On June 28, British mineral exploration and development company Affero Mining announced its Q1 results for 2011. According to the report, the company recorded a total comprehensive loss of $5.3 million, compared to a loss of $362,279 in 2010 Q1.
Afferro Mining Inc., which was previously African Aura Mining Inc., said that the resulting split into two companies came at a very difficult time and a cash equivalents of approximately $10.6 million were transferred to Aureus Mining Inc. As an iron ore company, Afferro is now focused on developing its world class assets in Liberia (Putu) and Cameroon (Nkout). The company plans to increase the resource at Putu, which is currently 2.4 billion mt at 34 percent iron, and also expects to increase the magnetite resource at Nkout, which stands at 1.42 billion mt at 33.6 percent iron at present.