BlackRock World Mining Trust Plc - Portfolio Update
All information is at
Performance at month end with net income reinvested
One Three One Three Five
Month Months Year Years Years
Net asset value 3.3% 20.2% 10.9% 14.0% 107.7%
Share price 2.0% 24.9% 7.0% 9.7% 139.2%
MSCI ACWI Metals & Mining 30% Buffer 10/40 Index 0.9% 16.2% 18.3% 14.1% 85.9%
(Net)*
* (Total return)
Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, Datastream
At month end
Net asset value (including income)1: 611.09p Net asset value (capital only): 605.40p Share price: 590.00p Discount to NAV2: 3.5% Total assets: £1,301.8m Net yield3: 5.7% Net gearing: 12.8% Ordinary shares in issue: 191,183,036 Ordinary shares held inTreasury : 1,828,806 Ongoing charges4: 0.91% Ongoing charges5: 0.81%
1 Includes net revenue of 5.69p.
2 Discount to NAV including income.
3
Based on a second interim dividend of 5.50p per share declared on
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
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
Country Analysis Total
Assets (%)
Global 63.3
Canada 8.6
Latin America 8.6
United States 8.5
Australasia 7.4
Other Africa 3.7
Indonesia 0.7
South Africa 0.1
Net Current Liabilities -0.9
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100.0
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Sector Analysis Total
Assets (%)
Diversified 35.4
Copper 24.7
Gold 17.4
Steel 7.7
Industrial Minerals 4.8
Aluminium 3.5
Iron Ore 2.1
Platinum Group Metals 1.8
Uranium 1.7
Nickel 1.2
Mining Services 0.5
Zinc 0.1
Net Current Liabilities -0.9
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100.0
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Ten largest investments Company Total Assets % Glencore 8.0 BHP: Equity 6.0 Royalty 1.5 Rio Tinto 6.0 Vale: Equity 3.5 Debenture 2.5 Anglo American 5.2 Freeport-McMoRan 4.6 Newmont 4.4 Teck Resources 3.7 Norsk Hydro ASA 3.5 Agnico Eagle Mines 3.4
Asset Analysis Total Assets (%)
Equity 98.1
Bonds 1.5
Preferred Stock 0.8
Convertible Bonds 0.6
Option -0.1
Net Current Liabilities -0.9
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100.0
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Commenting on the markets,Evy Hambro andOlivia Markham , representing the Investment Manager noted: Performance The Company’s NAV rose by 3.3% in May, outperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which returned +0.9% (performance figures in GBP). After a strong run in April, most mined commodity prices were relatively flat through May. The copper price reached a new all-time high ofUS$5.20 /lb during the month but pulled back to end the period up by just 0.2%. The standout performer was silver, with its price rising by 14.8% on strong physical demand inAsia . Sentiment aroundChina improved on signs of better economic activity, with the Caixin General Manufacturing PMI rising to 51.7.China also announced support for its struggling property market, with its central bank setting up a300 billion yuan (US$42 billion ) facility for local state-owned enterprises to buy unsold homes. In company news, after a month of negotiations, BHP withdrew its proposed takeover of Anglo American after the companies failed to reach an agreement. Anglo American then announced plans to restructure its business, which included a spin off of its platinum business unit. Strategy and OutlookChina has re-opened but with less impact than had been expected. Uncertainty persists around China’s commodity demand, but we are seeing the Chinese administration announce financial support incrementally. Longer term, we are excited by the structural demand growth for a range of mined commodities that will result from the low carbon transition. Meanwhile, commodity supply is likely to be constrained by the capital discipline of recent years, whilst inventories for many mined commodities are at historic lows. Mining companies have low levels of debt, continue to return capital to shareholders but appear to be entering a higher capital expenditure phase. We are seeing Brown to Green emerge as a key theme, where mining companies are focusing on reducing the greenhouse gas emissions intensity associated with their production. We expect to see a re-rating for the mining companies able to best navigate this and are playing this in the portfolio.27 June 2024 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.
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