Baker Steel Resources Trust Ltd Net Asset Value(s) (2545P)
June 05 2015 - 2:01AM
UK Regulatory
TIDMBSRT
RNS Number : 2545P
Baker Steel Resources Trust Ltd
05 June 2015
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 June 2015
29 May 2015 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 29 May 2015:
Net asset value per Ordinary Share: 45.5 pence
Since 30 April 2015, the NAV per share has risen by 2.2% largely
due to a 36% recovery in the price of Metals Exploration plc on the
AIM market of the London Stock Exchange. This follows the clearing
out of a motivated seller of the stock in April, and as Metal
Exploration's Runruno gold project in the Philippines remains on
target to start commissioning its plant later this month, interest
has started to be generated in the Company.
The Company had a total of 115,268,335 Ordinary Shares in issue
as at 29 May 2015.
Portfolio Update
The Company is fully invested with top investments as follows as
a percentage of NAV:
Polar Silver Resources Ltd 18.5%
Global Oil Shale Group plc 17.8%
Black Pearl Limited Partnership 13.1%
Metals Exploration plc 9.4%
Ivanhoe Mines Limited 9.3%
Bilboes Gold Limited 9.1%
Gobi Coal & Energy Limited 5.3%
Archipelago Metals Limited 4.2%
China Polymetallic Mining Limited 3.6%
Ironstone Resources Limited 2.8%
Ferrous Resources Limited 2.6%
Other Investments 3.5%
Net Cash, Equivalents and Accruals 0.8%
Ivanhoe Mines Limited ("Ivanhoe")
On 26 May 2015 Ivanhoe announced that it had signed agreements
with Zijin Mining Group Co., Ltd of China ("Zijin") for the
strategic co-development of the Kamoa copper discovery in the
Democratic Republic of Congo. Under the terms of the agreements
Zijin will buy a 49.5% equity interest in Kamoa Holding Limited
(Kamoa Holding), an Ivanhoe subsidiary that presently owns 95% of
the Kamoa Project, for an aggregate consideration of US$412
million.
Zijin has also committed to use its best efforts to arrange or
procure non-recourse project financing for 65% of the capital
required to develop the first phase of the Kamoa Project, as set
out in the feasibility study, on terms acceptable to Ivanhoe. Upon
the successful procurement of project financing, Zijin will have
the right to acquire a further 1% equity interest in Kamoa
Holding.
The 2013 Kamoa preliminary economic assessment (PEA) reflects a
two-phased approach to development of the Kamoa Project. The first
phase of mining would target high-grade copper mineralisation from
shallow, underground resources to produce approximately 100,000
tonnes of contained copper in a high-value concentrate. The PEA
estimated that the pre-production capital required for Kamoa's
first phase of development would be approximately US$1.4 billion.
Therefore assuming Zijin procures project financing for 65% of this
(US$910 million), the US$412 million to be received from Zijin will
more than cover Ivanhoe's US$245 million share of the equity
required for the development.
This transaction is a major boost for Ivanhoe as it gives a
clear path for the development of Kamoa and unlocking its
considerable value. Given that there is a strong chance that
Ivanhoe's joint venture partner in its Platreef project in South
Africa, the ITOCHU-led Japanese consortium, will procure the
finance for that project there is now the potential that Ivanhoe
will not need to issue any further equity to progress its two major
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
Numis Securities Limited +44 20 7260 1000
David Benda (corporate)
James Glass (sales)
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 26 January 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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