Portfolio Update

The information contained in this release was correct as at 30 June 2022. 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 June 2022 and unaudited.
 

Performance at month end with net income reinvested
	One	Three	One	Three	Five
	Month	Months	Year	Years	Years
Net asset value	-17.2%	-23.4%	1.1%	56.5%	101.7%
Share price	-20.6%	-22.5%	0.6%	83.1%	126.6%
MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net)*	-15.9%	-21.6%	-5.4%	33.2%	64.0%
* (Total return) Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, Datastream

At month end

Net asset value (including income)1:	584.86p
Net asset value (capital only):	570.49p
1 Includes net revenue of 14.37p
Share price:	573.00p
Discount to NAV2:	2.0%
Total assets:	£1,276.6m
Net yield3:	7.6%
Net gearing:	12.1%
Ordinary shares in issue:	187,968,036
Ordinary shares held in Treasury:	5,043,806
Ongoing charges4:	0.9%

² Discount to NAV including income.

³ Based on a second and third interim dividend of 5.50p per share declared on 19 August 2021 and 18 November 2021 respectively, and a final dividend of 27.00p per share declared on 8 March 2022 all in respect of the year ended 31 December 2021, and a first interim dividend of 5.50p per share declared on 6 May 2022 in respect of year ending 31 December 2022.

⁴ Calculated as a percentage of average net assets and using expenses, excluding finance costs, for the year ended 31 December 2021.

Country Analysis Total Assets (%) Global 68.2 Latin America 7.9 Australasia 7.6 United States 5.4 Canada 3.2 Other Africa 2.2 South Africa 1.0 Indonesia 0.9 United Kingdom 0.1 Net Current Assets 3.5 ----- 100.0 =====

Sector Analysis Total Assets (%) Diversified 39.6 Copper 19.1 Gold 15.9 Steel 6.8 Industrial Minerals 5.3 Iron Ore 2.8 Aluminium 2.5 Platinum Group Metals 1.9 Mining Services 1.5 Nickel 0.9 Zinc 0.2 Net Current Assets 3.5 ----- 100.0 =====

Ten largest investments
Company	Total Assets %
Vale:
Equity	5.4
Debenture	3.3
BHP	8.4
Glencore	8.1
Anglo American	6.7
Rio Tinto	4.0
Freeport-McMoRan	3.7
Newmont Mining	3.5
Teck Resources	3.4
First Quantum Minerals:
Equity	2.1
Bond	1.0
ArcelorMittal	3.0

Asset Analysis	Total Assets (%)
Equity	90.0
Bonds	3.5
Preferred Stock	3.0
Net Current Assets	3.5
	-----
	100.0
	=====

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

Performance

The Company’s NAV declined by 17.2% in June, underperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which returned -15.9% (performance figures in GBP).

June was a torrid month for the mining sector, with the reference index recording its worst month in over 10 years. This took the mining sector into negative territory so far in 2022 but it remains meaningfully ahead of broader equity markets on a year-to-date basis. Rising concerns around a potential impending global recession and slowing Chinese commodity demand, as the country continues to pursue a zero-COVID policy, contributed to the falls. There had been optimism at the end of May around China lockdowns beginning to ease but progress through June proved slower than the market had hoped for. Mined commodity prices were down across the board with, for example, iron ore (62% fe), copper and nickel prices down -11.9%, -12.6% and -20.1% respectively. The gold price was also down -1.6%, as US dollar strength was a headwind, but held up better than the other mined commodities on ‘safe-haven’ demand amidst geopolitical risk. Meanwhile, cost inflation was a key theme during the month with a number of miners reporting higher-than-expected costs driven by labour shortages and high energy prices.

Strategy and Outlook

Supply and demand in mined commodity markets is generally very tight today and prices look well-supported in our view. On the demand side, increased global infrastructure spending is supporting demand, whilst we expect the mining sector to play a critical role in the coming years in supplying materials required for lower-carbon technologies, like wind turbines, solar panels and electric vehicles. The Russia/Ukraine crisis puts greater focus on energy independence, particularly for Europe, and will further accelerate investment into renewable energy capacity build out in our view. On the supply side, we are encouraged by what we are hearing from management teams in terms of maintaining their focus on capital discipline. Longer-term, ill-discipline remains a risk but, regardless, increases in capital expenditure would take some time to feed through into new supply given the time-lags associated with mining projects.

Mining companies are generally in robust financial shape today with strong balance sheets and high levels of free cash flow being generated. Finally, we view mining equities as an effective way to hedge portfolios against persistent inflationary pressures.

All data points are in USD terms unless stated otherwise.

19 July 2022 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.