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Market: AIM:WAFM
Sector: General Mining - Iron Ore and Bauxite


West African Minerals Corporation (formerly Emerging Metals Limited) is an iron ore mining and exploration group which has built a portfolio of iron ore assets in West Africa.

In Cameroon, through its 100% owned subsidiary Compagnie Minière du Cameroun SA, the Group owns exploration licenses spanning the coastal regions in proximity to existing and developing ports, to the larger...


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West African Minerals’ strategic directive is to explore for and develop iron ore mineralisation in West Africa that presents significant margins, either inherently high grade or located in proximity to coastal infrastructure, that would result in dramatically reduced capital and operating costs.

The Company is seeking to acquire interests in natural resources projects (including but not limited to all metals, minerals and hydrocarbon projects) or physical resource assets on a worldwide basis. Projects may include (without limit) exploration permits and licences, processing plants, mines or oil and gas fields, which may be achieved through acquisitions, partnerships or joint venture arrangements. Such investments may result in the Company acquiring the whole or part of a company or project, and may include the Company taking strategic equity stakes in both public and private companies.

The Company’s investments may take the form of equity, debt, convertible instruments, licence rights, options or other financial instruments as the Directors deem appropriate. Forward transactions and derivatives (including puts and call options on individual positions or physical resource assets) may be used to gain exposure to resources or the securities of companies falling within the Company’s investment policy or to seek to generate income from the Company’s position in such resources or companies, as well as for efficient portfolio management. The Company may hedge exposure to foreign currencies if considered appropriate for efficient portfolio management. The Company would not however contemplate investments or acquisitions that carry a high degree of contingent risk or liability that is capable of imposing financial obligations upon the Company that it could not reasonably expect to meet.

The Directors believe that their broad collective experience in the areas of acquisitions, accounting, corporate and financial management together with the opinion of consultant experts in the evaluation and exploitation of natural resources projects who will assist them in the identification and evaluation of suitable opportunities, will enable the Company to achieve its strategic objective.


Cameroon-Congo Brazzaville Iron Belt


Through its 100% owned subsidiary Compagnie Minière du Cameroun SA, WAFM owns exploration licenses in Cameroon spanning the coastal regions near existing and developing ports - the Sanaga permit near the Port of Douala; and the Binga permit near the Kribi deepwater seaport. A mineral resource estimate is available for the Binga permit, while the Company is currently undertaking infill drilling towards a maiden MRE at South Sanaga. Management’s focus is on de-risking the best of these near coastal opportunities to deliver substantial real value to shareholders in the form of low capital and operating cost, easily developed iron ore production.
The Company’s larger permits to the southeast in Cameroon along the extensive iron ore corridor that hosts other advanced deposits, provide significant long term growth potential. They comprise the North and South Djadom permits located immediately adjacent to the Mbalam project, and the Lélé permit to the west. Inferred MREs have been reported to date at the South Djadom permit.


Historical aeromagnetic data of the CMC Permits indicated a continuation of the total magnetic intensity signature eastwards from WAFM’s Binga concession, located approximately 80-100 km from the coast, to the interior eastern concession of Djadom adjacent to Sundance Resources’ Mbalam project.

The potential for high tonnage iron ore was confirmed by the Company’s 27,000 line km aeromagnetic survey in April 2012 which identified 30 discrete demagnetised zones with high tonnage potential over 100 sq km in area. Importantly, ten of the targets were on the near coastal Binga and Minko concessions, while the remaining 20 potential targets were located on the Company’s large south-eastern permits.  Two of the largest anomalies on the Djadom and Lélé concessions were interpreted as being demagnetised overlying the hinge zones of large banded iron formations. Seven of the anomalies bore geophysical signatures similar to that of the Mbarga Deposit on the adjacent Mbalam exploration permit held by Sundance Resources. 

Following the success of the Phase 1 aeromagnetic survey, a 20,000 metre Phase 2 scout drilling program was initiated in August 2012 commencing with the Binga permit and advancing eastward along the Cameroon-Congo Brazzaville iron corridor to the large-scale geophysical anomalies at South Djadom, North Djadom and Lélé. The exploration strategy was designed to capture the near term potential of the coastal permits by identifying a resource that could be brought into production in relatively short time, while advancing the large-scale potential of the interior eastern permits located adjacent to major DSO deposits in the region as the heavy rail infrastructure is developed.


WAFM’s latest exploration focus has been directed at its South Sanaga permit area located 60km from the Douala Port and within 10km of the main railway between Yaoundé and Douala.  Sanaga’s primary advantage is its proximity to the existing port, rail and power infrastructure that carries potential for enhanced economics and closer timeline to production.

In July 2014, approximately 50km of line cutting, detailed mapping and sampling of the South Sanaga priority target area have been completed yielding promising early results.  Several areas of surface exposure of magnetite bearing gneiss were outlined from mapping with surface grab sample grades ranging from 29.1% Fe to 66.3% Fe. Ground gravity and magnetic geophysical surveys identified several coincident, large magnitude gravity and magnetic anomalies. The highest priority target comprises a highly magnetic and dense source of approximately 1,000m x 500m, coincident with surface magnetite exposures.


In view of these encouraging results, a modification to the 2014 work program provided for reconnaissance drilling and preliminary metallurgical test work to be undertaken at South Sanaga.

