BLACKROCK WORLD MINING TRUST PLC
Interim Management Statement - 3 months to 31 March 2009
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 & 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 January 2009 to
31 March 2009, and contains information that covers this period, and up to the
date of publication of this interim management statement. Please note more
detailed performance information, in particular the January, February & March
2009 month end announcements are available on the Investment Manager's website-
www.blackrock.co.uk/its.
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. The Company is managed by Graham Birch and
Evy Hambro of BlackRock Investment Management (UK) Limited.
Stock Performance
Cumulative Performance:
One Three One Five
Month Months Year Years
Net Asset Value (undiluted) 17.3% 14.9% -50.3% 76.2%
Share Price 16.9% 32.8% -49.4% 74.8%
HSBC Global Mining Index 16.8% 8.8% -37.6% 100.9%
All performance figures are in sterling terms on a total return basis.
Ten Largest Equity Holdings at 31 March 2009 (in alphabetical order)
African Rainbow Minerals
BHP Billiton
First Quantum Minerals
Fresnillo
Impala Platinum
Industrias Penoles
Minas Buenaventura
Newcrest
Rio Tinto
Vale
Financial position and performance as at 31 March 2009
Gross Assets (£m) 674.58
Short term borrowings (£m) nil
Undiluted Net Asset Values:
Net asset value-Cum Income 379.49p
Net asset value-Capital Only 378.72p
Share Price 329.00p
Ordinary Shares in Issue* 177,762,242
Gearing nil
Discount to NAV** 13.12%
*excluding treasury shares
**based on capital only NAV
Material Events
The Company's portfolio manager, Graham Birch, has taken sabbatical leave from
the end of March until the beginning of next year. Graham has managed the
Company since its inception in late 1993 and in his absence Evy Hambro will
assume responsibility. Evy began his career with the firm in 1994 and has since
worked closely with Graham.
Material Transactions
During the period, 556,800 shares were bought back and placed in treasury.
On 27 February 2009, 1,313 warrants to subscribe for new ordinary shares were
exercised at an exercise price of 565p per share. This was the final
opportunity for the remaining warrant holders to exercise their subscription
rights and all unexercised warrants have now lapsed.
On 20 April, BlackRock received notification from Merrill Lynch that an amount
of approximately £2m had been received from HMRC relating to VAT incorrectly
levied on management fees for the period from 2001 to September 2006. This
recovery was reflected in the Company's NAV as released to the market on 20
April 2009.
Additional claims remain outstanding in respect of the recovery of VAT,
including a claim against HMRC for payment of interest, but there is
insufficient certainty relating to the outcomes to accrue further amounts in
the net asset value at this time.
The Board is not aware of any material events or transactions, except as
disclosed herein, occurring between 31 March 2009 and the date of publication
of this interim management statement which would have a material impact on the
financial position of the Company. Latest information is available by typing,
www.blackrock.co.uk/its on the internet, "BLRKINDEX" on Reuters, "BLRK" on
Bloomberg or "8800" on Topic 3 (ICV terminal).
Contact details:
Caroline Driscoll
Secretary
Tel: 020 7743 2427
23 April 2009
*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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