Baker Steel Resources Trust Ltd Net Asset Value(s) (1351E)
April 07 2014 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 1351E
Baker Steel Resources Trust Ltd
07 April 2014
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
7 April 2014
31 March 2014 Unaudited NAV Statement
Net Asset Values
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 March 2014:
Net asset value per Ordinary Share: 60.70 pence
During the month, the NAV per share increased by 1.8%,
predominantly due to the appreciation of Metals Exploration which
was up 26.2% in March.
At 31 March 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 17.1%
Black Pearl Limited Partnership 13.9%
Gobi Coal & Energy Limited 12.7%
Ironstone Resources Limited 12.6%
Bilboes Gold Limited 10.2%
Polar Silver Resources Ltd 9.1%
Metals Exploration plc 8.0%
Ferrous Resources Limited 6.4%
China Polymetallic Mining Limited 6.2%
South American Ferro Metals Limited 1.6%
Other Investments 2.1%
Net Cash, Equivalents and Accruals 0.1%
Investment Update
Metals Exploration plc ("Metals Ex")
On 11 March 2014, Metals Ex reported good progress on the
construction of its Runruno gold project in the Philippines. The
construction phase commenced mid 2013, was 46% complete at 31
January 2014 and remains on time and on budget with first gold pour
scheduled for Q4 2014.
Runruno has JORC compliant Mineral Resources of 1.4 million
ounces of gold and is targeting annual gold production of
approximately 100,000 ounces at an operating cost of US$474 per
ounce of gold.
The next key milestone for the project will be the finalisation
of a US$70 million debt facility, which Metals Ex advised is
nearing completion and is forecast to be sufficient to complete the
project.
Metals Exploration shares rose 26.2% on the AIM market of the
London Stock Exchange during the month which translated to a 1.7%
rise in the NAV.
Ivanhoe Mines Limited ("Ivanhoe")
On 26 March 2014, Ivanhoe released the results of an independent
Preliminary Economic Study ("PEA") on its platinum, palladium,
nickel, copper, gold and rhodium discovery at its Platreef Project
on the Bushveld Complex's Northern Limb in South Africa. The PEA
outlines a large mechanised underground mine developed on a phased
approach. An initial mine of 4 million tonnes per annum (Mtpa)
would establish an operating platform at 455,000 ounces of
platinum, palladium, gold and rhodium ("4PE") per annum which would
immediately be followed by an expansion to 8 Mtpa producing 785,000
ounces 4PE as the base case. There are plans for a further
expansion to 12 Mtpa (1.1 million ounces 4PE).
The NPV (8%) of the base case is US$1.6 billion with a payback
of 6.4 years and an IRR of 14.3%. Pre-production capital costs are
estimated at US$1.7 billion and operating costs of US$341 per ounce
4PE, which would make the Platreef mine the lowest cost producer in
South Africa.
Earlier in the month, Ivanhoe announced the results of
exploration which suggested a major extension to the currently
identified mineralisation. It has been estimated that this
additional area could add a further 66 million ounces 4PE to the
current 76 million ounce 4PE resources at Platreef.
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)
Bell Pottinger
Lorna Cobbett +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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