Net Asset Value(s)

RNS Number : 3921G

Baker Steel Resources Trust Ltd

07 May 2014

 



BAKER STEEL RESOURCES TRUST LIMITED

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

7 May 2014

30 April 2014 Unaudited NAV Statement

Net Asset Values

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 April 2014:

Net asset value per Ordinary Share:  60.20 pence

During the month, the NAV per share decreased by 0.8%, predominantly due to fall in the share price of China Polymetallic Metals listed on the Hong Kong Stock Exchange and an  appreciation of Sterling against the US and Canadian Dollars in which the majority of the Company's investments are denominated.

At 30 April 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		12.6%
Ironstone Resources Limited		12.6%
Bilboes Gold Limited		10.2%
Polar Silver Resources Ltd		9.0%
Metals Exploration plc		8.2%
Ferrous Resources Limited		6.4%
China Polymetallic Mining Limited		5.5%
South American Ferro Metals Limited		1.4%
Other Investments		2.2%
Net Cash, Equivalents and Accruals		-0.1%

 Investment Update

South American Ferro Metals Limited ("SAFM")

On 30 April 2014, SAFM reported good progress on its Bankable Feasibility Study to expand the existing operations at its Ponte Verde iron ore mine in Brazil from 1.5 million tonnes of Run of Mine ("ROM") ore to 8 million tonnes of ROM ore. The collation of all final study schedules from the various principal consultants and contractors was received in March 2014 and it is planned for all requisite licences to have been awarded by the time of completion of the Feasibility Study scheduled for September 2014. SAFM is concurrently evaluating various financing alternatives, including debt, equity, state subsidies and prepayment of offtake.

SAFM also reported quarterly beneficiated production of 192,820 tonnes of iron ore product which was down on the previous quarter due to the season rains. However they were able to sell down a majority of the stockpile that had built up which resulted in a record quarterly sales volume of 317,046 tonnes of iron ore product. Net operating cashflow for the quarter ended 31 March 2014 amounted to A$2.67 million.

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)

Bell Pottinger

Lorna Cobbett                                         [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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