The net asset value per share of the Baker Steel Resources Trust Ltd (LON:BSRT) rang in at 75.5p as at 31 July 2020, down by just over 2% on the June number, as the impact of strength in the price of sterling offset upward moves in precious metals prices.
Sterling rose over 6% against the US dollar during the period. However, the effect of strong precious metals prices was felt, and there were strong rises in the listed precious metals portion of the portfolio which rose approximately 28% during the month.
The Company’s top investments as a percentage of NAV at 31 July 2020 were Bilboes Gold Ltd, Futura Resources Ltd, Polar Acquisition Ltd, Cemos Group PLC, Tungsten West Ltd, Anglo Saxony Mining Ltd, Azarga Metals Corp, Nussir ASA, Mines & Metals Trading Peru PLC, Black Pearl Ltd Partnership, Sarmin Minerals Exploration, and PRISM Diversified.
The company also held 1.6% of its portfolio in cash and accruals.
Baker Steel also highlighted record monthly sales of cement by Cemos Group. Cemos is targeting 200,000 tonnes in cement sales and approximately €25mln in revenue for 2020, an increase of more than 60% over 2019. It’s continuing its investment program with the installation of two additional 150 tonne capacity cement silos in July which will allow it to expand its product range to differing strength cements, as well as preparations for the installation of a second bag-packing unit, and expansion of the cement grinding capacity.