Baker Steel Resources Trust Ltd Net Asset Value(s) (0106O)

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     [phone] 

Francis Johnstone

Trevor Steel

   Numis Securities Limited                       [phone] 

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

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February 04, 2016 02:00 ET (07:00 GMT)