I attended the Master Investor Event in Islington on Saturday - and thoroughly enjoyed it.
One of the presentations was by Jim Mellon (who famously made a fortune out of Uramin) who enthused for England about a wide range of subjects.
He mentioned West African Minerals Corp (WAFM) as a company in which he has a significant interest. He also mentioned that his long standing business partner/associate, Steven Dattels is the chairman of WAFM and was attending the event on the WAFM stand where he was available for discussion.
Having profited greatly from URU, which was so brilliantly researched and analysed here by Marben, and having heard wonderful things about Mr Dattels' genius where mining investment is concerned, I subsequently headed for the WAFM stand to investigate further.
As luck would have it I did not manage to see or speak with Mr D himself – he was away from the stand each time I visited. But I did have a long and interesting conversation with the MD, the colourfully named Anton Mauve. (no purple prose here)
Headline – WAFM is focussed on iron mining in Cameroun. Has licenses on a large area of extremely high grade mineralisation which is close to the coast and to the export infrastructure which is currently being developed. Is in the process of exploration & appraisal. Aims to define maiden resources in 2013. Has much work still to do but looks v promising. Key issue is that at 60% Fe, the grade of ore is so high that it can be shipped without any local pre-processing being needed. (this is termed Direct Shipping Ore or DSO)
market cap is about £100 million
website is here:- www.westafricanminerals.com
Master Investor interview with MD is here:- www.brrmedia.com/event/111517/anton-mauve-managing-director?popup=true&wl=670
recent analyst presentation is here:-
www.westafricanminerals.com/sites/default/files/Analysts%20presentation%20-%2019%20april%20wafm%20presentation.pdf
lots of other stuff on website
S Dattels is CEO and Exec Co-Chair and owns 9.4%
J Mellon is non-exec Co-Chair and owns 6.3%
Management and insiders own a total of 55%
I have not had time since Saturday, to give serious thought to valuation or to consider the investment case. And since I’m going into hospital tomorrow to get my shoulder fixed at last, I won’t get time for…
So, today the share price is 40p - that's 33% in the 3 weeks since I started this thread.
Unfortunately I have not yet bought in and now have to overcome the psychological barrier of a price quite a bit steeper than when I first started looking. One the one hand it looks as if the market agrees with my sense of this being an attractive opportunity. On the other.......
