Interim Management Statement - 3 months to 31 March 2014
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 January 2014 to
31 March 2014, 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 20% of the assets
may be invested in investments other than quoted securities, including unquoted
equities and bonds and royalties. The Company is managed by Evy Hambro and
Catherine Raw of BlackRock Investment Management (UK) Limited.
Stock Performance
Cumulative Performance:
One Three One Three Five
Month Months Year Years Years
Net Asset Value (undiluted) -2.7% -1.0% -18.1% -43.2 40.7%
Share Price -5.3% 2.4% -7.8% -35.2 57.9%
Euromoney Global Mining Index -1.5% 0.9% -17.8% -43.8 24.7%
All performance figures are in sterling terms on a total return basis.
Source: BlackRock, Euromoney Global Mining Index, Datastream
Ten Largest Holdings at 31 March 2014
Company % Total Assets
Rio Tinto 11.6
BHP Billiton 11.0
GlencoreXstrata 9.7
London Mining Marampa Contract 6.7
Freeport McMoRan 5.7
First Quantum Minerals 4.7
Vale 3.5
Iluka Resources 2.4
Fresnillo 2.4
Industrias Penoles 2.2
Financial position and performance as at 31 March 2014
Gross Assets (£m) £979.3
Short term borrowings (£m) £126.5
Undiluted Net Asset Values:
Net asset value-Cum Income* 481.02p
Net asset value-Capital Only 475.95p
*includes net revenue of 5.07p
Share Price 462.90p
Ordinary Shares in Issue** 177,287,242
Gearing 14.8%
Discount to NAV*** 3.8%
Net yield**** 4.5%
**excluding 15,724,600 shares held in treasury
***including current period income
****based on interim dividend of 7.00p and final dividend of 14.00p per share
in respect of the year ended 31 December 2013
Material Events & Transactions
The Board is not aware of any other material events or transactions, except as
disclosed herein, occurring between 31 March 2014 and the date of publication
of this interim management statement which would have a material impact on the
financial position of the Company.
Annual Report
The Company announced its annual results for the year ended 31 December 2013 on
20 February 2014.
Annual General Meeting
At the Company's Annual General Meeting held today, the Board announced that
all resolutions put to shareholders were passed on a vote on a show of hands.
Final Dividend
A final dividend in respect of the year ended 31 December 2013 of 14.00p per
ordinary share was recommended by the directors. Shareholders approved the
resolution in respect of the dividend at the Annual General Meeting today and
the dividend will be paid on 15 May 2014 to shareholders on the register on
7 March 2014 (ex dividend date 5 March 2014).
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 April 2014 to 7 May 2014 the Company's NAV decreased by 0.5%
and the share price has fallen by 0.7%.
The unaudited cum-income net asset value for BlackRock World Mining Trust plc
at the close of business on 7 May 2014 was 478.80 pence and the share price was
459.70 pence.
Contact details:
Caroline Driscoll
Secretary
Tel: 020 7743 2427
8 May 2014
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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