Portfolio Update

The information contained in this release was correct as at 28 February 2023. Information on the Company’s up to date net asset values can be found on the London Stock Exchange website at:

https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.

BLACKROCK WORLD MINING TRUST PLC (LEI - LNFFPBEUZJBOSR6PW155 )

All information is at 28 February 2023 and unaudited.
 

Performance at month end with net income reinvested
	One	Three	One	Three	Five
	Month	Months	Year	Years	Years
Net asset value	-7.6%	-0.1%	2.9%	123.4%	103.3%
Share price	-7.3%	0.7%	2.1%	160.7%	133.7%
MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net)*	-8.1%	-0.6%	0.1%	82.9%	60.7%
* (Total return) Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, Datastream

At month end

Net asset value (including income)1:	699.12p
Net asset value (capital only):	673.24p
1 Includes net revenue of 25.88p
Share price:	698.00p
Discount to NAV2:	0.2%
Total assets:	£1,478.4m
Net yield3:	5.7%
Net gearing:	12.6%
Ordinary shares in issue:	188,903,036
Ordinary shares held in Treasury:	4,108,806
Ongoing charges4:	1.0%
Ongoing charges5:	0.8%

² Discount to NAV including income.
³ Based on a first, second and third interim dividend of 5.50p per share declared on 6 May 2022, 23 August 2022 and 16 November 2022 respectively, and a final dividend of 23.50p per share declared on 2 March 2023 with ex-date 9 March 2023 and pay date of 26 April 2023 in respect of the year ended 31 December 2022.
⁴ The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses, excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended 31 December 2022.
⁵ The Company’s ongoing charges are calculated as a percentage of average daily gross assets and using the management fee and all other operating expenses, excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended 31 December 2022.

Country Analysis Total Assets (%) Global 67.4 Australasia 10.5 Latin America 7.6 United States 6.6 Canada 4.4 Other Africa 2.4 Indonesia 0.9 South Africa 0.5 United Kingdom 0.2 Net Current Liabilities -0.5 ----- 100.0 =====

Sector Analysis Total Assets (%) Diversified 37.4 Copper 22.3 Gold 12.1 Steel 8.5 Industrial Minerals 7.5 Aluminium 4.1 Iron Ore 3.0 Platinum Group Metals 2.0 Mining Services 1.5 Nickel 1.5 Uranium 0.4 Zinc 0.2 Net Current Liabilities -0.5 ----- 100.0 =====

Ten largest investments
Company	Total Assets %
BHP	8.9
Vale:
Equity	6.4
Debenture	2.5
Glencore	6.6
Teck Resources	4.7
Rio Tinto	4.7
ArcelorMittal	4.4
Freeport-McMoRan	4.1
First Quantum Minerals:
Equity	2.4
Bond	1.7
Anglo American	3.1
Ivanhoe
Equity	1.9
Bond	0.9

Asset Analysis	Total Assets (%)
Equity	93.1
Bonds	4.0
Preferred Stock	3.4
Net Current Liabilities	-0.5
	-----
	100.0
	=====

Commenting on the markets, Evy Hambro and Olivia Markham, representing the Investment Manager noted:

Performance

The Company’s NAV declined by 7.6% in February, outperforming its reference index, the MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (net return), which fell by 8.1% (performance figures in GBP).

After several months of strong performance, the mining sector pulled back in February as improvements in Chinese economic data were slower than had been hoped. It is worth noting, however, that after the month-end, China’s Manufacturing PMI came in at 51.6, up from 49.2 in January, which has supported the sector’s performance so far in March. Broader equity markets were also down in February but less so, with the MSCI ACWI TR Index falling -2.5%. The month saw mined commodity prices give up some of their recent gains, with copper, iron ore (62% fe) and gold prices declining -2.7%, -2.3% and -5.3% respectively.

Many of the miners reported full year 2022 results during the month. Cost inflation remained an issue, but this is expected to ease with lower energy prices and consumables. Meanwhile, in most cases, production results were in line with expectations, with downgrades and guidance restatements having been well flagged last year.

Outlook

We do not expect the mining sector to be immune to deteriorating global economic growth. However, whilst recession looms for developed markets, the most important economy for mining, China, is moving in the opposite direction, re-opening following a year of lockdowns and a strict zero-Covid policy.

Meanwhile, mined commodity markets are generally tight, with inventories for many commodities at historic lows. At the same time, mined supply is being constrained by the underinvestment of recent years and continued capital discipline. Mining companies are in an excellent financial position, in our view, with high levels of free cash flow, rock-solid balance sheets and a continued focus on returning capital to shareholders.

Last year we saw greater appreciation of the role mining companies will need to play in supplying the materials required for lower carbon technologies like wind turbines, solar panels and electric vehicles. In 2023, we expect Brown to Green to emerge as a key theme, where mining companies focus on reducing the greenhouse gas emissions intensity associated with their production. We expect to see a re-rating for the mining companies able to best navigate this and are playing this in the portfolio.

All data points are in USD terms unless stated otherwise.

15 March 2023 Latest information is available by typing www.blackrock.com/uk/brwm on the internet. 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.