31 March 2011 NAV Statement

RNS Number : 4931E

Baker Steel Resources Trust Ltd

07 April 2011

 



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 2011

31 March 2011 NAV Statement

Net Asset Values

Baker Steel Resources Trust Limited ("the Company") announces its net asset value and diluted net asset value per share as at 31 March 2011:

Net asset value per Ordinary share:                   106.2 pence

Diluted net asset value per Ordinary share:        105.1 pence

During the month the undiluted NAV per share rose by 4.7% largely attributable to an increase in the valuation of Ivanhoe Nickel & Platinum.

The Company has a total of 66,030,632 Ordinary Shares and 13,197,051 Subscription Shares in issue.

Portfolio update

Ivanhoe Nickel & Platinum ("Ivanplats")

The Company increased its carrying value of Ivanplats at the end of January 2011, in view of recent private placements and significant secondary trading in the "grey market". As Ivanplats progresses towards an IPO, there has been further significant secondary trading in the "grey" market in its shares during February and March. In light of this, in accordance with the fair value concept in International Financial Reporting Standards, the Board has decided to increase the carrying value of Ivanplats by a further 20.8%, which after taking into account exchange differences, resulted in a 4.8% increase in the NAV.

The Company is 86.7% invested with the top shareholdings as follows as a percentage of NAV:

Ivanhoe Nickel and Platinum Limited	25.2%
Ferrous Resources Limited	16.3%
Gobi Coal & Energy Limited	9.3%
Ironstone Resources Limited	7.6%
South American Ferro Metals Limited	5.8%
Copperbelt Minerals Limited	4.8%
Silver Russian	4.5%
Forbes & Manhattan Coal Corporation	3.9%
First Coal Corporation	3.9%
Other Investments	5.4%
Net Cash and Equivalents	13.3%

Update on Investments

Ferrous Resources Ltd ("Ferrous")

During March, Ferrous announced that it had achieved a number of important milestones in developing its fully integrated iron ore project in Brazil. Production of iron ore has commenced with initial output planned to reach 2.5 million tonnes by the end of 2011. Ferrous has stated that it remains on schedule to achieve its target of exporting 25 million tonnes of iron ore per annum from 2014, potentially expanding to 62 million tonnes per annum by 2016. Ferrous also announced that it has been granted the preliminary licence for a port terminal in Presidente Kennedy, Espirito Santo state, a key milestone in achieving its aim of developing its own infrastructure system encompassing the port and a 400km slurry pipeline connecting the port terminal to Ferrous' Viga Mine.

Further details of the Company and its investments are available on the Company's website www.bakersteelresourcestrust.com 

Enquiries:

Baker Steel Resources Trust Limited     [phone]

Francis Johnstone
Trevor Steel

Winterflood Investment Trusts               [phone]/0250

Robert Peel

James Moseley

RBC Capital Markets                           [phone]

Martin Eales

Pelham Bell Pottinger

Damian Beeley                                     [phone]

Charles Vivian                                      [phone]

 

END

 

 

NAVGCGDSLBGBGBR