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Executive Directors

Gerard Holden, Chairman

Mr. Holden spent more than 20 years of his career with the Barclays Bank Group, and was Global Head of Mining & Metals prior to leaving in May 2006. He has served as an independent director and chairman of the audit committee of Norilsk Nickel, chairman of AIM-traded GCM Resources plc, and was a director of Lonrho Africa plc and Brinkley Mining plc. Mr. Holden is currently the chairman of privately held Verivox Holdings Ltd. A chemical engineer by training, Mr. Holden spends the remainder of his time assisting natural resource companies with strategic advice. Current advisory roles include member of the Advisory Board of Project Associates Limited, member of the Advisory Board of Abu Dhabi based Theyab International Group, and Senior Adviser to VTB Capital.

Non-executive Directors

James Mellon, Non-Executive Director

Mr. Mellon has been a fund and asset manager for nearly thirty years. He is an avid participant in a number of markets, in particular the stock markets of emerging nations. Mr. Mellon started his career with GT Management plc in 1978. In July 1984, he moved to the Thornton Group where he was Managing Director of the Asian operation, Thornton Management (Asia) Limited. From 1988 to 1990, he was an Executive Director of Tyndall Holdings plc, responsible for business expansion and corporate development. Mr. Mellon is the founder, principal shareholder and Non-executive Co-Chairman of Regent Pacific Group Limited, quoted on the Hong Kong Stock Exchange. He is also a founder and a Non-executive Director of Charlemagne Capital Limited and Polo Resources Limited, both of which are traded on AIM. Mr. Mellon holds a master’s degree in Politics, Philosophy and Economics from Oxford University.

Brad Mills, Non-Executive Director

Mr. Mills is the Managing Director at Plinian Capital Limited, a private equity investment company specializing in hard rock mineral investments. He is also currently serving as Chief Executive Officer of Mandalay Resources Corporation, a Canada-based mining company listed on the Toronto Stock Exchange, involved in the discovery, development and production of mineral commodities including gold, silver and antimony in Australia and Chile. Mr. Mills was previously Chief Executive Officer of Lonmin plc, a major platinum and platinum group metals (PGM) producer. Prior to that, he was President of BHP Billiton's Copper Group.

Andrew Gutmann, Non-Executive Director

Andrew Mark Gutmann, is the head of Capital Markets at Beaufort International Associates Limited. He specialises in fundraising for small and micro-cap companies. He has worked for a number of institutions and has over 17 years' experience in the City.

Willy Simon, Non-Executive Director

Willy Jules Simon, is a banker and worked at Kredietbank N.V. and Citibank London before serving as an executive member of the Board of Generale Bank NL from 1997 to 1999 and as the Chief Executive of Fortis Investment Management from 1999 to 2002. He acted as chairman of Bank Oyens & van Eeghen from 2002 to 2004. From 2004 until 2012, he served as a non-executive director of Redi & Partners Ltd., a fund of funds. He was previously Chairman of AIM-traded Velox3 plc (formerly 24/7 Gaming Group Holdings plc) until 2015 and had been a director of Playlogic Entertainment Inc., a NASDAQ OTC listed company.


Denham Eke, Chief Financial Officer

Mr. Eke started his career in stockbroking and insurance with Sheppards & Chase and then Hogg Robinson plc. Over the last 20 years he has held directorships of a large number of public and private companies, principally involved in financial services, equity investments, and property ownership and management, where he has been tasked with rationalising and restructuring operations to enhance profitability. Since 2002, Mr. Eke has been the Managing Director of Burnbrae Group Ltd. He is also Chairman of Webis Holdings plc, Chief Executive Officer of Manx Financial Group plc, Chief Financial Officer of Copper Development Corporation and a Non-executive Director of Speymill plc, ARBB AG, Rivington Street Holdings Limited and Billing Services Group Limited.

Holdings of Significant Shareholders

As of 15 February 2016 the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached:


Number of Shares

Percentage of issued share capital

Beaufort Nominees Limited1



Panetta Partners Limited



Bradford Mills2



Plinian Capital Limited



Rosy Mining Limited3



Regent Mercantile Holdings Limited



James Mellon4



Generation Resources Limited





West African Minerals Corporation

Viking House

Nelson Street

Douglas, Isle of Man 


Tel: +44 (0)1624 639396

Fax: +44 (0)1624 661009

Email: [email protected] 



Registered Office

West African Minerals Corporation
Craigmuir Chambers
Road Town, Tortola
British Virgin Islands

Principal Trading Address

West African Minerals Corporation
Viking House
Nelson Street
Douglas, Isle of Man IM1 2AH

Nominated Adviser

Beaumont Cornish Limited
2nd Floor, Bowman House
29 Wilson Street
London EC2M 2SJ


SP Angel Corporate Finance LLP
Prince Frederick House
35-39 Maddox Street 

 W1S 2PP


Heritage Court
41 Athol Street
Douglas, Isle of Man IM99 1HN

Solicitors to the Company

Kerman & Co LLP
200 Strand
London WC2R 1DJ


Computershare Investor Services (Jersey) Limited
Queensway House
Hilgrove Street
St Helier, Jersey JE1 1ES


Computershare Investor Services Plc
The Pavilions
Bridgwater Road
Bristol BS13 8AE



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