Baker Steel Resources Trust (BSRT) has been affected by the challenging funding environment for mining development projects, especially for single-project junior mining companies. The funding environment led Tungsten West to carry out an interim fund-raising at a depressed valuation. BSRT’s key potential NAV trigger for this year remains a possible successful funding by Futura Resources to launch production at its two coking coal mines in Australia. While the fund-raising has again been delayed and the demand for coking coal may be affected by a global economic slowdown, the project’s economics remain favourable at current coking coal prices.
