Final Results

BLACKROCK WORLD MINING TRUST plc ANNUAL RESULTS ANNOUNCEMENT for the year ended 31 December 2012 Performance to 31 December 2012 One year Three years Five years Net asset value per share: - capital only -7.7% +3.6% -14.7% - with income reinvested -5.0% +8.0% -9.1% Ordinary share price: - capital only -7.1% +6.6% -10.5% - with income reinvested -4.1% +11.9% -3.5% HSBC Global Mining Index*: - capital only -5.0% -9.0% -7.3% - with income reinvested -2.4% -3.4% +2.5% * Adjusted for exchange rates relative to sterling. Sources: BlackRock and DataStream. Chairman's Statement Overview Global economic conditions continued to be challenging during the year under review, with little or no respite for investors. Uncertainty across all major economic regions conspired to keep growth weak, be it the presidential election and looming 'fiscal cliff' in the US, the Chinese leadership transition, or ongoing economic and political volatility in Europe. In aggregate, the world economy remained sluggish throughout 2012 and has yet to shake off the fallout from the deep global recession of 2008 - 2009. Against this background, the Company's net asset value (NAV) decreased by 5.0% compared with a fall of 2.4% in the Company's benchmark index; the Company's share price fell by 4.1% (all percentages calculated in sterling terms with income reinvested). Since the year end, the Company's NAV has risen by 1.5% compared with an increase of 2.4% in the benchmark index. Revenue return and dividend The Company's revenue return in 2012 has been substantially enhanced, outstripping the record return that was generated in the previous year. Ordinary dividends from mining companies in the portfolio rose by 14% year-on-year and payments from fixed income investments increased by 28% compared with 2011. The Board's initiative to reallocate the investment management fee and finance costs 75% to capital and 25% to revenue (previously allocated 100% to the revenue account) also had a positive impact on the revenue available to return to shareholders. The Manager has also optimized income generation through exposure to fixed income securities and option writing. In addition, on 30 July 2012 the Company purchased a 2% revenue related royalty over London Mining's Marampa iron ore mine in Sierra Leone. Although payments were small during this period they are expected to increase as production ramps up. The Directors recommend the payment of a final dividend of 14.00p per share for the year ended 31 December 2012 (2011: 14.00p), which together with the interim dividend of 7.00p per share (2011: nil), makes a total dividend of 21.00p per share (2011: 14.00p) representing an increase of 50% on the previous year. The dividend will be paid on 2 May 2013 to shareholders on the register of members on 8 March 2013. Discount The Board pays close attention to the level at which the Companyâ€™s shares trade compared to net asset value and has actively sought to manage this via a number of different routes. The Companyâ€™s discount has narrowed and currently stands at 13.5% on a cum income NAV and 11.4% on a capital only NAV. In common with previous years, your Board will endeavour to work with the Investment Manager in order to manage the discount as effectively as possible and will consider share repurchases in the market if the discount widens significantly. Regulatory changes A wave of regulatory initiatives is on the horizon, threatening to change the market landscape in the EU dramatically. Two of the key initiatives will have a significant impact on the investment trust sector. From 1 January 2013, the implementation of the Financial Services Authority's (FSAs) Retail Distribution Review (RDR) means that advisers will have to charge directly rather than receiving commissions from the funds in which their clients invest. Investment trusts should now be on a level playing field with their open ended counterparts such as unit trusts. We hope that, over time, more investors will see the attraction of investing in investment trusts which have the ability to gear to enhance overall returns and which, unlike open ended funds, are a quoted security which can be readily traded in the stock market. In addition, as part of the FSA's platform review which will be implemented in 2014, it is proposed that investment trusts will be on the same footing as open ended funds as payments from funds to platforms are also likely to be prohibited. In the context of the implementation of RDR, it is worth noting that the shares are designed for private investors in the UK, including retail investors, professionally-advised private clients and institutional investors who seek income and the potential for capital growth from investment in global markets and who understand and are willing to accept the risks of exposure to equities. When assessing the suitability of the shares, private investors should also consider consulting an independent financial adviser who specialises in advising on the acquisition of shares and other securities before acquiring shares. Naturally, investors should also be capable of evaluating the risks and merits of an investment in the Company and should always have sufficient resources to bear any loss that may result. The Alternative Investment Fund Managers' Directive (the Directive) seeks to reduce potential systematic risk by regulating alternative investment fund managers (AIFMs) which fall within the category of alternative investment funds. The Directive focuses on how alternative investment funds conduct business, how they disclose and use leverage, and how they appoint key service providers. The implementation of the Directive will require all investment trusts to appoint an AIFM or become an AIFM themselves and also to appoint an independent depositary. The latter is likely to fulfil a broader role than that currently performed by the custodian and will be obliged to ensure that companies comply with the relevant rules on portfolio composition and diversification. We expect the implementation of the Directive to be effective from 22 July 2013, although it is currently anticipated that the FSA will permit a transitional period of one year within which UK AIFMs will seek authorisation. The Board will be taking independent advice on the consequences for the Company and will inform shareholders once we have decided on the most appropriate course of action. Articles of Association Statutory rules governing investment trusts have been amended recently and, as a result of these changes, there is no longer a requirement for a company's Articles to prohibit the distribution as a dividend of surpluses arising from the realisation of investments. Accordingly, the Board no longer considers it appropriate to have such a prohibition in the Articles and will therefore be seeking shareholder approval at the forthcoming Annual General Meeting to remove it. The Board believes this will give the Company greater flexibility in the longer term but at present there are no plans to make use of such powers. Annual General Meeting The Annual General Meeting of the Company will be held at 11.30 a.m. on Thursday, 25 April 2013 at the offices of BlackRock, 12 Throgmorton Avenue, London EC2N 2DL. The Investment Manager will also make a presentation to shareholders on the Company's progress and the outlook for the mining sector. Outlook Although many of the structural issues arising from the financial crisis remain unresolved, market sentiment has improved markedly in recent months. This process started with a more purposeful approach from the European Central Bank, which in the summer managed to prevent a potential funding crisis in the European periphery from destabilizing the Eurozone. It has been supported further by the progress recently made towards resolving the US fiscal cliff. Better news on economic growth from both the US and China has also been supportive. In the mining sector, the more difficult operating environment of recent years, as well as the high profile write-downs by the large UK diversified miners, have prompted management teams across the sector to adopt a more rigorous approach to capital allocation. To date we have seen an encouraging wave of announcements regarding operating cost savings and moves to curtail capital spending on marginal projects, in addition to a renewed focus on shareholder distributions. Combined with sustained demand, particularly from China, this should act to support a healthy operating environment for the sector over the next few years. A W Lea 19 February 2013 Key risks The key risks faced by the Company are set out below. The Board confirms that there is an ongoing process for identifying, evaluating and managing the principal risks, as summarised below. - Performance risk - The Board is responsible for deciding the investment strategy to fulfil the Company's objectives and monitoring the performance of the Investment Manager. An inappropriate strategy may lead to underperformance against the benchmark index. To manage this risk the Investment Manager provides an explanation of significant stock selection decisions and the rationale for the composition of the investment portfolio. The Board monitors and mandates an adequate spread of investments, in order to minimise the risks associated with particular countries or factors specific to particular sectors, based on the diversification requirements inherent in the Company's investment policy. The Board also receives and reviews regular reports showing an analysis of the Company's performance against the HSBC Global Mining Index and other similar indices, including the performance of major companies in the sector. Past performance is not necessarily a guide to future performance and the value of your investment in the Company and the income from it can fluctuate as the value of the underlying investments fluctuate. - Income/dividend risk - The amount of dividends and future dividend growth will depend on the Company's underlying portfolio. Any change in the tax treatment of the dividends or interest received by the Company (including as a result of withholding taxes or exchange controls imposed by jurisdictions in which the Company invests) may reduce the level of dividends received by shareholders. The Board monitors this risk through the receipt of detailed income forecasts and considers the level of income at each meeting. - Regulatory risk - The Company operates as an investment trust in accordance with Chapter 4 of Part 24 of the Corporation Tax Act 2010. As such, the Company is exempt from capital gains tax on the sale of its investments. The Investment Manager monitors investment movements, the level and type of forecast income and expenditure and the amount of proposed dividends to ensure that the provisions of Chapter 4 of Part 24 of the Corporation Tax Act 2010 are not breached and the results are reported to the Board. The Company must also comply with the provisions of the Companies Act 2006 and, as its shares are admitted to the Official List, the UKLA Listing Rules, the Disclosure and Transparency Rules and the Prospectus Rules. A breach of the Companies Act 2006 could result in the Company and/or the Directors being fined or the subject of criminal proceedings. A breach of the UKLA Listing Rules could result in the Company's shares being suspended from listing, which in