Baker Steel Resources Trust Ltd Interim Management Statement (0196Q)
October 09 2013 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 0196Q
Baker Steel Resources Trust Ltd
09 October 2013
BAKER STEEL RESOURCES TRUST LTD
www.bakersteelresourcestrust.com
September 2013 Quarterly Factsheet
At 30 September 2013 Price / Index Level % Change in Quarter % Change in Year % Change from Inception
----------------------------- -------------------- -------------------- ----------------- ------------------------
Net Asset Value
(pence/share) 70.3 +1.0% -35.6% -28.2%*
----------------------------- -------------------- -------------------- ----------------- ------------------------
Ordinary Share Price
(pence/share) 51.5 -6.4% -38.7% -48.5%**
----------------------------- -------------------- -------------------- ----------------- ------------------------
MSCI ACWI Index 382.07 +7.4% +12.5% +24.0%
----------------------------- -------------------- -------------------- ----------------- ------------------------
Euromoney Global Mining
Index (Sterling) 543.35 +7.7% -23.4% -36.1%
----------------------------- -------------------- -------------------- ----------------- ------------------------
CRB Index 285.54 +3.6% -3.2% +4.5%
----------------------------- -------------------- -------------------- ----------------- ------------------------
Chinese Domestic Iron Ore
- Hebei/Tangshan (US$/t) 170 +2.4% -1.7% -11.5%
----------------------------- -------------------- -------------------- ----------------- ------------------------
Copper (US$/t) 7290.25 +8.3% -7.8% -2.2%
----------------------------- -------------------- -------------------- ----------------- ------------------------
Gold (US$/oz) 1328.94 +7.6% -20.7% +13.8%
----------------------------- -------------------- -------------------- ----------------- ------------------------
Source: Bloomberg closing 27/4/10, **Issue price 28/4/10, * NAV
30/4/10
This document constitutes an interim management statement for
the period from 1 July 2013 to 9 October 2013 ("the Period").
Financial information has been drawn up as at 30/09/2013. There
have been no material changes since that date.
Review Investment Objective
At the end of September 2013, Baker Steel Resources To seek capital growth
Trust Limited ("BSRT" or "the Company") was fully over the long term through
invested. During the quarter there was little a focused global portfolio
change to the portfolio, with the Company selling consisting principally
some Ivanhoe Mines shares to finance its commitment of the equities, or related
to acquire a further interest in Metals Exploration instruments, of natural
to fund the development of its Runruno Gold Mine resources companies.
in the Philippines.
Following a weak first half of 2013, markets for Investment Strategy
mining equities stabilised during the third quarter
of 2013, with the Euromoney Global Mining Index Investing predominantly
rising 7.7%. This reflects the performance of in attractively valued
commodity prices themselves, which partially recovered private companies with
during the quarter. strong development projects
The net asset value of the Company likewise stabilised and focused management
after a weak first half, rising 1.0% during the and also in listed securities
quarter. The mining projects within the Company's to exploit value inherent
portfolio continue to progress up the development in market inefficiencies.
curve: Bilboes Gold has restarted production from
the oxide portion of its deposit whilst it undertakes Asset Allocation
the feasibility study on the underlying sulphides;
Black Pearl has moved into the commissioning phase Unlisted Equities GBP32.5
of its new iron sands project in Indonesia; and M 69.9 %
China Polymetallic Mining continues to ramp up Listed Equities GBP14.3
production at its Shizishan silver lead zinc mine M 30.7 %
in China. Good progress also continues to be made Net Cash & GBP -0.3 M -0.6
at the Company's largest investment, Ivanhoe Mines %
(previously Ivanplats), which has refocused the Equivalents
development strategy for its Kamoa Copper project Net Assets GBP46.5 M
in the Democratic Republic of Congo to require Gearing: 0.6%
lower capital costs and in October 2013 it raised
C$108 million to fund the ongoing feasibility Shares in Issue
work. Ivanplats also recently received approval
to commence the sinking of a shaft at its Platreef Trading: The London Stock
Platinum/Palladium/Nickel project in South Africa. Exchange Ordinary: 66,142,533
Outlook Code: BSRT
The outlook for commodities in the short term ISIN GG00B6686L20
remains difficult to call as exemplified by contrasting
forecasts on the iron ore market published recently
by Citigroup and Morgan Stanley. Clearly much Financial Calendar
will continue to depend on the growth of the Chinese
economy as the largest importer of raw materials. Year End: 31 December
During September McKinsey Global Institute published Interims: August
its first Resource Revolution trends survey which Finals: April
suggests that reports of the end of the so-called
resource price "super-cycle" appear to be premature
with commodity prices also driven by a combination
of geological issues and input cost inflation.
