BLACKROCK WORLD MINING TRUST PLC
Interim Management Statement - 3 months to 30 September 2013
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 2013 to
30 September 2013, 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 20% of the assets may be invested
in unquoted investments. The Company is managed by Evy Hambro and Catherine Raw
of BlackRock Investment Management (UK) Limited.
Stock Performance
Cumulative Performance:
One Three One Five
Month Months Year Years
Net Asset Value (undiluted) -0.3% 9.6% -19.1% 12.3%
Share Price 1.6% 14.9% -13.2% 28.9%
HSBC Global Mining Index -1.3% 8.5% -19.8% 15.5%
All performance figures are in sterling terms on a total return basis.
Ten Largest Holdings at 30 September 2013
Company % Total Assets
Glencore Xstrata 11.2
Rio Tinto 10.9
BHP Billiton 10.4
First Quantum Minerals 8.3
London Mining Marampa Contract 6.7
Freeport McMoRan 4.8
Iluka Resources 2.8
Fresnillo 2.8
Vale 2.5
Banro 2.5
Financial position and performance as at 30 September 2013
Gross Assets (£m) £1,018.98
Short term borrowings (£m) £103.43
Undiluted Net Asset Values:
Net asset value-Cum Income* 516.42p
Net asset value-Capital Only 503.86p
*includes net revenue of 12.56p
Share Price 483.30p
Ordinary Shares in Issue* 177,287,242
Gearing 7.8%
Discount to NAV** 6.4%
*excluding 15,724,600 shares held in treasury
**including income
Material Events & Transactions
On 15 August 2013, the Company announced the appointment with immediate effect
of Winterflood Securities Limited as joint corporate broker alongside
J.P.Morgan Cazenove Limited.
On 8 October 2013, the Company announced that it had reached a non-binding
agreement on key commercial terms with regard to a US$12m net smelter return
royalty investment (the "Royalty") with Avanco Resources Limited in respect of
its whole licensed area in Carajas, Brazil comprising Antas North deposit
("Antas North" or "Stage 1"), Pedra Branca deposit ("Pedra Branca" or "Stage
2"), and other discoveries within Avanco's current licensed portfolio. The
Royalty would offer the Company a 25% royalty payment on gold production and 2%
on production of other metals including copper produced from the whole licensed
area of Stage 1 and Stage 2. A flat 2% royalty will be applied to all other
projects from the rest of Avanco's licensed area.
The Company and Avanco Resources Limited will shortly begin to work on the
heads of terms for the Royalty investment, followed by negotiation and signing
of the definitive legal documentation which is expected to complete by the year
end.
The Board is not aware of any other material events or transactions, except as
disclosed herein, occurring between 30 September 2013 and the date of
publication of this interim management statement which would have a material
impact on the financial position of the Company.
General Meeting
Following the General Meeting which was held on Wednesday, 21 August 2013, the
Board announced that the Special Resolution put to shareholders to change the
Company's investment policy was passed on a vote on a show of hands.
Half Yearly Financial Report
The Company announced its half yearly financial results for the six months
ended 30 June 2013 on 15 August 2013.
On 15 August 2013, the Company declared an interim dividend of 7.00p per share,
which was paid on 26 September 2013 to shareholders on the register on 30
August 2013.
Change in NAV and Share Price
The Company announces its NAV on a daily basis, which can be accessed via
http://www.blackrock.co.uk/brwm, under the "Announcements" tab.
For the period 1 October 2013 to 14 November 2013 the Company's NAV decreased
by 0.1% and the share price by 3.4%.
The unaudited cum-income net asset value for BlackRock World Mining Trust plc
at the close of business on 14 November 2013 was 515.71 pence.
Contact details:
Caroline Driscoll
Secretary
Tel: 020 7743 2427
18 November 2013
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.
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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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