Baker Steel Resources Trust Ltd Net Asset Value(s) (3943Z)
February 06 2014 - 2:01AM
UK Regulatory
TIDMBSRT
RNS Number : 3943Z
Baker Steel Resources Trust Ltd
06 February 2014
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 February 2014
31 January 2014 Unaudited NAV Statement
Net Asset Values
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share as at 31 January 2014:
Net asset value per Ordinary Share: 60.0 pence
During the month, the NAV per share decreased by 3.2% largely
due to a fall in the share price of Ivanhoe Mines Limited on the
Toronto Stock Exchange.
At 31 January 2014, the Company had a total of 66,142,533
Ordinary Shares in issue.
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Ivanhoe Mines Limited 16.3%
Black Pearl Limited Partnership 13.9%
Gobi Coal & Energy Limited 13.0%
Ironstone Resources Limited 12.5%
Bilboes Gold Limited 10.5%
Polar Silver Resources Ltd 9.3%
China Polymetallic Mining Limited 6.9%
Ferrous Resources Limited 6.6%
Metals Exploration plc 6.4%
South American Ferro Metals Limited 1.8%
Other Investments 2.3%
Net Cash, Equivalents and Accruals 0.5%
Investment Update
Ferrous Resources Limited ("Ferrous")
On 21 January 2014 Ferrous announced that it had successfully
achieved its targeted production of 5 million tonnes of iron ore in
2013 from its two operating mines in Brazil. Its Viga Mine produced
3.40 million tonnes and the Esperança Mine produced 1.73 million
tonnes to give a total 5.13 million tonnes for the year, a 60%
increase on 2012.
Following a positive feasibility study in 2013, the next major
milestone for Ferrous will be the financing of the expansion of the
Viga Mine to 15 million tonnes per annum which is currently
scheduled to be completed in 2017.
Black Pearl Limited Partnership ("Black Pearl")
Black Pearl is close to completing phase I of the development of
its iron ore beach sands project in Indonesia. It is expected to
produce 5 million tonnes of iron ore concentrate in 2014 and plans
are in place for this to be rapidly expanded to around three times
this figure. However the move by the Indonesian government to halt
exports of unrefined minerals on 12 January 2014, is certainly of
concern. The situation remains unclear but it appears that the new
law is primarily targeted at the nickel and bauxite industries
whilst projects producing other metals, including iron ore such as
Black Pearl, will have until 2017 to move to smelt its product
onshore. In the meantime it appears probable that the project will
bear an additional export tax. Despite these new taxes, it is still
likely that the operating margins will be attractive given Black
Pearl's low operating costs. It is interesting to note that in the
same week the Indonesian government instituted this export ban, the
Government of the Democratic Republic of Congo postponed its
proposed ban on copper and cobalt concentrate exports acknowledging
the lack of electricity generation capacity to process the
minerals.
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
Numis Securities Limited +44 20 7260 1000
David Benda (corporate)
James Glass (sales)
Pelham Bell Pottinger
Lorna Spears +44 20 7861 3883
Joanna Boon +44 20 7861 3867
The Net Asset Value ("NAV") figure stated is 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 figure is set
out in the Company's Prospectus dated 31 March 2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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