BSRT Baker Steel Resources Trust Limited

 

TIDMBSRT 
 
RNS Number : 9618T 
Baker Steel Resources Trust Ltd 
06 October 2010 
 

 
 
 
BAKER STEEL RESOURCES TRUST LIMITED 
(Incorporated in Guernsey with registered number 51576 under the provisions of 
The Companies (Guernsey) Law, 2008 as amended) 
 
30 September 2010 NAV Statement 
Net Asset Values 
Baker Steel Resources Trust Limited ("the Company") announces its net asset 
value per share as at 30 September 2010: 
Net asset value per Ordinary share:                   93.7 pence 
During the month the NAV per share fell 0.64% with the rise in the listed part 
of the portfolio being outweighed by a 2.3% rise in the value of Sterling 
against the US Dollar in which the majority of the portfolio's assets are 
denominated. 
The Company has a total of 66,023,089 Ordinary Shares and 13,204,594 
Subscription Shares in issue. 
Portfolio update 
During September, the Company made a further investment in First Coal 
Corporation, participating in a placing of new shares and warrants to fund the 
ongoing feasibility studies into its coking coal projects in British Columbia, 
Canada.  In addition, Forbes & Manhattan Coal Corporation, acquired in July as 
part of a late pre-IPO financing, commenced trading on the Toronto Stock 
Exchange on 26 September 2010, and finished the month up 23% from the Company's 
acquisition price. 
The Company is 67% invested with the top five shareholdings as follows as a 
percentage of NAV: 
+-------------------------------------+------------+ 
| Ferrous Resources Limited           |      18.9% | 
+-------------------------------------+------------+ 
| Ivanhoe Nickel and Platinum Limited |      17.6% | 
|                                     |            | 
+-------------------------------------+------------+ 
| Gobi Coal & Energy Limited          |      10.7% | 
+-------------------------------------+------------+ 
| Copperbelt Minerals Limited         |       5.5% | 
+-------------------------------------+------------+ 
| First Coal Corporation              |       4.3% | 
+-------------------------------------+------------+ 
| Other Investments                   |      10.0% | 
+-------------------------------------+------------+ 
| Net Cash and equivalents            |      33.0% | 
+-------------------------------------+------------+ 
 
Update on Investments 
South American Ferro Metals ("SAFM") 
The reverse takeover of SAFM by ASX listed Riviera Resources Limited ("Riviera") 
received shareholder approval on 13 September 2010. Riviera is in the process of 
raising up to A$15 million in order to start production at SAFM's Ponto Verde 
iron ore project in Brazil and undertake drilling to prove-up further resources 
on the property. The transaction is expected to be completed on 19 October 2010. 
Copperbelt Minerals Limited ("Copperbelt") 
Following delays in receiving approval from the government of the Democratic 
Republic of Congo ("DRC"), one of the two parties which had agreed jointly to 
acquire Copperbelt, Zijin Mining Group Company Limited ("Zijin"), decided not to 
extend the date of completion and effectively pulled out of the acquisition. 
Copperbelt management believe that this withdrawal was primarily due to the 
ongoing difficulties Zijin was facing at its mining operations in China, rather 
than any issues concerning Copperbelt's project or doing business in the DRC. 
Following Zijin's withdrawal, Copperbelt and the other party to the original 
acquisition agreement, China Africa Development Fund ("CAD Fund"), have entered 
into a new sale deed. Prior to the expiry of the previous acquisition agreement, 
the required consents from the government of DRC were well advanced although are 
expected to require the acceleration of certain licence payments. These costs 
will result in a small reduction in the sale price of Copperbelt, but this is 
still expected to be in excess of 20% over the Company's current carrying value. 
The acquisition is now scheduled for completion during November 2010. 
Further details of the Company and its investments are available on the 
Company's website www.bakersteelresourcestrust.com 
Enquiries: 
 
Baker Steel Resources Trust Limited     +44 20 7389 8237 
Francis Johnstone 
 Trevor Steel 
 
Winterflood Investment Trusts               +44 20 3100 0291/0250 
Robert Peel 
James Moseley 
 
RBC Capital Markets                            +44 20 7653 4000 
Martin Eales 
 
Pelham Bell Pottinger 
Damian Beeley                                       +44 20 7861 3139 
Charles Vivian                                        +44 20 7861 3126 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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