turn would breach the requirements of Chapter 4 of Part 24 of the Corporation Tax Act 2010. The Board relies on the services of its professional advisers and its Company Secretary to ensure compliance with all relevant regulations. The Company Secretary has stringent compliance procedures in place and monitors regulatory developments and changes. - Operational risk - In common with most other investment trust companies, the Company has no employees. The Company therefore relies upon the services provided by third parties and is dependent on the control systems of the Investment Manager and the Company's other service providers. The security, for example, of the Company's assets, dealing procedures, accounting records and maintenance of regulatory and legal requirements, depend on the effective operation of these systems. These have been regularly tested and monitored and an internal controls report, which includes an assessment of risks together with procedures to mitigate such risks, is prepared by the Investment Manager and reviewed by the Audit & Management Engagement Committee at least twice a year. The custodian, (The Bank of New York Mellon (International) Limited (BNYM), a subsidiary of The Bank of New York Mellon), BNP Paribas Securities Services (the "Administrator") and the Investment Manager also produce regular Service Organisation Reports (SOC 1) or AAF 01/06 Reports, which are reviewed by their reporting accountants and give assurance regarding the effective operation of controls. - Resource risk - The quality of the investment management team employed by the Investment Manager is a crucial factor in delivering good performance and the loss by the management of key staff could affect investment returns. The Investment Manager has training and development programs in place for its employees and its recruitment and remuneration packages are developed in order to retain key staff. - Market risk - Market risk arises from volatility in the prices of the Company's investments. It represents the potential loss the Company might suffer through realising investments in the face of negative market movements. In addition, it should be noted that the location of the companies in which the Company invests and shares in the mining sector can prove to be volatile and therefore present a greater degree of risk. Changes in general economic and market conditions in certain countries, such as interest rates, exchange rates, rates of inflation, industry conditions, competition, political events and trends, tax laws, national and international conflicts, economic sanctions and other factors can also substantially and adversely affect the securities and, as a consequence, the Company's prospects and share price. The Board considers asset allocation, stock selection and levels of gearing on a regular basis and has set investment restrictions and guidelines which are monitored and reported on by the Investment Manager. The Board monitors the implementation and results of the investment process with the Investment Manager. - Financial risk - The Company's investment activities expose it to a variety of financial risks that include market price risk, foreign currency risk, interest rate risk and liquidity and credit risk. A summary of the policies for managing these risks will be set out in the Annual Report. - Gearing risk - The Company has the power to borrow money (gearing) and does so when the Investment Manager is confident that market conditions and opportunities exist to enhance investment returns. However, if the investments fall in value, any borrowings will magnify the extent of this loss. All borrowings require the approval of the Board and gearing levels are discussed by the Board and the Investment Manager at each meeting. - Third party risk - The Company has no employees and the Directors have all been appointed on a non-executive basis. The Company must therefore rely upon the performance of third party service providers to perform its executive functions. In particular, the Investment Manager, the Administrator, the Registrar, the Custodian and their respective delegates, if any, will perform services that are integral to the Company's operations and financial performance. The Company, and where appropriate the Investment Manager, undertake extensive due diligence prior to the appointment of any third party service provider in order to mitigate this risk. Terms of appointment are agreed in advance and service level agreements are put in place with providers to ensure that a high level of service is provided. Failure by any service provider to carry out its obligations to the Company in accordance with the terms of its appointment, to exercise due care and skill, or to perform its obligations to the Company as a result of insolvency, bankruptcy or other causes could have a material adverse effect on the Company's performance and returns to holders of ordinary shares. The termination of the Company's relationship with any third party service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of the Company and could have a material adverse effect on the Company's performance and returns to holders of ordinary shares. Related party transactions The Investment Manager is regarded under the Listing Rules as a related party and details of the investment management fees payable are set out in note 4 and note 10. The related party transactions with Directors are set out in note 10. Statement of Directors' Responsibilities In accordance with Disclosure and Transparency Rule 4.1.12, the Directors confirm to the best of their knowledge and belief that: - the financial statements, prepared in accordance with IFRS as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and net return of the Company and the Group; and - the Annual Report includes a fair review of the development and performance of the business and the position of the Company and the Group, together with a description of the principal risks and uncertainties that it faces. For and on behalf of the Board A W Lea Chairman 19 February 2013 Investment Manager's Report Portfolio performance 2012 was a year of significant change for the mining sector as management teams started the process of reigning in capital expenditure in the face of continued cost pressures and generally range-bound commodity prices. Combined with general fears around major macro events, this led to another poor year for returns with the mid and small cap companies finding life the hardest. With the Company's assets generally invested in the higher growth sectors this held back returns for the year as a whole relative to the benchmark. For the calendar year 2012, the Company's undiluted net asset value (NAV) and share price fell by 5.0% and 4.1% respectively, in sterling terms with income reinvested. In "capital" only terms, the NAV fell by 7.7% and the share price by 7.1%. By comparison, the HSBC Global Mining Index (in sterling terms) fell by 5.0% (on a capital only basis) and 2.4% (with income reinvested). Mining sector overview Just as in 2011, the year started strongly with share prices boosted by expectations of a Chinese and US economic recovery. This was driven by better than expected economic data during January, as well as an overall positive set of Q4 production numbers for the leading mining companies. In early February, after much media speculation, Glencore announced plans for a merger of equals with Xstrata which in hindsight marked the peak for share prices during the year. From this point onwards economic data deteriorated and fears over the outcome of key macro events heightened. Investor anxiety over the US debt ceiling, the US presidential election, the European debt crisis, Chinese economic growth and the country's leadership change all combined to push commodity and share prices lower. The Company was most impacted by the fall in the iron ore price from a high of US$149.4/tonne in April to a low of US$86.7/tonne in September. The combination of a recovery in supply, following weaker production in the first quarter and destocking by steel makers in China, took prices below the cost of marginal supply in the third quarter. Exposure to early stage producers of the commodity was particularly painful for the Company, as the fall in price led to concerns over their ability to fund their capital requirements. The iron ore price recovered sharply in the fourth quarter however, as Chinese steel producers returned to the market and the commodity actually ended 2012 up year-on-year. Other commodities fared better with prices for metals such as copper and gold generally trading above where they started the year. However, this did not stop share prices falling in line with those of other commodity producers as investor pessimism took hold over the summer. In addition, shareholders began to voice their doubts over the ability of company management teams in the sector to reinvest cash wisely given the recent spate of poor M&A deals (and associated subsequent writedowns) and this added further downward pressure to valuations. China's economy has again been of prime focus for commodity markets given its dominance in both metal and bulk commodity demand - it now accounts for between 40%-60% of demand in nearly all of these markets. In March, Premier Wen Jiabao cut the government's GDP growth target to 7.5% from 8% (an annual goal that had been in place since 2005) and followed this with rhetoric about moving towards a more consumption-driven rather than investment-led economy. The market interpreted this negatively as it indicated that the government was prepared to accept a slower rate of economic growth before implementing any stimulus measures. The economic growth rate did slow markedly in the second and third quarters and whilst the government did not repeat the type of fiscal stimulus seen in 2009, several monetary policy steps were taken: bank reserve ratios were cut three times and in July the one year lending rate was also cut. Against this backdrop, Chinese commodity consumers destocked for the first nine months of the year. In the fourth quarter, demand accelerated as inventories dropped below average levels and economic data points turned more positive. By September the US economy had also started to deliver positive economic surprises and combined with a third round of quantitative easing (QE) this led to investor optimism over the outlook for 2013. Of particular note from a commodity standpoint is the growing impact of the shale gas revolution on industry and manufacturing in the US. The petrochemicals industry has been revitalised and the fertilizer industry has also been boosted by a low cost and low risk source of energy. The implications for the coal market in the US and further afield have been profound. In 2008 the US produced 1.063 billion tonnes (metric) of coal (source - US EIA Quarterly Coal report); in 2011 this fell to 993 million tonnes and the annualised rate for the first three quarters of 2012 was down to 927 million tonnes. The decline has been a function of power producers switching from coal to low cost natural gas. Exports of thermal coal increased from the US as producers looked to other markets. Although this had a negative impact on global coal prices, especially in the Atlantic market, a lack of port capacity in the US will limit supply from this market in the short