Portfolio Update

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

Performance at month end with net income reinvested
	One	Three	One	Three	Five
	Month	Months	Year	Years	Years
Net asset value	16.2%	16.6%	27.6%	103.7%	119.9%
Share price	14.7%	12.6%	38.2%	136.9%	146.2%
MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net)*	16.6%	14.5%	18.3%	66.9%	75.3%
* (Total return) Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, Datastream

At month end

Net asset value (including income)1:	699.59p
Net asset value (capital only):	677.37p
1 Includes net revenue of 22.22p
Share price:	693.00p
Discount to NAV2:	0.9%
Total assets:	£1,500.9m
Net yield3:	6.3%
Net gearing:	10.0%
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 final dividend of 27.00p per share declared on 8 March 2022 in respect of the year ended 31 December 2021, and a first, second and third interim dividend of 5.50p per share declared on 6 May 2022, 23 August 2022 and 16 November 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 67.6 Australasia 7.8 Latin America 7.6 United States 5.9 Canada 3.8 Other Africa 2.5 South Africa 0.7 Indonesia 0.7 United Kingdom 0.2 Net Current Assets 3.2 ----- 100.0 =====	Sector Analysis Total Assets (%) Diversified 38.6 Copper 21.4 Gold 12.4 Steel 8.2 Industrial Minerals 6.4 Aluminium 3.2 Iron Ore 2.9 Platinum Group Metals 1.7 Nickel 0.7 Mining Services 0.7 Uranium 0.4 Zinc 0.2 Net Current Assets 3.2 ----- 100.0 =====

Ten largest investments
Company	Total Assets %
BHP	9.0
Vale:
Equity	6.1
Debenture	2.3
Glencore	8.3
Anglo American	5.2
First Quantum Minerals:
Equity	2.6
Bond	1.7
Rio Tinto	4.1
Freeport-McMoRan	4.0
ArcelorMittal	3.9
Teck Resources	3.4
Franco-Nevada	2.7

Asset Analysis	Total Assets (%)
Equity	90.1
Bonds	3.7
Preferred Stock	3.1
Options	-0.1
Net Current Assets	3.2
	-----
	100.0
	=====

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

Performance

The Company’s NAV rose by 16.2% in November, underperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which returned +16.6% (performance figures in GBP). The mining sector experienced one of its strongest ever months as news of China beginning to re-open and relax zero-COVID policies boosted mined commodity prices. For reference, iron ore (62% fe), copper and aluminum prices increased by +25.9%, +9.4% and +10.4% respectively. Shorter-term PMI data for China remained soft, but the mining sector moved higher on expectations this is set to improve. This was also reinforced by new regulatory support for the Chinese property sector in the form of a 16-point list of measures designed to promote the ‘stable and healthy development of the property industry’. Meanwhile, we saw destocking continuing in China, with inventory levels for copper and aluminum reaching the lowest level in 15 years. Broader equity markets also performed positively in November but lagged far behind the mining sector, with the MSCI ACWI TR Index returning +7.8%. The Federal Reserve and Bank of England increased rates by 75bps at the start of the month, but investor sentiment improved following below consensus US inflation figures.

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 December 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.