Baker Steel Resources Trust Ltd Net Asset Value(s) (5869V)
November 06 2017 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 5869V
Baker Steel Resources Trust Ltd
06 November 2017
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 November 2017
31 October 2017 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 October 2017:
Net asset value per Ordinary Share: 51.4 pence
Since 29 September 2017 the NAV per share has increased by 2.0%
primarily due to a rise in the share price of Ivanhoe Mines Limited
on the Toronto Stock Exchange.
The Company had a total of 116,139,980 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 31 October
2017.
Portfolio Update
The Company's top 10 investments are as follows as a percentage
of NAV:
Polar Acquisition Ltd 29.8%
Ivanhoe Mines Limited 13.6%
Bilboes Gold Limited 11.9%
Cemos Group plc 10.7%
Metals Exploration plc 7.5%
SME Inc 5.1%
Black Pearl Limited Partnership 4.4%
Ironstone Resources Limited 4.1%
Nussir ASA 3.5%
Archipelago Metals Limited 1.1%
Other Investments 1.1%
Net Cash, Equivalents and
Accruals 7.2%
Investment Update
Ivanhoe Mines Limited ("Ivanhoe")
On 30 October 2017, Ivanhoe announced that it had reached
agreement to rebuild 34km of rail track connecting the Kipushi zinc
copper mine with the Democratic Republic of Congo national railway
to the South of Lubumbashi. This rail spur will complete the route
for the export of the planned 530,000 tonnes per annum of zinc
concentrate to be produced by Kipushi.
Over the past two years Ivanhoe has been focussed on dewatering
and upgrading the Kipushi Mine's underground infrastructure. With
this nearing completion, attention is now moving on to modernising
and upgrading surface infrastructure with a view to the resumption
of commercial production.
In May 2016, Ivanhoe announced the results of an independent,
preliminary economic assessment (PEA) which estimated the net
present value of Kipushi at US$533 million with an IRR of 31% and a
payback of 2.2 years on a capital cost of US$409 million. Since
that time the zinc price has risen by around 50% and long-term
price forecasts for the metal look positive. A pre-feasibility
study (PFS) to refine the findings of the PEA is expected to be
published in early 2018.
Metals Exploration plc ("Metals Ex")
During October 2017 Metals Ex announced its quarterly production
results. A total of 9,677 ounces of gold were recovered compared to
the targeted 25,000 ounces per quarter following a further set-back
during the period when the BIOX(R) circuit was contaminated by
algae. The BIOX(R) circuit is reported to be recovering and stood
at 27.5% of design throughput as at 19 October 2017. Once the
teething problems with the plant have been finally resolved, the
Runruno gold mine has the potential to be highly cash generative
and a few quarters of production at its specified production rate
should hopefully lead to a re-rating of Metals Ex shares.
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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