to medium term. Access to large amounts of low cost power in the US via "cheap" gas should give domestic industry a competitive advantage and improve overall performance of the economy in the long term. It would be remiss of us not to mention leadership changes this year. At the start of 2012 there was significant uncertainty around this issue and the impact it may have on economic policies for the US and China. In the end these events passed without any serious upset, as President Obama was re-elected in the US and the transition of power in China seems to have gone smoothly. Commodity exposure in the Company in 2012, as in the previous couple of years, was focused on copper and the bulk commodities. As mentioned earlier, the significant exposure to iron ore hurt the portfolio during the middle of the year and it was only from the start of Q4 that lost performance started to be recouped. In addition, the slowdown in the world economy hurt demand for industrial minerals causing prices for zircon, ilmenite and rutile to fall during the year. After the excellent returns from this area in 2011, the Company retained exposure to these commodities based on the world class nature of the assets we are exposed to and the high probability of medium term demand recovery. M&A activity As mentioned earlier, the year started with a significant deal in the mining space as Glencore announced a "friendly" merger with Xstrata. The friendly nature of this deal was not to last and during the year the deal seemed at risk of failing numerous times owing to the perceived poor terms for Xstrata minorities, unease about the management retention package and the arrival of a new activist shareholder in the form of the Qatar Investment Authority. However, by the year end, Glencore had improved the ratio for Xstrata minorities, shareholders had voted the deal through without the controversial retention package and almost all of the regulatory approvals had been received. The deal is now expected to close during the first quarter of 2013 and the end result for the Company is that the combined company is expected to become its largest holding. In addition to the Xstrata merger, the sector was extremely busy with corporate activity. The deals that impacted the Company were mixed in their returns. First Quantum's hostile bid for Inmet impacted the portfolio positively and we are hopeful that the two companies will find a way to work together to complete this deal. By contrast, the management of Freeport McMoRan shocked investors by deciding to announce a diversification away from copper into oil and gas. Not only was the deal a surprise to the market, but one of the assets being purchased is in part owned by the board members of Freeport. The combination of these factors led to a significant fall in Freeport's share price and it has since failed to participate fully in the bounce in the sector during the last few weeks. We are hopeful that Freeport management might engage with their shareholders and review the deal but the probability is very low due to the way in which the deal is structured. Despite being focused on completing the Xstrata deal, Glencore stuck to its strategy of opportunistically growing its business. They managed to increase their stake in Kazzinc to just under 70% and completed a deal to buy Viterra which should lead to a step change in scale for their agricultural commodity trading business. There were a variety of smaller deals during the year. These ranged from strategic acquisitions (Chinese companies bidding for Discovery Metals, Sundance Resources and Talison Lithium), restructuring deals (Vedanta's refinancing), and divestments of non-core assets (the sale by BHP Billiton of the Ekati diamond operation to Harry Winston, Richards Bay Minerals to Rio Tinto, the Yeelirrie uranium project to Cameco and the East Browse oil and gas project to CNOOC; Rio Tinto also sold their stake in Palabora). The last section of M&A deals - divesting non-core assets - is pleasing as it looks to be a sign of greater capital discipline. This is further supported by announcements from BHP Billiton and Rio Tinto rethinking or cancelling low returning projects, targeting cost cutting at the operating level and increasing focus on returns to shareholders in the form of higher dividends. If this strategy is both more widely adopted within the sector and sustained, it should help to rebuild trust between shareholders and the companies. Base metals Unlike in prior years where there has been significant divergence in performance across the base metals suite, 2012 showed gains for all base metal prices with the exception of nickel. The modest year-on-year gains do not tell the full story as in all cases prices averaged below their 2011 levels. Most started the year well but as uncertainty on global growth started to increase, metal prices erased earlier gains with most having fallen back to where they had started the year by early summer. As the summer ended and investors' worst fears regarding the global economy were not realised, base metal prices started to recover from their intra-year lows leaving a misleadingly healthy picture for the year as a whole. Selected commodity price changes during 2012 % change Price % change over average 2012 31 December 2012 12 months vs. 2011 Gold (US$/troy oz) 1,662.4 5.58 +6.19 Copper (US$/tonne) 7,912 4.18 -9.87 Platinum (US$/troy oz) 1,527 12.78 -9.92 Zinc (US$/tonne) 2,049 12.16 -11.22 Silver (US$/oz) 29.95 6.28 -11.83 Lead (US$/tonne) 2,314 15.19 -14.03 Uranium (US$/lb) 43.75 -16.67 -14.32 Aluminium (US$/tonne) 2,049 2.33 -15.84 Tin (US$/tonne) 23,362 22.10 -18.90 Thermal Coal (US$/tonne) 90.65 -18.60 -21.77 Nickel (US$/tonne) 16,993 -9.22 -23.40 Iron Ore - Fines 62% Fe China Import (US$/tonne) 144.9 4.62 -23.44 Hard Coking Coal (US$/tonne) 170 -40.40 -27.27 Sources: DataStream and Bloomberg. Copper equities were once again the key base metal exposure for the Company as fundamentals for copper prices remain significantly stronger than those for other base metals. The copper price posted a small gain of 4.2% for the year but the average price was down by just under 10%. Despite the fall, the overall level was well above the marginal cost of supply throughout the year resulting in very healthy cash flow generation across the copper equity space. The Company maintained exposure to key copper names held in prior years such as First Quantum, Antofagasta and Cerro Verde. All of these delivered positive gains for the year, well ahead of the overall negative return from the mining sector. However, as mentioned earlier, the Company was let down during the final quarter of the year by Freeport McMoRan which, as a result of a disappointing change in strategy, delivered a negative return of 11.2% for 2012. In addition to the core copper holdings, the portfolio benefited from the addition of new positions. The decision to include copper producers with ambitious growth plans such as Lundin Mining (+29.1%), Discovery Metals (+20.3%) and Inmet Mining (+10.3%) significantly enhanced overall returns. During the year two of these names, Inmet and Discovery, were subject to hostile bids at significant premiums and we await with interest how these deals will unfold in the coming year. In spite of some positive price moves for 2012, the other base metals prices remain stubbornly close to the marginal cost of production and this continues to keep margins for producers at unattractive levels. We are aware that prices never remain at levels with low or negative margins indefinitely; as such we remain ready to add exposure when there is evidence of a sustained improvement in fundamentals. For now though, aluminium prices remain trapped by the huge above-ground stockpiles and the low level of producer discipline with respect to reactivating or adding to smelting capacity. Similarly, nickel prices appear capped by the swing capacity of low grade nickel laterite which comes back into production whenever prices rise. The Company has retained exposure to tin and zinc producers and we remain optimistic that fundamentals for these metals could improve in the near term. The majority of the Company's zinc exposure is held indirectly via holdings in companies that produce not only zinc, but other metals as well. Gold & precious metals The gold price registered its twelfth consecutive annual gain in 2012. The metal rose 5.6% in US Dollar terms and also made gains in all key currencies with record highs achieved in both Euros and Swiss francs. This positive performance disguises what was a turbulent year for the gold price which fell to a low of US$1,541/oz in May before recovering to a peak of US$1,791/oz by October. This large trading range was the result of significant swings in the gold futures market's net long position, as well as the conflicting forces of weaker jewellery demand out of India versus continued strength in demand from China, the official sector and physically backed ETFs. The first half of the year was characterised by an absence of drivers for gold: inflationary pressures abated, there was no significant monetary stimulus and we saw a contraction of global liquidity. As we moved into the second half of the year the gold price was supported by governments across the world acting to stimulate their economies either through printing money (such as a third round of QE in the US) or through encouraging lending (via cutting interest rates and bank reserve ratios in China). The spot silver price outperformed the gold price year-on-year, rising 10.6% in US Dollar terms; however, the average price was down by nearly 12% compared with gold's 6% increase for the year. As in 2011, the gold mining sector underperformed the gold price. This can be explained both by what we believe to be temporary factors such as the low risk appetite of financial markets, but also by more structural challenges for companies operating in the gold sector. These include declining grades at existing operations, cost inflation, delays in bringing on new production and a lack of exploration success. The resultant pressures upon margins, disappointing production growth and a loss of faith in company management have all contributed to the lacklustre performance of the shares. There are however signs that change is afoot. In November, we saw Gold Fields announce the long-awaited separation of the company's more mature South African operations into the separately listed Sibanye Gold. In addition, five out of ten of the largest gold producers have either changed or announced a change of CEO within the last twelve months. We suspect that the new generation of management has the mandate to make the difficult decisions that their predecessors failed to, such as lowering overly aggressive production forecasts, divesting non-core assets and cancelling the development of marginal projects. The companies are now increasingly focused on operational delivery, "all-in" costs, per-share metrics and the importance of servicing their investor bases (for example dividend payments in the sector have doubled since 2010). Those companies that are able to prove to the market this volte-face is permanent and not just rhetoric should outperform. We have recognised for a number of years now the challenges facing the gold sector, and in particular the larger gold producers, and therefore the Company's