Net Asset Value(s)

RNS Number : 0838X

Baker Steel Resources Trust Ltd

05 February 2013

 



BAKER STEEL RESOURCES TRUST LIMITED

(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)

5 February 2013

31 January 2013 Unaudited NAV Statement

Net Asset Values

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value and diluted net asset value per share as at 31 January 2013:

Net asset value per Ordinary Share: 112.4 pence

Diluted net asset value per Ordinary Share: 110.3 pence

During the month, the undiluted NAV per share increased by 3.0%, mainly as a result of the sale of the Company's interest in Copperbelt Minerals Limited at a 100% premium to carrying value.

The Company has a total of 66,142,533 Ordinary Shares and 13,085,150 Subscription Shares in issue. Holders of Subscription Shares have the right to subscribe for Ordinary Shares at 100 pence in cash on one further occasion on 2 April 2013.

The Company is fully invested with top 10 investments as follows as a percentage of NAV:

Ivanplats Limited	35.8%
Gobi Coal & Energy Limited	14.4%
China Polymetallic Mining Limited	9.0%
Bilboes Gold Limited	8.4%
Ironstone Resources Limited	7.5%
Black Pearl	6.9%
Ferrous Resources Limited	6.1%
Polar Silver Resources Ltd	5.0%
Metals Exploration plc	2.8%
South American Ferro Metals Limited	2.2%
Other Investments	1.8%
Net Cash, Equivalents and Accruals	0.1%

Investment Update

Copperbelt Minerals Limited ("Copperbelt")

On 6 November 2012, the Company announced that Copperbelt had satisfied all conditions precedent under its settlement agreement with its partner Gécamines. Under the agreement, Copperbelt would exit its joint venture in the Democratic Republic of Congo for compensation from Gécamines, which had until 13 February 2013 to pay the agreed cash consideration to Copperbelt. On 11 January 2013, Copperbelt informed shareholders that it had received the settlement proceeds and planned a return of capital through a share buy-back offer. The Company accepted this offer and received the proceeds on 28 January 2013.

The buy-back offer valued Copperbelt at US$14 per share compared to the Company's carrying value at 31 December 2012 of US$7 per share. This transaction has resulted in an increase in the NAV of the Company of approximately 2.3%.

Ivanplats Limited ("Ivanplats")

On 17 January 2013, Ivanplats announced a significant upgrade to the independent resource estimate at its Kamoa copper project in the Democratic Republic of Congo. Kamoa's Indicated Mineral Resources increased 115% to 739 million tonnes grading 2.67% copper containing 19.7 million tonnes of copper. The revised resource statement also included 4.4 million tonnes of copper in Inferred Mineral Resources so that the combined contained copper of 24.1 million tonnes establishes Kamoa as the largest high-grade copper discovery in Africa and one of the largest in the world. Ivanplats intends to use the new resource estimate as the basis for an updated Preliminary Economic Assessment to be released later in the first half of 2013.

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

RBC Capital Markets                                      [phone]

Martin Eales

Winterflood Investment Trusts                          [phone]

James Moseley

Pelham Bell Pottinger

Lorna Spears                                                    [phone]

Joanna Boon                                                     [phone]

The Net Asset Value ("NAV") figures stated are 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 figures are set out in the Company's Prospectus dated 31 March 2010.

 

END

 

 

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