities offered by the licences held by Ferrum," he said.

"The proximity of Ferrum's assets to advanced iron ore projects makes them well positioned to contain mineralisation, as well as benefit from the infrastructure being developed in the region."