underweight to the North American majors and the South African producers has been a core theme in the portfolio. In 2012 this positively contributed to relative performance, whilst the Company's exposure to the high quality, low cost Mexican silver-gold producer, Fresnillo, and its parent company, Industrias Penoles, was the largest single contributor to positive relative performance. Having dropped below the gold price in the second half of 2011, the platinum price failed to break back above gold in 2012. This was despite a tumultuous year for the South African platinum industry. The companies have long-suffered from labour unrest as a result of significant unionisation of their workforce, high rates of in-country inflation and difficult working conditions. Tensions between members of the established National Union of Mineworkers (NUM) and its emerging rival, the Association of Mineworkers and Construction Union (AMCU), saw the frequency and severity of strike action within the platinum industry increase. This culminated in the death of 47 people in August as a wild-cat strike at Lonmin's Marikana operation triggered violent confrontations between South African police and striking mineworkers. As a consequence, strike action spread throughout the mining industry and more broadly across the South African economy as a whole. Tensions have eased for the moment but we expect labour relations to remain an area of concern for the platinum sector in the foreseeable future. It is no coincidence that in the midst of this upheaval the top four platinum producers all saw a change in CEO. Like the gold industry, we hope this will open the door to real change within the platinum sector. In January, Anglo Platinum, which represents approximately 40% of world platinum production, announced the findings of a much-anticipated review of its operations. The company announced its intention to cut production by around 20% in order to improve the overall profitability of its business and better match the demand outlook for platinum going forward. The company now faces a challenging road ahead as it has to implement this strategy and deal with the socio-political fallout resulting from the consequent 14,000 job losses. We hope the company has the discipline to persevere with the plan as outlined and await more detail, but ultimately it should potentially improve the economics for the industry as a whole. The Company reduced its exposure to the platinum producers over the previous year and had no holding in Lonmin; therefore these events did not have a significant impact on the relative performance of the portfolio. In fact, the Company was able to take advantage of the serious financial distress Lonmin found itself in by late 2012, earning a fee for underwriting part of its US$817 million rights issue in December. Energy commodities Coal markets faced multiple headwinds in 2012. In the case of thermal coal, the rise of shale gas as a cheaper and cleaner alternative to coal for power generation in the US meant significant volumes that would normally go into this market were redirected into the export market. Combined with strong growth in Indonesian coal exports, this had a negative impact on prices which averaged over 20% lower year-on-year despite record imports of thermal coal into China. Coking coal prices closed the year down over 40% as the tightness in the market resulting from the supply-side impact of severe weather in Australia eased at the same time as demand from steel producers weakened on the back of subdued steel demand out of China and the rest of the world. The Company is overweight the producers of premium coking coal, such as Teck Resources, and underweight producers of thermal coal, particularly in the US. The scarcity of high quality coking coal assets leads us to believe that profit margins for producers are well supported; unlike for thermal coal where we see margins at risk from unconventional gas production growth, initially in the US but over the longer term elsewhere in the world. Uranium prices deteriorated for a second year in a row, down over 16% year-on-year. Japan's nuclear capability remained almost entirely off-line for 2012 with only two out of a possible 48 operable reactors restarted post the Fukishima disaster, and as such there was no shortage of uranium in the market. The recent electoral victory of the pro-nuclear Liberal Democratic Party in Japan does suggest that capacity is increasingly likely to be brought back on line in coming years. 2013 could also see a significant change to uranium markets with the end of the US-Russia Highly Enriched Uranium (HEU) Agreement. This HEU is derived from the dismantling of Russian nuclear weapons and constitutes a meaningful percentage of global supply. There is much speculation as to the impact this will have on prices were this source of supply to be permanently withdrawn from the market. For the moment we see markets remaining in balance; however, with the ramp up of China's nuclear power generation over the next few years fundamentals do look to be improving. As such, whilst current exposure is low, we continue to monitor the sector closely. Diversified mining companies and industrial commodities During 2012 the diversified mining companies produced a range of returns. BHP Billiton (+13.4%) and Rio Tinto (+12.4%) were the leaders as they offered lower risk exposure to the sector and were the first to react to shareholder pressure for improved capital discipline. Evidence for this is clear following the decision by BHP to defer major capital projects such as the Olympic Dam copper project, the Outer Harbour development at Port Hedland, Peak Downs coal expansion and the Jansen potash project. Rio Tinto appears to have gone even further offering not only project deferral but a clear goal to cut US$5 billion of operating costs by the end of 2014 and cut exploration by US$1 billion. The surprise replacement of the company's CEO in January with a "safe pair of hands" in the form of the head of the company's iron division reinforces this change in strategic focus. We applaud such strategic moves and hope that others will start to follow suit. Rio Tinto and BHP Billiton were the two largest holdings in the Company during the year. At the other end of the scale Anglo American (-20.4%) continued to disappoint with further large capital cost increases at their Minas Rio project in Brazil and constant negative newsflow from their platinum division. Possibly as a result of this the Board of Anglo American has opted to appoint a new CEO in the form of Mark Cutafani from AngloGold. Having been well positioned with regards to Anglo American (for most of the year the Company either held no Anglo American or very small amounts in a convertible), we are watching to see what steps he might be able to take to unlock value in the group. In Brazil, Vale appears also to be embarking on a new strategy following the change in management last year. International expansion plans are being reigned in and non-core assets either closed or sold. In Canada, Teck Resources continues to be disciplined, sticking to organic growth and increased payments back to shareholders during the year. The main event during 2012 was the battle to put Glencore and Xstrata together. At the year end it looked highly likely that this goal will be achieved and as a result the combined company would become the largest holding in the Company. We expect the management team from Glencore to set about generating value from the merger in a rapid fashion. This is likely to be achieved by freeing up cash as a result of reassessing capital expenditure plans and aggressively hunting for cost savings as a result of the takeover. Given this background, we are very comfortable with the likely combined company becoming the largest holding in the Company. As mentioned previously, iron ore markets were volatile during the year. Exposure to iron ore both directly and indirectly held back the performance of the Company but, as the year ended, positive momentum was clearly returning to iron ore markets. Key growth names such as Fortescue, African Minerals, Atlas Iron and London Mining should benefit from the improving market conditions and start to reverse some of the losses generated in 2012. Pre-IPO or illiquid investments Marampa Royalty Contract - The Company completed the purchase of a 2% revenue related royalty calculated on any iron ore sales over the life of the mine from London Mining Plc's Marampa mine in Sierra Leone, its first investment in a mining royalty. The royalty is payable quarterly in arrears calculated on the amount receivable at the relevant point of sale, currently calculated with reference to the net freight on board price received from sales of iron ore in Sierra Leone (terms similar to that of the existing royalty payable to the government of Sierra Leone). The Company received its first royalty payment in the fourth quarter. Payments will initially be small owing to the gradual ramp up to full capacity but we expect these to increase markedly post 2014 as production goes first to 5mtpa and then to 9mtpa. Ivanplats - formerly known as "Ivanhoe Nickel & Platinum" - The company has two key projects: Kamoa, a copper project in the DRC, and Platreef, a platinum project in South Africa. After many years as a private company Ivanplats was listed during October 2012. The Company enjoyed a material uplift in value as a result of the IPO and we look forward to the company working to unlock further value from these high quality projects. Fixed income securities During the last few years the decision to invest in natural resource debt securities has been core to the Company's rapid growth in revenue. Market conditions during 2012 allowed us to deploy further capital into this area at attractive rates of return. New holdings in bonds issued by Banro, Inmet, African Minerals and Allied Nevada have all enhanced the yield of the overall portfolio of debt instruments. This has led to a 28% increase in income from this area. As banks remain cautious with their capital and investors focus on lower risk equities, the mid cap section of the mining sector is still unable to access capital as easily as it once could. This should present further opportunities for the Company but at this stage of the cycle the easy returns such as those made from investments in 2009 and 2010 are unlikely to be repeated. Therefore we will need to be increasingly judicious with our capital. Derivatives activity The Company sometimes holds positions in derivatives contracts with virtually all the activity focused on selling either puts or calls in order to increase or decrease position sizes. These derivative positions, which are small in comparison with the size of the Company, usually have the effect of obliging us to buy or sell stock or futures at levels we believe are attractive. During 2012 we focused on writing short dated calls in order to reduce some of our larger equity positions and take advantage of market volatility. The income generated by such option writing enables us to maximise the potential exit price from a position. At the end of 2012 we had a number of derivatives positions in the portfolio all of which expired in January. Gearing At 31 December 2012, the Company had gearing amounting to Â£101 million. For the most part, this has been