TIDMBSRT 
 
RNS Number : 4666X 
Baker Steel Resources Trust Ltd 
06 December 2010 
 

 
                      BAKER STEEL RESOURCES TRUST LIMITED 
 (Incorporated in Guernsey with registered number 51576 under the provisions of 
                 The Companies (Guernsey) Law, 2008 as amended) 
 
                                                                 6 December 2010 
30 November 2010 NAV Statement 
Net Asset Values 
Baker Steel Resources Trust Limited ("the Company") announces its net asset 
value per share as at 30 November 2010: 
Net asset value per Ordinary share:                   95.3 pence 
During the month the NAV per share rose 3.5% partly due to an increase in the 
value of South American Ferro Metals Limited following its listing on the 
Australian Stock Exchange and partly due to a weakening in the Sterling exchange 
rate, particularly against the US dollar in which the majority of the 
Portfolio's assets are denominated. 
The Company has a total of 66,030,632 Ordinary Shares and 13,197,051 
Subscription Shares in issue. 
Portfolio update 
During November, South American Ferro Metals ("SAFM") listed on the Australian 
Stock Exchange ("ASX").  This contributed a 1.0% increase in the NAV. As 
explained in the October NAV statement, a significant portion of the Company's 
holding in SAFM is in the form of unlisted Performance Shares which are held at 
a discount to the Ordinary Shares pending conversion to Ordinary Shares upon 
SAFM's meeting various project milestones at its Ponto Verde iron ore project in 
Brazil. 
At the end of October the mining of ore commenced at Ponto Verde and is being 
trucked to a nearby third party processing plant for beneficiation prior to 
sale, whilst SAFM commissions its own plant at Ponto Verde. This will not only 
provide early cashflow, but is also a key step towards meeting two of the 
project milestones for the conversion of the Performance Shares. 
The Company is 69.1 % invested with the top shareholdings as follows as a 
percentage of NAV: 
+-------------------------------------+------------+ 
| Ferrous Resources Limited           |      18.8% | 
+-------------------------------------+------------+ 
| Ivanhoe Nickel and Platinum Limited |      17.5% | 
|                                     |            | 
+-------------------------------------+------------+ 
| Gobi Coal & Energy Limited          |      10.6% | 
+-------------------------------------+------------+ 
| Copperbelt Minerals Limited         |       5.5% | 
+-------------------------------------+------------+ 
| South American Ferro Metals Limited |       5.0% | 
+-------------------------------------+------------+ 
| First Coal Corporation              |       4.3% | 
+-------------------------------------+------------+ 
| Forbes & Manhattan Coal Corporation |       3.6% | 
+-------------------------------------+------------+ 
| Other Investments                   |       3.8% | 
+-------------------------------------+------------+ 
| Net Cash and equivalents            |      30.9% | 
+-------------------------------------+------------+ 
 
Update on Investments 
Ferrous Resources Limited ("Ferrous") 
 
The board of Ferrous met in the middle of November to assess progress on the 
strategic review process being undertaken by Deutsche Bank. It reported that it 
is pleased with the progress made to date and has received confidential 
indications of interest from multiple credible parties. 
 
First Coal Corporation ("First Coal") 
 
First Coal has been making successful modifications to the cutting head on its 
narrow entry miner unit on its ADDCAR Highwall Mining System prior to a further 
test scheduled for April 2011. The recent C$3.3 billion bid for First Coal's 
immediate neighbour, Western Coal, demonstrates an increased interest in 
metallurgical coal projects. 
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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