Portfolio Update

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

Performance at month end with net income reinvested
	One	Three	One	Three	Five
	Month	Months	Year	Years	Years
Net asset value	-0.4%	4.0%	15.7%	71.4%	89.6%
Share price	-8.3%	0.2%	15.8%	90.3%	107.0%
MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net)*	-1.4%	1.8%	3.9%	42.8%	52.7%
* (Total return) Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, Datastream

At month end

Net asset value (including income)1:	602.56p
Net asset value (capital only):	575.43p
1 Includes net revenue of 27.13p
Share price:	569.00p
Discount to NAV2:	5.6%
Total assets:	£1,328.5m
Net yield3:	7.6%
Net gearing:	10.8%
Ordinary shares in issue:	188,753,036
Ordinary shares held in Treasury:	4,258,806
Ongoing charges4:	0.9%
Ongoing charges5:	0.8%

² Discount to NAV including income.
³ Based on a third interim dividend of 5.50p per share declared on 18 November 2021 and a final dividend of 27.00p per share declared on 8 March 2022 in respect of the year ended 31 December 2021, and a first and second interim dividend of 5.50p per share declared on 6 May 2022 and 23 August 2022 respectively, in respect of year ending 31 December 2022.
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 2021.
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 2021.

Country Analysis Total Assets (%) Global 68.0 Latin America 8.2 Australasia 6.5 United States 4.9 Canada 3.4 Other Africa 2.3 South Africa 0.7 Indonesia 0.7 United Kingdom 0.1 Net Current Assets 5.2 ----- 100.0 =====

Sector Analysis Total Assets (%) Diversified 39.6 Copper 21.1 Gold 12.6 Industrial Minerals 6.9 Steel 6.1 Iron Ore 2.8 Aluminium 2.4 Platinum Group Metals 1.8 Nickel 0.7 Mining Services 0.6 Zinc 0.2 Net Current Assets 5.2 ----- 100.0 =====

Ten largest investments
Company	Total Assets %
Vale:
Equity	6.0
Debenture	2.8
BHP	8.7
Glencore	8.1
Anglo American	6.2
First Quantum Minerals:
Equity	2.3
Bond	1.9
Rio Tinto	4.0
Teck Resources	3.4
Freeport-McMoRan	3.3
ArcelorMittal	2.8
Franco-Nevada	2.7

Asset Analysis	Total Assets (%)
Equity	87.8
Bonds	4.2
Preferred Stock	2.8
Net Current Assets	5.2
	-----
	100.0
	=====

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

Performance

The Company’s NAV fell by 0.4% in September, outperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which returned -1.4% (performance figures in GBP).

The mining sector came under pressure in September, albeit outperforming broader equity markets, with the MSCI ACWI TR Index falling by 9.6%. Rising interest rate expectations weighed on markets as the US 10-year yield rose from 3.1% to 3.8%. Economic data from China remained weak, with the country’s manufacturing PMI for September declining to 48.1 (indicating contraction). There are signs that China is beginning to ease Covid restrictions, but we are not expecting a meaningful update until after October’s Communist Party Congress.

Mined commodity prices were generally weak, with copper and iron ore (62% fe) prices falling by 2.1% and 1.0% respectively. However, precious metals outside of gold were a bright spot, with silver and palladium prices rising by 5.8% and 6.4% respectively.

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. 24 October 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.