Net Asset Value(s)

RNS Number : 6106B

Baker Steel Resources Trust Ltd

06 March 2014

 



BAKER STEEL RESOURCES TRUST LIMITED

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

6 March 2014

28 February 2014 Unaudited NAV Statement

Net Asset Values

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share as at 28 February 2014:

Net asset value per Ordinary Share:  59.60 pence

During the month, the NAV per share decreased by 0.7% with an increase in the exchange rate of Sterling against the US Dollar and Canadian Dollar outweighing a recovery in the share price of Ivanhoe Mines Limited on the Toronto Stock Exchange.  

At 28 February 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		18.1%
Black Pearl Limited Partnership		13.9%
Gobi Coal & Energy Limited		12.9%
Ironstone Resources Limited		12.4%
Bilboes Gold Limited		10.4%
Polar Silver Resources Ltd		9.2%
Ferrous Resources Limited		6.5%
China Polymetallic Mining Limited		6.4%
Metals Exploration plc		6.4%
South American Ferro Metals Limited		1.5%
Other Investments		2.1%
Net Cash, Equivalents and Accruals		0.2%

Investment Update

Ferrous Resources Limited ("Ferrous")

During February 2014 Ferrous reported its financial results for the year ended 31 December 2013. The 60% ramp up of production, from 3.2 million tonnes of iron ore product to 5.1 million tonnes, translated into a strong financial improvement with operational cashflow increasing from US$2.8 million in 2012 to US$97.7 million in 2013. Ferrous expects to remain at approximately the same production rate for the next two years until it can achieve its expansion plans for Viga which will increase production to 17 million tonnes per annum.

At year end Ferrous held US$124.6 million in cash with no debt. The Company currently holds its shares in Ferrous on the basis of a value of approximately US$560 million. Ferrous' four iron ore projects in Brazil have JORC compliant resources containing approximately 5 billion tonnes of iron ore.

Ivanhoe Mines Limited ("Ivanhoe")

On 3 March 2014 Ivanhoe announced that following its successful de-watering programme reported in December 2013, it had commenced a 20,000-metre drilling programme designed to confirm and expand its Kipushi Mine's high-grade zinc-copper resources which have historically been estimated (not NI 43-101 compliant) at approximately 26 million tonnes at an average grade of 2.2% Copper and 19% Zinc.

The Kipushi Mine in the Democratic Republic of Congo ("DRC") is potentially Ivanhoe's third Tier 1 mining asset after the Kamoa Copper Project also in DRC and the Platreef Platinum Nickel Project in South Africa.

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

Numis Securities Limited                                   [phone]

David Benda (corporate)

James Glass (sales)

Pelham Bell Pottinger

Lorna Spears                                                    [phone]

Joanna Boon                                                     [phone]

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.

 

END

 

 

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