drawn down against the higher yielding mining company corporate debt portfolio and to fund the purchase of the London Mining Royalty. Gearing, which can be drawn down or repaid at any time, is used in the portfolio to take tactical advantage of market volatility and opportunities as well as enhance overall returns during the medium to long term. Once again the reduced risk appetite of banks around the world continues to present numerous investment opportunities especially in the mid-size part of the market. With this in mind, it is likely that we could end up using the full capacity of our debt facilities during the year. Outlook and strategy for 2013 Despite the large risks remaining in Europe we cannot help but feel that many of the macro events that impacted returns during the last few years are behind us. Whilst we are not forecasting the end of these types of markets, we see grounds for cautious optimism and believe that the sector will suffer less at the hands of macro events and respond better to the improving fundamentals. The US economy has consistently beaten expectations during the last few quarters whilst Chinese growth looks to have stabilised at a level which is healthy for commodity demand. The resultant picture is one of improved global growth versus that of only six months ago. On the supply side, the producers look set to reinvest less money into new supply, which should support fundamentals in the medium term. Cost savings now appear a priority for the larger groups and companies have taken advantage of the demand for low risk securities to extend their debt maturity profile. In this environment profit margins should be under less pressure from cost inflation and returns could be enhanced by management taking favourable decisions for shareholders. We are also seeing signs that investors are growing weary of owning safe-haven fixed income securities and the probability of a rotation into higher risk assets, such as equities, is increasing (we note the second highest flow into equity mutual funds ever during the first week of 2013). The Company is positioned to benefit from such a trend given the flexible nature of its gearing and the high level of exposure to growth companies. We continue to search for new investment opportunities, not only in the traditional area of equities, but we are also looking to add new royalties to the portfolio. Evy Hambro and Catherine Raw BlackRock Investment Management (UK) Limited 19 February 2013 Ten Largest Investments 31 December 2012 Set out below is a brief description by the Investment Manager of the Company's ten largest investments. Rio Tinto - 10.1% (2011: 9.1%) is the world's third largest mining company by market cap. It has interests over a broad range of metals and minerals including iron ore, aluminium, copper, coal, industrial minerals, gold and uranium. In June 2012 Rio Tinto gave further details on how it will invest US$4.2 billion in the Pilbara, Western Australia to increase iron ore production to 353 million tonnes per annum from 2015. During the second half of 2012, Rio Tinto completed the sale of a number of non-core businesses including its Specialty Alumina division, Borax Argentina, Zululand Anthracite colliery and its interest in Palabora. As part of its annual investment seminar in November 2012, Rio Tinto announced a number of cost reduction programmes targeting US$5 billion of savings by 2014. BHP Billiton - 9.4% (2011: 8.1%) is the world's largest diversified mining company, formed in 2001 from the merger of BHP and Billiton. The company is an important global player in a number of commodities including iron ore, copper, coal, manganese, aluminium, diamonds and uranium. The company is the only sizeable holding in the portfolio with significant oil and gas assets. In 2011 the company moved into US onshore shale gas through the acquisition of Chesapeake Energy's Fayetteville Shale assets for US$4.75 billion and Petrohawk for US$12.1 billion. During 2012, the company announced a number of deferrals to major capital projects in response to shareholder pressure over capital discipline. A number of asset sales were also announced during the year including their interest in the Browse JV, its diamonds business, the Yeelirrie Uranium deposit and its 37% interest in Richards Bay Minerals. Glencore - 5.7% (2011: 5.9%) is a leading, diversified natural resources group with activities in mining, smelting, refining, processing and marketing of metals and minerals, energy products and agricultural products globally. It provides financing, logistics, marketing and purchasing services to producers and consumers of commodities. These activities are supported by investments in industrial assets operating in Glencore's core commodity areas, including a 35% stake in Xstrata. In February 2012 the company announced a proposed merger with Xstrata, which was later approved by shareholders in November 2012, subject to regulatory approval. Marampa Royalty Contract - 5.1% (2011: nil) is a 2% revenue-related royalty calculated on any iron ore sales over the life of the mine from London Mining Plc's Marampa mine in Sierra Leone. The royalty is payable quarterly in arrears calculated on the amount receivable at the relevant point of sale, currently calculated with reference to the net freight on board price received from sales of iron ore in Sierra Leone (terms similar to that of the existing royalty payable to the government of Sierra Leone). First Quantum Minerals - 4.4% (2011: 4.2%) is an integrated copper producer whose principal operating assets are in Africa, but also with nickel assets in Australia and Finland. In January 2012 the company announced that it had reached an agreement with ENRC to dispose of all of its residual assets in the DRC for US$1.25 billion and settle all outstanding claims, including those brought by the DRC government. In May 2012 the company's Board approved the start of construction of the Sentinel copper project in Zambia, a key growth asset that already has 15 years of reserves and potential to increase this with further exploration drilling. In December 2012 the company announced its intention to make a C$5.1 billion offer for Inmet, a copper producer who is currently developing the Cobre Panama project. Fresnillo - 4.1% (2011: 4.0%) is the world's largest primary silver producer and Mexico's second largest gold producer. The company has three producing operations and a portfolio of high quality development and exploration projects. Industrias Penoles, one of Mexico's leading mining companies, owns 77% of the company; the remainder is publicly listed on the London Stock Exchange. Industrias Penoles - 3.9% (2011: 3.5%) is Mexico's second largest mining company and an integrated producer of non-ferrous metals. It is the country's largest producer of zinc and lead, as well as silver and gold through its subsidiary Fresnillo. The company's history dates back to 1887 and the shares have traded on the Mexican stock exchange since 1968. Freeport McMoRan - 3.8% (2011: 3.5%) is the world's second largest copper producer, accounting for 9% of global mined copper production annually. It is also a major producer of gold and molybdenum from mines in North and South America, as well as Indonesia and the DRC. Its Grasberg mine in Indonesia contains the world's largest recoverable copper and gold reserves. Despite a number of labour related disputes in 2011, the company has continued development of the block cave underground operation which is set to replace the open pit production from 2016. In December 2012 Freeport McMoRan announced a highly controversial US$20 billion transaction to acquire Plains Exploration & Production as well as McMoRan Exploration which would see the company enter into US Oil & Gas. Teck Resources - 3.6% (2011: 5.0%) is a Canadian diversified miner that is a leader in the production of metallurgical coal and zinc, as well as a significant producer of copper. Investment in growth over recent years resulted in higher production of both copper and coal in 2012, despite the weaker price environment for metallurgical coal which saw Teck lower its initial production guidance. The company announced a number of capital expenditure deferrals during the year, as well as implementing a cost reduction programme. Vale - 3.5% (2011: 7.2%), formerly known as CVRD, is the world's largest producer of iron ore. Based in Brazil, the company also has significant interests in other commodities such as nickel, aluminium, copper, gold and coal. In addition, Vale owns and operates transport infrastructure. The company made a transformational acquisition in 2006, acquiring Canadian nickel miner Inco, which considerably broadened the company's asset mix away from just iron ore. More recently, they have ventured into the fertiliser sector, Zambian copper and Guinean iron ore. In April 2011, the CEO Roger Agnelli resigned amid media speculation that he was pressured to do so by the new Brazilian government. Under the leadership of new CEO, Murilo Ferreira, Vale has revised down its capital expenditure and growth forecasts and in January 2012 proposed a 50% year-on-year increase to its minimum dividend. All percentages reflect the value of the holding as a percentage of total investments. Percentages in brackets represent the value of the holding as at 31 December 2011. Investments 31 December 2012 Main Market geographical value % of exposure Â£'000 investments Diversified Rio Tinto* Global 133,216 10.1 BHP Billiton Global 123,511 9.4 Glencore* Global 75,208 5.7 Teck Resources Global 47,889 3.6 Vale* Global 45,694 3.5 Xstrata Global 44,478 3.4 African Rainbow Minerals South Africa 13,694 1.0 Vedanta Global 9,712 0.8 Eramet Global 6,700 0.5 Lundin Mining Global 1,572 0.1 Praetorian Resources Global 43 0.0 ------- ---- 501,717 38.1 ------- ---- Copper First Quantum Minerals Global 56,129 4.4 Freeport McMoRan Global 50,495 3.8 Inmet Mining* Global 42,692 3.2 Cerro Verde Peru 39,846 3.0 Antofagasta Chile 39,720 3.0 Southern Copper Peru 26,785 2.0 Ivanplats# DRC 8,718 0.7 Kazakhmys Kazakhstan 7,780 0.6 OZ Minerals Australia 5,349 0.4 Discovery Metals Botswana 4,863 0.4 Katanga Mining DRC 2,867 0.2 Turquoise Hill Resources Mongolia 1,249 0.1 Mawson West DRC 1,090 0.1 Metminco Peru 383 0.0 Rex Minerals Australia 306 0.0 Gentor Resources Oman 164 0.0 ------- ---- 288,436 21.9 ------- ---- Iron Ore London Mining*#Â§ Sierra Leone 81,910 6.2 African Minerals*# Sierra Leone 24,791 1.9 Fortescue Metals*â€ Australia 21,076 1.6 Kumba Iron Ore South Africa 20,339 1.5 Atlas Iron Australia 11,369 0.9 Equatorial Resources Republic of Congo 3,637 0.3 Zanaga Republic of Congo 2,725 0.2 IRC Russia 2,486 0.2 Cape Lambert Resources Sierra Leone 1,054 0.1 ------- ---- 169,387 12.9 ------- ---- Gold Minas Buenaventura Peru 34,658 2.6 Newcrest Mining Australia 22,666 1.7 Banro* DRC 10,862 0.8 Polymetal International Russia 10,084 0.8 IAMGOLD Global 8,423 0.6 Eldorado Gold Global 7,890 0.6 Allied Nevada Gold* USA 7,091 0.5 Franco Nevada Global 7,011 0.5 New Gold Global 6,084 0.5 Rangold Resources Mali 5,950 0.5 G Resources Indonesia 3,357 0.3 Yamana Gold Global 3,159 0.2 Shanta Gold Tanzania 3,091 0.2 Nevsun Resources Eritrea 2,607 0.2 Kinross Gold Global 2,076 0.2 Stratex Ethiopia 1,469 0.1 Minera IRL Peru 1,435 0.1 Pacific Niugini Papua New Guinea 96 0.0 ------- ---- 138,009 10.4 ------- ---- Silver & Diamonds Fresnillo Mexico 53,519 4.1 Industrias Penoles Mexico 52,026 3.9 Harry Winston Diamond Corp. Canada 4,251 0.3 Gem Diamonds Lesotho 4,210 0.3 Volcan Peru 3,254 0.2 Sierra Metals Peru 2,429 0.2 Petra Diamonds South Africa 1,856 0.2 Lucara Diamond Botswana 1,109 0.1 ------- --- 122,654 9.3 ------- --- Industrial Minerals Iluka Resources Australia 28,651 2.2 Kenmare Resources Mozambique 7,464 0.6 Mineral Deposits Senegal 2,546 0.2 ------ --- 38,661 3.0 ------ --- Platinum Impala Platinum South Africa 33,439 2.5 Aquarius Platinum South Africa 2,215 0.2 Platinum Group Metals South Africa 1,977 0.1 ------ --- 37,631 2.8 ------ --- Coal Cokal Indonesia 198 0.0 Petmin South Africa 179 0.0 Australian Energy#â€ Australia 0 0.0 --- --- 377 0.0 --- --- Other Minsur sa 'I' Peru 13,900 1.1 UEX Canada 3,281 0.2 Soc Min El Brocal Peru 1,615 0.1 Metals X Australia 1,261 0.1 Nyrstar Global 1,152 0.1 Bindura Nickel Zimbabwe 29 0.0 ------ --- 21,238 1.6 ------ --- Portfolio 1,318,110 100.0 ========= ===== * Includes fixed income investments. # Investments held at Directors' valuation. Â§ Includes Marampa royalty contract. â€ Includes group holdings. All investments are in equity shares unless otherwise stated. The total number of investments as at 31 December 2012 was 77 (31 December 2011: 70). Portfolio Analysis 31 December 2012 Commodity Exposure* BlackRock World Mining Trust plc HSBC Global Mining Index 2012 2011 2012 % % % Aluminium 0.0 0.0 2.3 Coal 0.0 2.4 6.9 Industrial Minerals 3.0 5.2 0.5 Platinum 2.8 3.4 1.8 Silver & Diamonds 9.3 8.6 3.6 Gold 10.4 9.5 21.5 Iron Ore 12.9 7.8 1.3 Copper 21.9 18.1 8.3 Diversified 38.1 42.1 51.7 Other 1.6 2.9 2.1 Geographical Exposure* 2012 2011 % % Global 51.2 45.8 Latin America 20.3 19.8 Africa (ex SA) 13.1 12.8 Australia 6.9 11.9 South Africa 5.5 6.1 USA 0.5 1.3 Canada 0.5 0.6 Other 2.0 ** 1.7 ** * Based on the principal commodity exposure and place of operation of each investment. ** Consists of Indonesia, Kazakhstan, Mongolia, Oman, Papua New Guinea and Russia. Consolidated Statement of Comprehensive Income for the year ended 31 December 2012 Notes 2012 2011 2012 2011 2012 2011 Revenue Revenue Capital Capital Total Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Income from investments held at fair value through profit or loss 3 42,508 43,450 - - 42,508 43,450 Other income 3 2,553 4,663 - - 2,553 4,663 ------ ------ ------- -------- ------- ------ Total revenue 45,061 48,113 - - 45,061 48,113 ------ ------ ------- -------- ------- ------ Losses on investments held at fair value through profit or loss - - (93,808) (405,420) (93,808) (405,420) Realised gains/(losses) on foreign exchange - - 1,705 (2,038) 1,705 (2,038) ------ ------ ------- -------- ------- -------- 45,061 48,113 (92,103) (407,458) (47,042) (359,345) ------ ------ ------- -------- ------- -------- Expenses Investment management fees 4 (4,046) (18,907) (12,139) - (16,185) (18,907) Other expenses 5 (902) (908) (766) - (1,668) (908) ------ ------ ------- -------- ------- ------- Total operating expenses (4,948) (19,815) (12,905) - (17,853) (19,815) ------ ------ ------- -------- ------- ------- Net profit/ (loss) before finance costs and taxation 40,113 28,298 (105,008) (407,458) (64,895) (379,160) ------ ------ -------- -------- ------- -------- Finance costs 6 (299) (742) (895) - (1,194) (742) ------ ------ -------- -------- ------- -------- Net profit/ (loss) on ordinary activities before taxation 39,814 27,556 (105,903) (407,458) (66,089) (379,902) ------ ------ -------- -------- ------- -------- Taxation (1,200) (1,457) 3,258 2,731 2,058 1,274 ------ ------ -------- -------- ------- -------- Net profit/ (loss) for the year 38,614 26,099 (102,645) (404,727) (64,031) (378,628) ====== ====== ======== ======== ======= ======== Earnings/ (loss) per ordinary share 8 21.78p 14.71p (57.90p) (228.08p) (36.12p) (213.37p) ====== ====== ======= ======== ======= ======== The total column of this statement represents the Consolidated Statement of Comprehensive Income, prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies (AIC). All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the year. All income is attributable to the equity holders of BlackRock World Mining Trust plc. There were no minority interests. The net loss of the Company for the year was Â£64,031,000 (2011: loss of Â£378,628,000). The Group does not have any other recognised gains or losses. The net return for the year disclosed above represents the Group's comprehensive income. Statements of Changes in Equity for the year ended 31 December 2012 Ordinary Share Capital share premium Special redemption Capital Revenue capital account reserve reserve reserves reserve Total Group Note Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 For the year ended 31 December 2011 At 31 December 2010 9,651 127,155 118,210 22,779 1,398,963 31,265 1,708,023 Total Comprehensive Income: (Loss)/profit for the year - - - - (404,727) 26,099 (378,628) Transactions with owners: Shares purchased during the year* - - (1,739) - - - (1,739) Dividend paid 7 - - - - - (10,652) (10,652) ----- ------- ------- ------ ------- ------- --------- At 31 December 2011 9,651 127,155 116,471 22,779 994,236 46,712 1,317,004 ===== ======= ======= ====== ======= ======= ========= For the year ended 31 December 2012 At 31 December 2011 9,651 127,155 116,471 22,779 994,236 46,712 1,317,004 Total Comprehensive Income: (Loss)/profit for the year - - - - (102,645) 38,614 (64,031) Transactions with owners: Dividend paid 7 - - - - - (37,230) (37,230) ----- ------- ------- ------ ------- ------- --------- At 31 December 2012 9,651 127,155 116,471 22,779 891,591 48,096 1,215,743 ===== ======= ======= ====== ======= ======= ========= Company For the year ended 31 December 2011 At 31 December 2010 9,651 127,155 118,210 22,779 1,409,418 20,810 1,708,023 Total Comprehensive Income: (Loss)/profit for the year - - - - (404,281) 25,653 (378,628) Transactions with owners: Shares purchased during the year* - - (1,739) - - - (1,739) Dividend paid 7 - - - - - (10,652) (10,652) ----- ------- ------- ------ --------- ------- --------- At 31 December 2011 9,651 127,155 116,471 22,779 1,005,137 35,811 1,317,004 ===== ======= ======= ====== ========= ======= ========= For the year ended 31 December 2012 At 31 December 2011 9,651 127,155 116,471 22,779 1,005,137 35,811 1,317,004 Total Comprehensive Income: (Loss)/profit for the year - - - - (102,640) 38,609 (64,031) Transactions with owners: Dividend paid 7 - - - - - (37,230) (37,230) ----- ------- ------- ------ -------- ------- --------- At 31 December 2012 9,651 127,155 116,471 22,779 902,497 37,190 1,215,743 ===== ======= ======= ====== ======= ======= ========= * Held in treasury Statements of Financial Position as at 31 December 2012 Notes Group Company Group Company 2012 2012 2011 2011 Â£'000 Â£'000 Â£'000 Â£'000 Non current assets Investments held at fair value through profit or loss 1,318,110 1,330,516 1,353,098 1,365,499 Deferred tax asset 3,002 3,002 - - --------- --------- --------- --------- 1,321,112 1,333,518 1,353,098 1,365,499 Current assets Cash and cash equivalents 14,493 3,224 30,113 18,851 Other receivables 3,693 3,693 3,451 3,451 --------- --------- -------- -------- 18,186 6,917 33,564 22,302 --------- --------- --------- --------- Total assets 1,339,298 1,340,435 1,386,662 1,387,801 --------- --------- --------- --------- Current liabilities Other payables (21,672) (22,809) (5,283) (6,422) Bank loans and bank overdrafts (100,892) (100,892) (63,059) (63,059) -------- -------- -------- -------- (122,564) (123,701) (68,342) (69,481) -------- -------- -------- -------- Total assets less current liabilities 1,216,734 1,216,734 1,318,320 1,318,320 Non current liabilities Deferred tax liabilities (991) (991) (1,316) (1,316) --------- --------- --------- --------- Net assets 1,215,743 1,215,743 1,317,004 1,317,004 ========= ========= ========= ========= Equity attributable to equity holders Ordinary share capital 9 9,651 9,651 9,651 9,651 Share premium account 127,155 127,155 127,155 127,155 Special reserve 116,471 116,471 116,471 116,471 Capital redemption reserve 22,779 22,779 22,779 22,779 Capital reserves 891,591 902,497 994,236 1,005,137 Revenue reserve 48,096 37,190 46,712 35,811 --------- --------- --------- --------- Total equity 1,215,743 1,215,743 1,317,004 1,317,004 ========= ========= ========= ========= Net asset value per ordinary share 8 685.75p 685.75p 742.86p 742.86p ======= ======= ======= ======= Cash Flow Statements for the year ended 31 December 2012 2012 2012 2011 2011 Group Company Group Company Â£'000 Â£'000 Â£'000 Â£'000 Operating activities Loss before taxation (66,089) (66,091) (379,902) (380,071) Add back interest paid 1,194 1,194 742 742 Losses on investments held at fair value through profit or loss including transaction costs 93,808 93,803 405,420 404,974 Net (gains)/losses on foreign exchange (1,705) (1,705) 2,038 2,038 Net movement of current asset investments held by subsidiary - - 532 - Sales of investments held at fair value through profit or loss 281,719 281,719 236,648 236,648 Purchases of investments held at fair value through profit or loss (340,539) (340,539) (236,892) (236,892) Increase in other receivables (138) (138) (2,101) (2,101) Increase in amounts due from brokers (189) (189) (6) (6) Increase/(decrease) in amounts due to brokers 12,462 12,462 (10,590) (10,590) Increase/(decrease) in other payables 3,927 3,927 (794) (794) Dealing profits - - (532) - ------- ------- ------- ------- Net cash (outflow)/inflow from operating activities before interest and taxation (15,550) (15,557) 14,563 13,948 ------- ------- ------- ------- Interest paid (1,194) (1,194) (742) (742) Taxation paid (40) (40) (16) (16) Taxation on overseas income (1,144) (1,144) (1,502) (1,495) ------- ------- ------- ------- Net cash (outflow)/inflow from operating activities before financing activities (17,928) (17,935) 12,303 11,695 ------- ------- ------- ------- Financing activities Purchase of ordinary shares - - (1,739) (1,739) Drawdown of loan 40,624 40,624 37,707 37,707 Dividend paid (37,230) (37,230) (10,652) (10,652) ------- ------- ------- ------- Net cash inflow from financing activities 3,394 3,394 25,316 25,316 ------- ------- ------- ------- (Decrease)/increase in cash and cash equivalents (14,534) (14,541) 37,619 37,011 Effect of foreign exchange rate changes (1,086) (1,086) (1,596) (1,596) ------- ------- ------- ------- Change in cash and cash equivalents (15,620) (15,627) 36,023 35,415 Cash and cash equivalents at start of year 30,113 18,851 (5,910) (16,564) ------- ------- ------- ------- Cash and cash equivalents at end of year 14,493 3,224 30,113 18,851 ------- ------- ------- ------- Notes to the Financial Statements 1. Principal activity The principal activity of the Company is that of an investment trust company within the meaning of section 1158 of the Corporation Tax Act 2010. The principal activity of the subsidiary, BlackRock World Mining Investment Company Limited, is investment dealing. 