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Baker Steel Resources Trust Ltd - invests in mining companies, with exposure to cement, potash, copper, gold and other materials in projects located in Australia, Indonesia, Peru, Zimbabwe and elsewhere - Net asset value declines by 2.8% in 2023 to 77.2 pence per share on December 31 from 79.4p a year before. Total assets are valued at £82.4 million, down from £84.6 million. Share price falls by 15% in 2023, widening the discount to NAV to 49% at year-end, but the company says it doesn’t have the surplus cash to conduct a share buyback. The share price is up 22% so far in 2024. ‘The environment generally remained difficult for junior development companies needing finance to put their projects into production, whilst sentiment in the capital markets remained ’risk off’,’ the trust comments, though ‘producers fared somewhat better.’
Current stock price: 48.00 pence
12-month change: up 3.2%
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