Net Asset Value(s) (1709Z)
January 10 2011 - 6:13AM
UK Regulatory
TIDMBSRT
RNS Number : 1709Z
Baker Steel Resources Trust Ltd
10 January 2011
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
10 January 2011
31 December 2010 NAV Statement
Net Asset Values
Baker Steel Resources Trust Limited ("the Company") announces
its net asset value per share as at 31 December 2010:
Net asset value per Ordinary share: 96.9 pence
During the month the NAV per share rose 1.7% with strong
performance from Toronto Stock Exchange listed Forbes Coal adding
approximately 1.0% to the NAV.
The Company has a total of 66,030,632 Ordinary Shares and
13,197,051 Subscription Shares in issue.
Portfolio update
During December the Company made a C$8 million investment in
Ironstone Resources Limited ("Ironstone"), a private Canadian
company which owns the Clear Hills Iron Ore/Vanadium Project
("Clear Hills") in Alberta, Canada. Clear Hills currently has a
resource of 203 million tonnes of iron ore at a grade of 33%
designated under Canadian National Instrument 43-101 (NI 43-101).
Historic work (pre NI 43-101) in the 1950's estimated a resource of
over 1 billion tonnes of iron ore at Clear Hills so there is a good
opportunity for Ironstone to increase its NI 43-101 resource
significantly through its planned drilling campaign over the next
few months. In addition Ironstone is due to extract a 20,000 tonne
bulk sample as feed for a pilot plant later in the year as part of
its work towards a feasibility study on Clear Hills. The project
has also demonstrated significant vanadium by-product and gold
assays in recent core samples suggesting the potential for further
credits from those commodities.
The Company is 78.3% invested with the top shareholdings as
follows as a percentage of NAV:
Ferrous Resources Limited 18.4%
Ivanhoe Nickel and Platinum
Limited 17.2%
Gobi Coal & Energy Limited 10.4%
Ironstone Resources Limited 8.1%
South American Ferro Metals
Limited 5.7%
Copperbelt Minerals Limited 5.4%
Forbes & Manhattan Coal Corporation 4.6%
First Coal Corporation 4.3%
Other Investments 4.2%
Net Cash and equivalents 21.7%
Update on Investments
Copperbelt Minerals Limited ("Copperbelt")
The acquisition of Copperbelt by the Chinese African Development
Fund was due to have been completed by 31 December 2010. However
the requisite approvals from the Chinese and Congolese authorities
were still to be received by that date and it was agreed to extend
the deadline as sufficient progress had already been made.
Gobi Coal & Energy Limited ("Gobi Coal")
On 5 January 2011, shareholders approved the placing of up to 20
million new shares of Gobi Coal. Provisional agreement has been
reached with two investors for the placing of 16.25 million new
shares at US$4 per share to raise US$65million. The placing is
expected to be completed by the end of February 2011. The proposed
placing price is double the Company's current carrying value of
US$2 per share and as the placing represents over 20% of Gobi
Coal's existing issued share capital, if completed, it would be
expected to lead to a doubling of the Company's carrying value of
Gobi or approximately an 8% increase in the Company's NAV.
Ivanhoe Nickel and Platinum Limited ("Ivanplats")
During December, Ivanplats advised that it had undertaken a
small placing of new shares at US$12 per share compared to the
Company's carrying value of US$8.75 per share. As this placing
amounted to around 1% of the issued share capital of Ivanplats, the
carrying value has not been adjusted. Ivanplats is currently
discussing a larger placing and if this were to take place, the
Company's carrying value will be reviewed. A carrying value for
Ivanplats of US$12 per share would add approximately 6% to the
Company's NAV.
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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