Baker Steel Resources Trust - Adjusting to the new reality
Baker Steel Resources Trust (BSRT) recently faced headwinds from weaker equity and industrial/precious metals markets and the impact of cost inflation on the budgets of junior mining projects. BSRT’s NAV declined by c 18.5% ytd mostly due to a fall in the share price of recently floated holdings (Tungsten West, First Tin), lower share prices of listed peers (Cemos, Nussir), agreed sale price (Bilboes) and a 50% write-down of holdings with exposure to Russia (Polar Acquisition and Azarga Metals) in February 2022. BSRT’s five-year NAV total return (TR) stands at 8.6% pa (versus the EMIX Global Mining Index’s c 12.4% in sterling terms). Despite the tougher environment, BSRT was able to agree the sale of Bilboes Gold.Baker Steel Resources Trust is an investment company. Co. invests in the equities, loans or related instruments, of natural resources companies. Co. invests predominantly in unlisted companies but also in listed securities. Co.'s portfolio is concentrated on the liquid markets of silver, gold, oil shale, chrome, iron ore, coal, copper, and platinum. Co.'s projects are located in Canada, China, Democratic Republic of Congo, Indonesia, Madagascar, Mongolia, Morocco, Norway, the Philippines, Republic of Congo, Russia, South Africa, Vietnam and Zimbabwe. Co.'s portfolio is managed by Baker Steel Capital Managers (Cayman) Limited. As of Dec 31 2016, Co.'s investment portfolio was £55.7 million.
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