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Morning Update: National Wealth Fund Backs Tungsten West with Baker Steel; Also Featuring Pantheon International

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Summary

  1. Tungsten:

    • Described as a shiny white metal, known for its high density and melting point, making it ideal for cutting tools.
    • A majority of tungsten production (60%) is used in cemented carbides for various industries (mining, oil, gas, manufacturing).
  2. Baker Steel Resources (BSRT):

    • A tungsten miner in Devon that has seen a significant rise (108% in one year).
    • Recently jumped 18% after securing a £36 million investment from the National Wealth Fund.
  3. Pantheon International (PIN):

    • This private equity portfolio valued at £2 billion is currently at a 25% discount.
    • Reported a 0.9% decline in net asset value (NAV) for July, impacted by currency movements, though offset by some share buybacks.

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