2. Accounting policies The principal accounting policies adopted by the Group and Company are set out below. (a) Basis of preparation The Group and Parent Company financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006. The Group has taken advantage of the exemption provided under section 408 of the Companies Act 2006 not to publish its individual income statement and related notes. The Group's financial statements are presented in sterling, which is the currency of the primary economic environment in which the Group operates. All values are rounded to the nearest thousand pounds (Â£'000) except where otherwise indicated. A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2013, and have not been applied in preparing these financial statements. None of these are expected to have a significant effect on the measurement of the amounts recognised in the financial statements of the Company. However, IFRS 9 "Financial Instruments" issued in November 2009 will change the classification of financial assets, but is not expected to have an impact on the measurement basis of the financial assets since the majority of the Company's financial assets are measured at fair value through profit or loss. IFRS 9 - "Financial Instruments" (effective 1 January 2015) deals with classification and measurement of financial assets and its requirements represent a significant change from the existing requirements in IAS 39 in respect of financial assets. The standard contains two primary measurement categories for financial assets: at amortised cost and fair value. A financial asset would be measured at amortised cost if it is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and the asset's contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding. All other financial assets would be measured at fair value. The standard eliminates the existing IAS 39 categories of "held to maturity", "available for sale" and "loans" and "receivables". The standard is effective for annual periods beginning on or after 1 January 2015 but is not yet approved by the EU. Earlier application is permitted. The Company does not plan to adopt this standard early. IFRS 10 - "Consolidated Financial Statements" (effective 1 January 2013) establishes a single control model that applies to all entities including special purpose entities. The changes introduced by IFRS 10 will require management to exercise significant judgement to determine which entities are controlled, and therefore are required to be consolidated by a parent. The standard is not likely to have any impact on the Group. IFRS 11 - "Joint Arrangements" (effective 1 January 2013) removes the option to account for jointly controlled entities (JCEs) using proportionate consolidation. This is not applicable to the Group as it holds no interests in joint arrangements. IFRS 12 - "Disclosure of Involvement with Other Entities" (effective 1 January 2013) now requires additional disclosures that relate to an entity's interests in subsidiaries, joint arrangements, associates and structured entities. The Board is currently reviewing the potential effect on the Group's and Company's financial statements. IFRS 13 - "Fair Value Measurement" (effective 1 January 2013) establishes a single source of guidance under IFRS for all fair value measurements. It does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The Board is currently assessing the impact that this standard will have on the financial position and performance. Insofar as the Statement of Recommended Practice (SORP) for investment trusts and venture capital trusts issued by the Association of Investment Companies (AIC), revised in January 2009 is compatible with IFRS, the financial statements have been prepared in accordance with the guidance set out in the SORP. (b) Basis of consolidation The Group financial statements consolidate the financial statements of the Company and its wholly owned subsidiary, BlackRock World Mining Investment Company Limited, which are registered and operate in England and Wales. (c) Presentation of the Consolidated Statement of Comprehensive Income In order to better reflect the activities of an investment trust company and in accordance with guidance issued by the AIC, supplementary information which analyses the Consolidated Statement of Comprehensive Income between items of a revenue and a capital nature has been presented alongside the Consolidated Statement of Comprehensive Income. (d) Segmental reporting The Directors are of the opinion that the Group is engaged in a single segment of business being investment business. (e) Income Dividends receivable on equity shares are recognised on an ex-dividend basis. Where no ex-dividend date is available, dividends receivable on or before the year end are treated as revenue for the year. Provision is made for any dividends not expected to be received. Interest income is accounted for on an accruals basis. Income from contractual rights is measured at the fair value of the consideration received or receivable where the Investment Manager can reliably estimate the amount, pursuant to the terms of the agreement. Income from contractual rights received comprise of a return of income and a return of capital based on the underlying cost of the contract and, accordingly, the return of income element is taken to the revenue account and the return of capital element is taken to the capital account. These amounts are disclosed in the Consolidated Statement of Comprehensive Income within income from investments and gains/losses on investments held at fair value through profit or loss, respectively. The useful life of the contractual rights will be determined by reference to the contractual arrangements, the planned mine life on commencement of mining and the underlying cost of the contractual rights will be revalued on a systematic basis using the units of production method over the life of the contractual rights which is estimated using available estimated proved and probable reserves specifically associated with the mine. The Investment Manager relies on public disclosures for information on proven and probable reserves from the operators of the mine. Amortisation rates are adjusted on a prospective basis for all changes to estimates of the life of contractual rights and iron ore reserves. These are disclosed in the Consolidated Statement of Comprehensive Income within gains/losses on investments held at fair value through profit or loss. Option premium income is recognised as revenue and included in the revenue column of the Consolidated Statement of Comprehensive Income unless the option has been written for the maintenance and enhancement of the Company's investment portfolio and represents an incidental part of a larger capital transaction, in which case any premia arising are allocated to the capital column of the Consolidated Statement of Comprehensive Income. When an option is closed out or exercised the gain or loss is accounted for as capital. (f) Expenses All expenses, including finance costs, are accounted for on an accruals basis. Expenses have been charged wholly to the revenue column of the Consolidated Statement of Comprehensive Income, except as follows: - expenses which are incidental to the acquisition of an investment are included within the cost of the investment; - with effect from 1 January 2012, the investment management fee and finance costs have been allocated 75% to the capital column and 25% to the revenue column of the Consolidated Statement of Comprehensive Income in line with the Board's expected long term split of returns in the form of capital gains and income, respectively, from the investment portfolio; - expenses are treated as capital where a connection with the maintenance or enhancement of the value of the investments can be demonstrated. (g) Taxation Deferred taxation is recognised in respect of all temporary differences that have originated but not reversed at the financial reporting date, where transactions or events that result in an obligation to pay more tax in the future or right to pay less tax in the future have occurred at the financial reporting date. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the temporary differences can be deducted. Deferred tax assets and liabilities are measured at the rates applicable to the legal jurisdictions in which they arise. (h) Investments held at fair value through profit or loss The Company's investments, including contractual rights, are classified as held at fair value through profit or loss in accordance with IAS 39 - "Financial Instruments: Recognition and Measurement" and are managed and evaluated on a fair value basis in accordance with its investment strategy. All investments, including contractual rights, are designated upon initial recognition as held at fair value through profit or loss. Purchases of investments are recognised on a trade date basis. The sales of assets are recognised at the trade date of the disposal. Proceeds are measured at fair value which will be regarded as the proceeds of sale less any transaction costs. Contractual rights are recognised on the completion date, where a purchase of the rights is under a contract, and is initially measured at fair value excluding transaction costs. The fair value of the financial investments is based on their quoted bid price at the financial reporting date, without deduction for the estimated selling costs. Unquoted investments are valued by the Directors at fair value using International Private Equity and Venture Capital Valuation Guidelines. This policy applies to non current asset investments held by the Group. The Directors engage an independent mining consultant to conduct a periodic valuation of the contractual rights and the fair value of the contractual rights is assessed with reference to relevant factors, which include, inter alia, production profiles, commodity prices and management representations. The asset is reviewed regularly to ensure that the initial classification remains correct given the asset's characteristics and the Group's investment policies. The contractual rights are initially recognised using the transaction price as the best evidence of fair value at acquisition and are subsequently measured at fair value. Gains and losses arising from changes in fair value of investments and on disposal of investments are recognised directly in the Consolidated Statement of Comprehensive Income. The gains and losses from changes in fair value of contractual rights are taken to the Consolidated Statement of Comprehensive Income and arise as a result of revaluation of the underlying cost of the contractual rights, changes in commodity prices and changes in estimates of proven and probable reserves specifically associated with the mine. In order to improve the disclosure of how companies measure the fair value of their financial investments, the disclosure requirements in IFRS 7 have been extended to include a fair value hierarchy. The fair value hierarchy consists of the following three levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - valued by reference to valuation techniques using market observable inputs such as quoted prices; Level 3 - inputs for the asset or liability that are not based on observable market data. Under IFRS, the investment in the subsidiary is fair valued which is deemed to be the net asset value of the subsidiary. Changes in the fair value of investments held at fair value through profit or loss and gains and losses on disposal are recognised in the Consolidated Statement of Comprehensive Income as "Gains or losses on investments held at fair value through profit or loss". Also included within this heading are transaction costs in relation to the purchase or sale of investments. (i) Other receivables and other payables Other receivables and other payables do not carry any interest and are short term in nature and are accordingly stated at their nominal value. (j) Dividends payable Under IFRS, final dividends should not be accrued in the financial statements unless they have been approved by shareholders before the financial reporting date. Interim dividends should not be accrued in the financial statements unless they have been paid. Dividends payable to equity shareholders are recognised in the Statements of Changes in Equity when they have been approved by shareholders in the case of a final dividend, or paid in the case of an interim dividend, and have become a liability of the Group. (k) Foreign currency translation Transactions involving foreign currencies are converted at the rate ruling at the date of the transaction. Foreign currency monetary assets and liabilities are translated into sterling at the rate ruling on the financial reporting date. Foreign exchange differences arising on translation are recognised in the Consolidated Statement of Comprehensive Income. (l) Cash and cash equivalents Cash comprises cash in hand and on demand deposits. