Baker Steel Resources Trust (LON:BSRT)

Baker Steel Resources Trust (LON:BSRT)

Share Price
47.30 p
-0.1 (-0.21 %)
Market Cap
£54.92 m
Proactive Investors - Run By Investors For Investors

Baker Steel Resources Trust RNS Release

Net Asset Value(s)

RNS Number : 0520D
Baker Steel Resources Trust Ltd
05 October 2018




(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)


 5 October 2018

28 September 2018 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 28 September 2018:

Net asset value per Ordinary Share:  54.7 pence

Since 31 August 2018, the NAV per share has decreased by 0.4% with a 4.4% fall in the market price of Polymetal International PLC shares being partially offset by the 18.5% rise of Ivanhoe Mines Limited during the month.


The Company had a total of 116,139,980 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 28 September 2018.



Portfolio Update


The Company's top 10 investments as a percentage of NAV are as follows:


Polymetal International PLC



Bilboes Gold Limited



Cemos Group plc



Polar Acquisition Ltd



Futura Resources Ltd



Sarmin Mineral Exploration



Black Pearl Limited Partnership



PRISM Diversified Inc



Nussir ASA



Ivanhoe Mines Limited



Other Investments



Net Cash, Equivalents and Accruals








Investment Update


Sarmin Mineral Exploration ("Sarmin")


During September 2018, Sarmin completed a positive pre-feasibility study ("PFS") of the Kanga potash project, which is located 50km from Pointe-Noire in the Republic of the Congo (Brazzaville). Potash, or potassium chloride ("KCl") also known as muriate of potash ("MOP") is the most commonly used potassium fertiliser providing crops with essential nutrients.


An Indicated Mineral Resource of 4,730 million tonnes grading 17.1% KCl containing 810 million tonnes KCl has been estimated for Kanga. In addition, the project area holds an Inferred Mineral Resource of 7,160 million tonnes grading 16.7% KCl containing 1,197 million tonnes KCl. A further 15 billion tonne Inferred Mineral Resource has been identified at a neighbouring licence which has recently been acquired by Sarmin. In the PFS, the Indicated Resource has translated into a Probable Reserve of 376 million tonnes carnallite grading 17.5% KCl, which is sufficient for over 30 years of production.


The PFS has adopted a phased approach to the development of Kanga employing solution mining, which will commence with a 400,000 tonne per annum operation with a peak capital cost of US$410 million, rising to 2.4 million tonnes per annum with further capex. The exceptional mining widths of over 210 metres would result in one of the lowest operating costs per tonne globally with a forecast FOB cost per tonne of Muriate of Potash ("MOP") of US$53/tonne at full production. Project economics demonstrate a potentially robust project.


The Company holds 7.55% of Sarmin which, in turn, owns 85% of Kanga. Sarmin has commenced marketing the project with a view to bringing in a development partner or an outright sale. Progress in this regard is anticipated to have a significant impact on the carrying value of Sarmin,


Ivanhoe Mines Limited ("Ivanhoe")


During September 2018, Ivanhoe announced that the previously reported C$723 million investment in Ivanhoe by CITIC Metal Co. Ltd at C$3.68 per share had been completed and that Zijin Mining had exercised its anti-dilution rights subscribing C$78 million at the same price. 


On 1 October 2018, Ivanhoe announced that the discovery of a new high-grade copper discovery to the west of its Kamoa-Kakula project in Democratic Republic of Congo. This new discovery, known as Makoko, has shown similar characteristics to Kamoa-Kakula and has the potential to further increase the size of the existing project. Kamoa-Kakula has already been established as the fourth largest copper discovery globally. An initial resource statement on Makoko is expected by the end of this year.



Further details of the Company and its investments are available on the Company's website 




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 are set out in the Company's Prospectus dated 26 January 2015.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit

Baker Steel Resources Trust Timeline

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use