In the case of development projects in the mining
industry, analysis of discounted cashflows can
show enormous potential returns but this can realise
nothing if the project is not financed into production
so that these cashflows can be released. The Company
will continue to source projects which it considers
have a sufficiently strong future production and
cost profile such that they have the best likelihood
of attracting finance and make the leap into production
and positive cashflow.
------------------------------------------------------------ -----------------------------------------
Top 10 Investments (at 30 September 2013) Investment Manager
Baker Steel Capital Managers
Ivanhoe Mines Limited 22.0% NAV LLP
A company listed on the Toronto Stock Exchange
with major copper and zinc projects in the Democratic Investment Advisers
Republic of Congo and a platinum/nickel project AWR Lloyd Capital Ltd
in South Africa. Rock Capital Partners Ltd
Bilboes Gold Limited 12.1% NAV
A private company which owns four previously producing Management Fees
gold mines in Zimbabwe. Monthly: 1/12 of 1.75%
Ironstone Resources Limited 11.7% NAV of
A private company with an iron ore/vanadium project Market Capitalisation
in Canada. Performance: 15% of NAV
Black Pearl Limited Partnership 11.6% NAV growth (if over 8% p.a.
Black Pearl is the private vehicle through which compound hurdle rate, with
the investment in the Black Pearl beach placer high watermark)
iron sands project in West Java, Indonesia is
held. Board
Gobi Coal & Energy Limited 11.3% NAV Howard Myles (Chairman)
A private company with three coking coal projects Ed Flood
in Mongolia. Charles Hansard
China Polymetallic Mining Limited 8.0% NAV Clive Newall
A company listed on the Hong Kong Stock Exchange Chris Sherwell
with a producing silver/lead/zinc mine and other
development opportunities in China. Brokers
Polar Silver Resources Limited 7.9% NAV Numis Securities Limited
A private company which holds a 50% interest in +44(0)20 7260 1000
a silver project in Russia. David Benda (corporate)
Metals Exploration plc 6.6% NAV James Glass (sales)
A company listed on the AIM market of the London
Stock Exchange with a gold project in the Philippines. Contact:
Ferrous Resources Limited 5.7% NAV Baker Steel Capital Managers
A private company with two producing iron ore LLP
mines in Brazil. 86 Jermyn Street,
South American Ferro Metals Limited 1.3% NAV London SW1Y 6JD
A company listed on the Australian Stock Exchange +44 (0) 20 7389 8237
with a producing iron ore mine in Brazil.
enquiries@bakersteelresourcestrust.com
The remainder of the Portfolio (excluding cash)
comprises five holdings totalling 2.4% NAV. Baker Steel Resources Trust
Further information is available on BSRT's website: Limited is incorporated
www.bakersteelresourcestrust.com in Guernsey
Registration Number: 51576
Arnold House, St Julian's
Avenue,
St Peter Port, Guernsey
-------------------------------------------------------------- ------------------------------------------
Important Information
This document is issued by Baker Steel Capital Managers LLP (a Limited
Liability Partnership registered in England No OC301191 and authorised
and regulated by the Financial Services Authority). The information contained
in this document is not intended to and does not constitute an offer, solicitation,
inducement, invitation or commitment to purchase, subscribe to, provide
or sell any securities, service or product or to provide any recommendations
which should be relied upon for financial, securities, investment or other
advice or to take any decision based on such information. Individual advice
should be sought from legal, financial, personal and other advisors before
making any investment or financial decision or purchasing any financial,
securities or investment-related service or product. As a registered collective
investment scheme, shares in Baker Steel Resources Trust Ltd are not permitted
to be directly offered to the public in Guernsey but may be offered to
regulated entities in Guernsey or offered to the public by entities appropriately
licensed under the Protection of Investors (Bailiwick of Guernsey) Law
1987 as amended.
The Net Asset Value ("NAV") figures stated are based on unaudited estimated
valuations of the underlying investments and not necessarily based on observable
inputs. Such estimates are not subject to any independent verification
or other due diligence and may not comply with generally accepted accounting
practices or other generally accepted valuation principles. In addition,
some estimated valuations are based on the latest available information
which may relate to some time before the date set out above. Accordingly,
no reliance should be placed on such estimated valuations and they should
only be taken as an indicative guide. Other risk factors which may be relevant
to the NAV figures are set out in the Company's Prospectus dated 31 March
2010.
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