Baker Steel Resources Trust Ltd Net Asset Value(s) (9898Q)
04 March 2016 - 6:01PM
UK Regulatory
TIDMBSRT
RNS Number : 9898Q
Baker Steel Resources Trust Ltd
04 March 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 March 2016
29 February 2016 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 29 February 2016:
Net asset value per Ordinary Share: 34.6 pence
Since 29 January 2016, the NAV per share has increased by 2.1%.
The depreciation of Sterling against the US Dollar and Canadian
Dollar in which much of the Company's portfolio is denominated
outweighed a mark down in the price of Gobi Coal following its
launch of a rights issue at a 20% discount to the Company's
carrying value at the end of January 2016.
The Company had a total of 114,568,335 Ordinary Shares in issue
with 700,000 shares held in treasury as at 29 February 2016.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Silver Resources Ltd 26.8%
Black Pearl Limited Partnership 19.2%
Metals Exploration plc 10.6%
Bilboes Gold Limited 10.0%
Cemos Group plc 9.0%
Ivanhoe Mines Limited 6.3%
Ironstone Resources Limited 5.3%
Gobi Coal & Energy Limited 3.1%
Archipelago Metals Limited 2.8%
China Polymetallic Mining Limited 2.4%
Other Investments 3.9%
Net Cash, Equivalents and Accruals 0.6%
Ivanhoe Mines Limited ("Ivanhoe")
On 23 February 2016, Ivanhoe announced positive results of an
independent pre-feasibility study for the first phase of
development of the Kamoa Copper Project in the Democratic Republic
of Congo (DRC), the world's largest, undeveloped, high-grade copper
discovery.
The pre-feasibility study covers a three-million-tonne-per-annum
(Mtpa) underground mine and concentrator processing facility with
associated infrastructure as the initial phase of project
development. The first phase of mining would target high-grade
copper mineralisation from shallow underground resources to yield a
high-value concentrate. The planned second phase would entail a
major expansion of the mine and mill and construction of a smelter
to produce blister copper. It is envisaged mining at an average
grade of 3.86% copper resulting in annual copper production of
around 100,000 tonnes per annum for a 24 year mine life.
Initial capital costs of the mine are estimated to be US$1.2
billion (including a 18.4% contingency) with an average C1 cash
cost of US$1.48/lb copper. Using a long term copper price of
US$3.00/lb the pre-feasibility study estimates an internal rate of
return (IRR) of 17.2%, a payback period of 4.6 years and an after
tax net present value of U$986 million. Importantly the project
still has a positive IRR at a copper price of US$2.00/lb. The study
represents a reduction in initial capital expenditure and lower
operating costs than the previous estimates.
The Kamoa Copper Project is a joint venture between Ivanhoe and
Zijin Mining which acquired a 49.5% interest from Ivanhoe in
December 2015 for US$412 million (C$580 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 +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
NAVZMGGFDFDGVZM
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