Baker Steel Resources Trust Ltd Net Asset Value(s) (1893H)
06 June 2017 - 4:01PM
UK Regulatory
TIDMBSRT
RNS Number : 1893H
Baker Steel Resources Trust Ltd
06 June 2017
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 June 2017
31 May April 2017 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 May 2017:
Net asset value per Ordinary Share: 49.0 pence
Since 28 April 2017 the NAV per share has decreased by 1.4%. A
19.4% fall in the share price of Ivanhoe Mines on the Toronto Stock
Exchange was partially offset by a 57.3% rise in the share price of
China Polymetallic on the Hong Kong Stock Exchange.
The Company had a total of 116,139,980 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 31 May
2017.
Portfolio Update
The Company's top 10 investments are as follows as a percentage
of NAV:
Polar Acquisition Ltd 36.0%
Bilboes Gold Limited 12.8%
Ivanhoe Mines Limited 11.5%
Cemos Group plc 7.0%
Metals Exploration plc 6.2%
Black Pearl Limited Partnership 4.8%
Ironstone Resources Limited 4.2%
Nussir ASA 3.3%
China Polymetallic Mining Limited 3.2%
Gobi Coal & Energy Limited 1.2%
Other Investments 2.2%
Net Cash, Equivalents and Accruals 7.6%
Investment Update
On 17 May 2017, Ivanhoe Mines Limited ("Ivanhoe") - whose share
price has experienced significant volatility over recent months -
announced an updated Mineral Resource estimate for its Kakula
discovery on the Kamoa project in the Democratic Republic of Congo.
Kakula's Indicated Mineral Resource has increased 62% to 116
million tonnes at a grade of 6.09% copper, using a 3% cut-off
grade. This updated resource statement has brought the total
Indicated Mineral Resource at Kamoa to 31.4 million tonnes of
contained copper with a further 5.2 million tonnes of contained
copper in the inferred category. An updated preliminary economic
assessment is scheduled for the third quarter 2017.
During May 2017, China Polymetallic Mining Limited ("CPM")
announced that it had agreed to acquire the entire share capital of
Horeb Mountain Mining Company Limited ("Horeb") for RMB 98 million
(GBP10.8 million) in cash. This was accompanied by a placing to
third party investors which raised HKD 80 million (GBP8.0
million).
Horeb is the owner of a copper-lead mine in Mandalay State,
Myanmar and the acquisition continues CPM's strategy to diversify
its assets from the Shizishan lead-zinc-silver mine in Yunan
province, China. Since its construction, the Shizishan mine has
experienced problematic mining conditions and flooding and has
failed to reach its target production rate. CPM identified Myanmar
as a prospective emerging market for mining.
Previously, in December 2015, CPM acquired 90% of Harbor Star
Mining Company Limited for RMB 125 million (GBP13.7 million) and in
January 2017, CPM announced an agreement to acquire Hua Xing Global
Limited for RMB 101.5 million (GBP11.1 million). Both of these
companies also have base metal projects in Myanmar.
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
NAVDMGGVKKMGNZM
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June 06, 2017 02:01 ET (06:01 GMT)
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