Baker Steel Resources Trust - Key takeaways from the Cemos site visit
We recently visited the Tarfaya cement grinding line of Cemos Group, one of the two largest holdings of Baker Steel Resources Trust (BSRT), which made up 30.8% of the trust’s NAV as of end-September 2024. The facility’s location in Southern Morocco allows it to benefit from the extensive public infrastructure investments in the region. Cemos’s two major investment projects (a compact calcination unit (CCU) and second grinding line) offer the prospect of a significant increase in earnings from 2025. The business is considering, on successful completion of these investments, an IPO on the Casablanca Stock Exchange, where we believe it could command an attractive valuation.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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