Portfolio Update

The information contained in this release was correct as at 30 September 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 30 September 2023 and unaudited.
 

Performance at month end with net income reinvested
	One	Three	One	Three	Five
	Month	Months	Year	Years	Years
Net asset value	0.8%	-0.9%	6.0%	55.1%	85.7%
Share price	1.5%	-0.4%	10.3%	73.5%	117.3%
MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net)*	1.4%	1.9%	10.4%	42.4%	58.8%
* (Total return) Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, Datastream.

At month end

Net asset value (including income)1:	601.47p
Net asset value (capital only):	584.28p
Share price:	591.00p
Discount to NAV2:	1.7%
Total assets:	£1,306.4m
Net yield3:	6.8%
Net gearing:	12.3%
Ordinary shares in issue:	191,183,036
Ordinary shares held in Treasury:	1,828,806
Ongoing charges4:	0.95%
Ongoing charges5:	0.84%

1 Includes net revenue of 17.19p.

2 Discount to NAV including income.

3 Based on a third interim dividend of 5.50p per share declared on 16 November 2022 and a final dividend of 23.50p per share declared on 2 March 2023 in respect of year ended 31 December 2022, and a first interim dividend of 5.50p per share declared on 18 April and a second interim dividend of 5.50p per share declared on 24 August with ex-date 7 September and pay date of 6 October 2023 in respect of the year ending 31 December 2023.

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	63.8
Australasia	10.5
Latin America	8.1
United States	6.5
Canada	5.5
Other Africa	3.1
Indonesia	0.8
South Africa	0.2
Asia	0.2
Net Current Assets	1.3
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	100.0
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Sector Analysis	Total Assets (%)
Diversified	34.5
Copper	23.7
Gold	14.0
Industrial Minerals	7.3
Steel	6.9
Aluminium	3.2
Iron Ore	2.3
Uranium	2.2
Platinum Group Metals	1.8
Nickel	1.6
Mining Services	1.1
Zinc	0.1
Net Current Assets	1.3
	-----
	100.0
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Ten largest investments
Company	Total Assets %
BHP:
Equity	8.1
Royalty	1.5
Glencore	8.0
Vale:
Equity	4.5
Debenture	2.5
Rio Tinto	5.8
Freeport-McMoRan	4.6
First Quantum Minerals:
Equity	2.9
Bond	0.8
Newcrest Mining	3.2
Teck Resources	3.0
Ivanhoe	2.6
ArcelorMittal	2.6

Asset Analysis	Total Assets (%)
Equity	95.8
Bonds	2.3
Convertible Bonds	0.6
Net Current Assets	1.3
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	100.0
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Commenting on the markets, Evy Hambro and Olivia Markham, representing the Investment Manager noted:

Performance

The Company’s NAV rose by 0.8% in September, underperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which rose by 1.4% (performance figures in GBP). The mining sector held up relatively well versus broader equity markets, with the MSCI ACWI TR Index falling by 4.5%. It was a challenging month for global markets, as investors responded to the prospect of higher for longer interest rates. Meanwhile, larger-cap technology stocks appeared to lose the momentum witnessed so far this year. Macroeconomic data from China was generally sluggish, but property sales and industrial activity showed modest improvements. For reference, China’s manufacturing PMI fell to 50.6 from 51.0 in August. Mined commodities were mixed, with the copper price falling -2.3% and the iron ore price (62% fe) rising +1.7%. Precious metals were down across the board, with gold, silver and platinum prices falling -4.4%, -8.5% and -5.8% respectively.

Strategy and Outlook

China has re-opened but with less impact than had been expected early this year. Uncertainty persists around China’s commodity demand, but we are seeing the Chinese administration announce financial support incrementally. Longer term, we are excited by the structural demand growth for a range of mined commodities that will result from the low carbon transition. Meanwhile, commodity supply is likely to be constrained by the capital discipline of recent years, whilst inventories for many mined commodities are at historic lows. Mining companies have low levels of debt, continue to return capital to shareholders, but appear to be entering a higher capital expenditure phase. In 2023 we have seen Brown to Green emerge as a key theme, where mining companies are focusing 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.

20 October 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.

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