BLACKROCK WORLD MINING TRUST PLC
Interim Management Statement - 3 months to 30 September 2012
To the members of BlackRock World Mining Trust plc.
This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and Transparency Rules.
It should not be relied on by any other party for any other reason.
This interim management statement relates to the period from 1 July 2012 to
30 September 2012, and contains information that covers this period, and up
to the date of publication of this interim management statement.
The Company's objective is to maximise total returns to shareholders through
a world-wide portfolio of mining and metal securities. Up to 10% of the
assets may be invested in physical metals and up to 10% of the assets may be
invested in unquoted investments. The Company is managed by Evy Hambro of
BlackRock Investment Management (UK) Limited.
Stock Performance
Cumulative Performance:
One Three One Five
Month Months Year Years
Net Asset Value (undiluted) 7.0% 2.3% -1.8% -9.9%
Share Price 8.6% 3.3% -0.7% -4.1%
HSBC Global Mining Index 7.1% 5.6% -3.5% 1.8%
All performance figures are in sterling terms on a total return basis.
Ten Largest Holdings at 30 September 2012
Company % Total Assets
BHP Billiton 8.9
Rio Tinto 8.8
Glencore Finance (Europe) 5% 31/12/14 5.9
London Mining Contract 5.4
Minas Buenaventura 4.3
Fresnillo 4.3
First Quantum Minerals 4.3
Industrias Penoles 4.1
Freeport McMoRan 3.9
Soc Min Cerro Verde 3.5
Financial position and performance as at 30 September 2012
Gross Assets (£m) £1,253.81
Short term borrowings (£m) £81.74
Undiluted Net Asset Values:
Net asset value-Cum Income* 661.11p
Net asset value-Capital Only 650.74p
*includes net revenue of 10.37p
Share Price 579.00p
Ordinary Shares in Issue* 177,287,242
Gearing 7.0%
Discount to NAV** 12.4%
*excluding 15,724,600 shares held in treasury
**including income
Material Events & Transactions
On 30 July 2012, the Company announced that it had entered into an agreement
with London Mining Plc to acquire contractual rights entitling a 2% revenue
stream on iron ore production over the life of its Marampa mine in Sierra
Leone.
On 1 June 2012, David Cheyne was appointed as a Non Executive Director to
the Board.
On 9 August 2012, Gordon Sage stepped down as a Non Executive Director from
the Board and Colin Buchan was appointed as Senior Independent Director.
The Board is not aware of any material events or transactions, except as
disclosed herein, occurring between 30 September 2012 and the date of
publication of this interim management statement which would have a material
impact on the financial position of the Company.
Half Yearly Financial Report
The Company announced its half yearly financial results for the six months
ended 30 June 2012 on 9 August 2012.
On 9 August 2012, the Company declared an interim dividend of 7.00p per
share, which was paid on 21 September 2012 to shareholders on the register
on 24 August 2012.
Contact details:
Caroline Driscoll
Secretary
Tel: 020 7743 2427
12 November 2012
ENDS
Please note more detailed performance information is available on the
Investment Manager's website: www.blackrock.co.uk/brwm. Neither the contents of
the Manager's website not 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.
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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