Executive interview: Discussing BSRT’s NAV and income potential

Baker Steel Resources Trust (BSRT) invests in private natural resources companies, seeking to realise the valuation upside from project development, as well as exploit market inefficiencies and pricing anomalies. In this interview, Trevor Steel (managing partner and CIO of Baker Steel Capital Managers, BSRT’s investment manager) explains the unique features of the trust. He discusses the earnings potential of Futura Resources, the owner of two coking coal mines in Australia and one of BSRT’s largest holdings, which has recently completed an important milestone by securing financing for the production launch at its sites. He also elaborates on the performance of BSRT’s largest asset, the Moroccan cement producer Cemos. Finally, he shares his views on the current market environment for junior mining projects and discusses the income potential of BSRT’s portfolio.

To learn more, please read our latest research note published on 20 September 2023.