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. (m) Bank borrowings Bank overdrafts and loans are recorded as the proceeds received. Finance charges, including any premia payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the Consolidated Statement of Comprehensive Income using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. 3. Income 2012 2011 Â£'000 Â£'000 Investment income: UK listed dividends 9,264 8,535 Overseas listed dividends 20,759 17,876 Overseas listed special dividends 446 7,646 Income from contractual rights 266 - Fixed interest income 11,773 9,393 ------ ------ 42,508 43,450 ------ ------ Other income: Option premiums 2,114 3,775 Deposit interest 21 24 Dealing profits - 532 Underwriting commission 418 332 ------ ------ 2,553 4,663 ------ ------ Total income 45,061 48,113 ====== ====== Total income comprises: Dividends 30,469 34,057 Deposit interest 21 24 Option premiums 2,114 3,775 Income from contractual rights 266 - Fixed interest income 11,773 9,393 Other income 418 864 ------ ------ 45,061 48,113 ====== ====== The Company considers the treatment of premium arising on option transactions on a case-by-case basis. During the year ended 31â€ˆDecember 2012, the option premium income of Â£2,114,000 (2011: Â£3,775,000) received by the Company was from options written for income purposes and has therefore been credited to the revenue column of the Consolidated Statement of Comprehensive Income. 4. Management fee 2012 2011 Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Investment management fee 4,046 12,139 16,185 18,907 - 18,907 ----- ------ ------ ------ ------ ------ 4,046 12,139 16,185 18,907 - 18,907 ===== ====== ====== ====== ====== ====== The investment management fee is levied quarterly at a rate of 1.3% per annum, based on the value of gross assets on the last day of each quarter and, with effect from 1 January 2012, 75% of investment management fees are allocated to the capital column and 25% to the revenue column of the Consolidated Statement of Comprehensive Income. 5. Other expenses 2012 2011 Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Custody fee 379 - 379 465 - 465 Auditor's remuneration: - audit services 39 - 39 23 - 23 - other audit services*# 6 198 204 6 - 6 Registrar's fee 72 - 72 91 - 91 Directors' emoluments** 119 - 119 115 - 115 Other administrative costs# 287 568 855 208 - 208 ---- ---- ----- ---- ---- ---- 902 766 1,668 908 - 908 ==== ==== ===== ==== ==== ==== The Company's ongoing charges, calculated as a percentage of average net assets for the year and using expenses, excluding finance costs were: 1.4% 1.3% ==== ==== * Other audit services relate to the review of the half yearly financial statements. # Expenses charged to capital include Â£198,000 paid to the auditors relating to tax and structuring services and Â£568,000 paid to legal and corporate finance advisers relating to advice provided for a proposed but not completed corporate acquisition. ** The emoluments of the Chairman, who was also the highest paid Director, were Â£30,000 (2011: Â£30,000). 6. Finance costs 2012 2011 Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Interest on bank loans 297 890 1,187 565 - 565 Interest on bank overdrafts 2 5 7 177 - 177 --- --- ----- ---- ---- ---- 299 895 1,194 742 - 742 === === ===== ==== ==== ==== 7. Dividends Under IFRS, final dividends are not recognised until they are approved by shareholders, and special and interim dividends are not recognised until they are paid. They are also debited directly to reserves. Amounts recognised as distributable to ordinary shareholders for the period to 31 December were as follows: 2012 2011 Â£'000 Â£'000 Interim ordinary dividend in respect of the year ended 31 December 2012 of 7.00p per share, declared on 9 August 2012 12,410 - Final ordinary dividend in respect of the year ended 31 December 2011 of 14.00p per share, approved by shareholders on 19 May 2012 24,820 10,652 ------ ------ 37,230 10,652 ====== ====== The total dividends payable in respect of the year which form the basis of section 1158 of the Corporation Tax Act 2010 and section 833 of the Companies Act 2006, and the amounts proposed, meet the relevant requirements as set out in this legislation. 2012 2011 Â£'000 Â£'000 Dividends paid or proposed on equity shares: Interim ordinary dividend paid of 7.00p (2011: nil) 12,410 - Proposed final ordinary dividend of 14.00p per share (2011: 14.00p)* 24,820 24,820 ------ ------ 37,230 24,820 ====== ====== * Based on 177,287,242 (2011: 177,287,242) ordinary shares. 8. Consolidated earnings and net asset value per ordinary share Revenue and capital returns per share are shown below and have been calculated using the following: 2012 2011 Net revenue profit attributable to ordinary shareholders (Â£'000) 38,614 26,099 Net capital loss attributable to ordinary shareholders (Â£'000) (102,645) (404,727) -------- -------- Total loss attributable to ordinary shareholders (Â£'000) (64,031) (378,628) ======== ======== Total equity attributable to ordinary shareholders (Â£'000) 1,215,743 1,317,004 --------- --------- The weighted average number of ordinary shares in issue during each year, on which the return per ordinary share was calculated, was: 177,287,242 177,450,256 ----------- ----------- The number of ordinary shares in issue at the year end, on which the net asset value per ordinary share was calculated, was: 177,287,242 177,287,242 ----------- ----------- Revenue earnings per share 21.78p 14.71p Capital loss per share (57.90p) (228.08p) ------- -------- Total loss per share (36.12p) (213.37p) ------- -------- Net asset value per share 685.75p 742.86p ------- ------- Share price 586.50p 631.50p ======= ======= At 31 December 2012, the 15,724,600 (2011: 15,724,600) shares held in treasury were not dilutive, as the share price was below the net asset value. 9. Share capital Ordinary Treasury shares shares number number Total (nominal) (nominal) shares Â£'000 Allotted, called up and fully paid share capital comprised: Ordinary shares of 5p each ----------- ---------- ----------- ----- At 1 January 2012 177,287,242 15,724,600 193,011,842 9,651 ----------- ---------- ----------- ----- At 31 December 2012 177,287,242 15,724,600 193,011,842 9,651 =========== ========== =========== ===== During the year, no shares (2011: 250,000) were repurchased (2011: cost of Â£1,739,000). 10. Transaction with Investment Manager The investment management fee for the year (including secretarial and administration fees) was Â£16,185,000 (2011: Â£18,907,000). At the year end, the following amount was outstanding in respect of the investment management fee: Â£8,096,000 (2011: Â£4,431,000). 11. Related party disclosure The Board consists of five non-executive Directors all of whom are considered to be independent by the Board. None of the Directors has a service contract with the Company. With effect from 1 January 2011 the Chairman receives an annual fee of Â£30,000, the Chairman of the Audit and Management Engagement Committee receives an annual fee of Â£25,000, and each other Director receives an annual fee of Â£20,000. All five members of the Board hold shares in the Company. Mr Lea holds 6,000 ordinary shares, Mr Barby 25,000 ordinary shares, Mr Buchan 24,000 ordinary shares, Mr Baring 3,000 ordinary shares and Mr Cheyne 4,000 ordinary shares. The amount of Directors fees outstanding at 31 December 2012 was Â£28,750 (2011: Â£67,080). 12. Contingent liabilities There were no contingent liabilities at 31 December 2012 (2011: nil). 13. Publication of non statutory accounts The financial information contained in this announcement does not constitute statutory accounts as defined in the Companies Act 2006. The annual report and financial statements for the year ended 31 December 2012 will be filed with the Registrar of Companies after the Annual General Meeting. The figures set out above have been reported upon by the Auditor, whose report for the year ended 31 December 2012 contains no qualification or statement under section 498(2) or (3) of the Companies Act 2006. The comparative figures are extracts from the audited financial statements of BlackRock World Mining Trust plc and its subsidiary for the year ended 31 December 2011, which have been filed with the Registrar of Companies. The report of the Auditor on those financial statements contained no qualification or statement under section 498 of the Companies Act 2006. 14. Annual Report Copies of the annual report will be published shortly and will be available from the registered office, c/o The Company Secretary, BlackRock World Mining Trust plc, 12 Throgmorton Avenue, London EC2N 2DL. 15. Annual General Meeting The Annual General Meeting of the Company will be held at 12 Throgmorton Avenue, London EC2N 2DL on Thursday, 25 April 2013 at 11.30 a.m. ENDS The Annual Report will also be available on the BlackRock Investment Management website at www.blackrock.co.uk/brwm. Neither the contents of the Manager's website nor the contents of any website accessible from hyperlinks on the Manager's website (or any other website) is incorporated into, or forms part of, this announcement. For further information, please contact: Jonathan Ruck Keene, Chairman, Specialist Client Group, BlackRock Investment Management (UK) Limited - Tel: 020 7743 2178 Evy Hambro, Fund Manager, BlackRock Investment Management (UK) Limited - Tel: 020 7743 4511 Emma Phillips, Media & Communications, BlackRock Investment Management (UK) Limited - Tel: 020 7743 2922 19 February 2013 12 Throgmorton Avenue London EC2N 2DL

Companies

BlackRock World Mining Trust (BRWM)

Friday, 20th December 2024

COMPANIES COVERED:

SRP NMT RPI

Serco extends Thursday’s gains as upbeat mood prevails and Raspberry Pi also advances off the back of stake building news, but Neometals under pressure as it plans cancellation of AIM listing to focus on ASX.

Full Archive

UK 100

Latest directors dealings

1 day ago The Renewables Infrastructure Group Limited
1 day ago The Renewables Infrastructure Group Limited
1 day ago Smurfit Westrock (DI)
1 day ago Menhaden Resource Efficiency
1 day ago BP

All directors dealings today