Baker Steel Resources Trust Ltd Net Asset Value(s) (4001X)
06 May 2016 - 4:00PM
UK Regulatory
TIDMBSRT
RNS Number : 4001X
Baker Steel Resources Trust Ltd
06 May 2016
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 May 2016
29 April 2016 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 29 April 2016:
Net asset value per Ordinary Share: 37.7 pence
Since 31 March 2016, the NAV per share has increased by 8.6%
largely due to the increases in the share prices of Metals
Exploration plc on the AIM market of the London Stock Exchange and
of Ivanhoe Mines on the Toronto Stock Exchange.
The Company had a total of 114,568,335 Ordinary Shares in issue
with 700,000 shares held in treasury as at 29 April 2016.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Silver Resources Ltd 23.4%
Black Pearl Limited Partnership 17.1%
Metals Exploration plc 16.8%
Bilboes Gold Limited 8.9%
Ivanhoe Mines Limited 8.9%
Cemos Group plc 8.3%
Ironstone Resources Limited 5.3%
Gobi Coal & Energy Limited 2.7%
Archipelago Metals Limited 2.4%
China Polymetallic Mining Limited 2.4%
Other Investments 3.7%
Net Cash, Equivalents and Accruals 0.1%
Metals Exploration plc ("Metals Ex")
During March 2016, Metals Ex announced the completion of
rehabilitation and enhancement works following the damage in
October 2015 by super Typhoon Lando at its Runruno gold mine in the
Philippines.
On 25 April 2016 Metals Ex announced that that the Partial
Suspension Order placed on the RSI and Malilibeg Dump Site
construction had been lifted by the Mines & Geosciences Bureau
Regional Office in the Philippines, subject to ongoing performance
monitoring and conditions.
Commissioning and first gold production is now expected to take
place during May 2016. Once in full production Runruno is scheduled
to produce approximately 100,000 ounces of gold per annum at a cash
cost of US$474 per ounce. At current gold prices this would result
in operating cashflow of approximately US$80 million per annum
equivalent to around 3 pence per Metals Ex share.
During April 2016, Metals Ex rose 63% to 7.125 pence per share.
This rise contributed approximately a 7% increase in the Company's
NAV.
Ivanhoe Mines Ltd ("Ivanhoe")
On 2 May 2016 Ivanhoe announced the results of an independent,
preliminary economic assessment (PEA) for the planned redevelopment
of its Kipushi zinc-copper joint venture in the Democratic Republic
of Congo. The PEA covers the redevelopment of Kipushi as an
underground mine, producing an average of 530,000 tonnes of zinc
concentrate annually over a 10-year mine life. The PEA plan focuses
on the mining of Kipushi's Big Zinc Zone, which has an estimated
10.2 million tonnes of Measured and Indicated Mineral Resources
grading 34.9% zinc.
The capital costs of the redevelopment are estimated to be
US$528 million, giving an after-tax net present value at an 8% real
discount rate of US$533 million and a 30.9% after-tax real internal
rate of return (IRR). Total cash costs, including copper by-product
credits, are estimated at approximately US$0.54 per pound of zinc
which would place Kipushi in the lowest cost quartile of global
zinc producers.
During April 2016, Ivanhoe shares rose 23.8% to C$1.04 per share
on the Toronto Stock Exchange.
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
NAVMMGGKFKDGVZM
(END) Dow Jones Newswires
May 06, 2016 02:00 ET (06:00 GMT)
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Jul 2023 to Jul 2024