Baker Steel Resources Trust Ltd Edison issues update on Baker Steel Resources
October 05 2021 - 4:27AM
RNS Non-Regulatory
TIDMBSRT
Baker Steel Resources Trust Ltd
05 October 2021
London, UK, 05 October 2021
Edison issues update on Baker Steel Resources Trust (BSRT)
Baker Steel Resources Trust (BSRT) posted a solid 29.2% NAV
total return over the 12 months to end-June 2021, primarily
supported by revaluations at end-2020 and new funding rounds at
project level (eg Tungsten West and First Tin). BSRT's portfolio is
maturing with several projects nearing construction or production
stage (eg Bilboes, Futura Resources and Tungsten West, representing
c 51% of the NAV), making them ripe for an exit or monetisation.
Meanwhile, BSRT has not invested in any new project so far this
year as new investments are dependent on portfolio realisations,
notably of Bilboes, which has been delayed.
BSRT has a number of initial public offerings (IPO) in the
pipeline. These are potential NAV catalysts, which include Tungsten
West's floatation scheduled for mid-October 2021, followed by First
Tin (H122) and Bilboes (H122, delayed following the terminated
negotiations with a strategic buyer). BSRT is also considering an
IPO of Kanga Potash. We note that the listings are primarily aimed
at raising capital to finance the construction or refurbishment of
mines. Meanwhile, Futura Resources decided to proceed with its
production launch as current Australian coking coal prices sit well
above the long-term project assumption of US$135/tonne and as the
demand/supply situation across regions stabilised in the aftermath
of China's unofficial ban on Australian coking coal.
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October 05, 2021 05:27 ET (09:27 GMT)
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