Portfolio Update

The information contained in this release was correct as at 31 August 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 31 August 2022 and unaudited.
 

Performance at month end with net income reinvested
	One	Three	One	Three	Five
	Month	Months	Year	Years	Years
Net asset value	3.9%	-13.6%	5.9%	70.4%	75.6%
Share price	4.7%	-13.3%	16.9%	110.4%	110.8%
MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net)*	2.8%	-13.2%	-3.6%	44.2%	42.6%
* (Total return) Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, Datastream

At month end

Net asset value (including income)1:	610.68p
Net asset value (capital only):	587.89p
1 Includes net revenue of 22.79p
Share price:	626.00p
Discount to NAV2:	2.5%
Total assets:	£1,336.8m
Net yield3:	6.9%
Net gearing:	14.7%
Ordinary shares in issue:	188,753,036
Ordinary shares held in Treasury:	4,258,806
Ongoing charges4:	0.9%

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

Country Analysis Total Asset (%) Global 69.9 Latin America 8.7 Australasia 6.9 United States 5.7 Canada 3.4 Other Africa 2.2 South Africa 1.0 Indonesia 0.9 United Kingdom 0.2 Net Current Assets 1.1 ----- 100.0 =====

Sector Analysis Total Assets (%) Diversified 41.7 Copper 20.8 Gold 12.1 Industrial Minerals 7.4 Steel 6.9 Aluminium 3.1 Iron Ore 2.9 Platinum Group Metals 2.3 Nickel 0.8 Mining Services 0.7 Zinc 0.2 Net Current Assets 1.1 ----- 100.0 =====

Ten largest investments
Company	Total Assets %
BHP	11.2
Vale:
Equity	5.2
Debenture	2.9
Glencore	7.9
Anglo American	6.5
First Quantum Minerals:
Equity	2.3
Bond	1.0
Rio Tinto	3.9
Freeport-McMoRan	3.9
Teck Resources	3.6
ArcelorMittal	3.1
Franco-Nevada	2.6

Asset Analysis	Total Assets (%)
Equity	91.6
Bonds	4.2
Preferred Stock	3.1
Net Current Assets	1.1
	-----
	100.0
	=====

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

Performance

The Company’s NAV rose by 3.9% in August, outperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which returned +2.8% (performance figures in GBP).

Global equity markets were weak in August, with the MSCI ACWI TR Index falling by 3.7%. Hawkishness from the US Federal Reserve (the Fed) weighed on global equity markets and dampened economic growth expectations, as the Fed indicated that tackling inflation remained its primary concern. The US dollar continued to strengthen, with the DXY Index rising from 105.9 to 108.7, reaching the highest level since 2002. Meanwhile, Chinese economic data was relatively weak, as the country persisted with its zero-covid policy and kept large parts of the country in lockdowns.

Mined commodity performance was negative during the month, with iron ore (62% fe), copper and gold prices down by -16.2%, -1.1% and -2.5% respectively. Turning to the miners, we saw some production issues through the reporting season but cost inflation generally was not as bad as feared and companies remain focused on dividends and buybacks. Supply-side issues were particularly notable in the copper market, where we have seen over 600k tonnes of production downgrades this year.

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. 15 September 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.