Baker Steel Resources Trust Ltd Net Asset Value(s) (0106O)
04 February 2016 - 6:00PM
UK Regulatory
TIDMBSRT
RNS Number : 0106O
Baker Steel Resources Trust Ltd
04 February 2016
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
4 February 2016
29 January 2016 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 January 2016:
Net asset value per Ordinary Share: 33.9 pence
Since 31 December 2015, the NAV per share has increased by 1.2%
largely due to the depreciation of Sterling against the US Dollar
in which much of the Company's portfolio is denominated.
The Company had a total of 114,568,335 Ordinary Shares in issue
with 700,000 shares held in treasury as at 31 December 2015.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Silver Resources Ltd 26.9%
Black Pearl Limited Partnership 19.1%
Metals Exploration plc 10.2%
Bilboes Gold Limited 10.0%
Cemos Group plc 9.1%
Ivanhoe Mines Limited 6.1%
Ironstone Resources Limited 5.1%
Gobi Coal & Energy Limited 3.8%
Archipelago Metals Limited 2.8%
China Polymetallic Mining
Limited 2.2%
Other Investments 4.0%
Net Cash, Equivalents and
Accruals 0.7%
Cemos Group plc (formerly Global Oil Shale plc) ("Cemos")
In response to the current low oil price, the B oard of Cemos
has decided on a strategic shift towards exploiting the cement
potential of its Tarfaya project. Previously the focus had been on
exploiting the deposit for production of oil and electricity
generation, with the ash residue from the process being sold as a
feed product for cement production. Further technical evaluation of
the limestone-rich Tarfaya deposit has shown that it is well-suited
for cement production, which Cemos has now decided to prioritise.
The production of cement is highly energy intensive and the energy
content of the oil shale will ensure a low cement production cost
with a view to selling product throughout West Africa, where a
strong demand has been identified.
As a consequence of this new direction the Company has changed
its name from Global Oil Shale Group plc to Cemos Group plc
("CEMent from Oil Shale") but will retain the optionality to fully
exploit the Tarfaya concession, emphasising oil extraction from the
shale, at higher oil prices.
Ivanhoe Mines Limited ("Ivanhoe")
On 27 January 2016, Ivanhoe announced its first Mineral Resource
estimate for its Kipushi zinc-copper-germanium-lead-silver mine in
the Democratic Republic of Congo ("DRC"). Measured and Indicated
Mineral Resources totalled 10.2 million tonnes grading 34.9% Zinc
containing 3.55 million tonnes of Zinc. This orebody is unique
amongst zinc deposits discovered to date with most projects running
at a grade around 5% Zinc.
Kipushi is a joint venture between Ivanhoe Mines and Gécamines,
the state-owned mining company.
On 26 January 2016, Ivanhoe also announced a major new copper
discovery at the Kamoa Copper Project in the Democratic Republic of
Congo, five kilometres southwest of Kamoa's currently defined
resources. The Kakula discovery is situated within the
400-square-kilometre Kamoa Mining Licence area and represents a
major extension of the Kamoa copper deposit. Two exploration drill
holes completed in late 2015 intersected 24.16 metres (24.13 metres
true width) of 3.48% copper and 18.75 metres (18.47 metres true
width) of 4.64% copper at a 1% copper cut-off. This discovery
highlights the potential to substantially increase the size of the
Kamoa Copper deposit, which at 24.2 million tonnes of contained
copper is already Africa's largest undeveloped copper project.
The Kamoa Copper Project is a joint venture between Ivanhoe
Mines and Zijin Mining who closed the acquisition of a 49.5%
interest in December 2015 for US$412 million (C$580 million).
On 22 January 2016 the final tranche of the lock-up on Ivanhoe's
shares was released and during the month the shares rose 11.5%
giving a market capitalisation of C$530 million at 31 January
2016.
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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