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BlackRock World Mining Trust Plc – Portfolio Update

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The information contained in this release was correct as at 30 June 2020. 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 2020 and unaudited.
Performance at month end with net income reinvested
One Three One Three Five
Month Months Year Years Years
Net asset value 7.6% 40.7% 3.6% 33.4% 78.6%
Share price 9.9% 40.8% 8.2% 33.9% 78.5%
MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net)* 5.9% 34.2% -0.5% 22.5% 67.1%
EMIX Global Mining Index (Net)* 6.2% 39.9% 7.0% 47.0% 95.0%
* (Total return)
Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, EMIX Global Mining Index, Datastream
At month end
Net asset value including income1: 428.27p
Net asset value capital only: 423.41p
1 Includes net revenue of 4.86p
Share price: 376.00p
Discount to NAV2: 12.2%
Total assets: £840.6m
Net yield3: 5.9%
Net gearing: 10.1%
Ordinary shares in issue: 173,605,020
Ordinary shares held in treasury: 19,406,822
Ongoing charges4: 0.9%
2 Discount to NAV including income.
3 Based on two quarterly interim dividends of 4.00p per share declared on 20 August 2019 and 14 November 2019 and a final dividend of 10.00p per share announced on 27 February 2020 in respect of the year ended 31 December 2019 and a quarterly interim dividend of 4.00p per share declared on 30 April 2020 in respect of the year ending 31 December 2020.
4 Calculated as a percentage of average net assets and using expenses, excluding finance costs, for the year ended 31 December 2019.
Sector % Total Country Analysis % Total
Assets Assets
Gold 34.1 Global 65.7
Diversified 32.3 Latin America 8.2
Copper 17.8 Australasia 6.5
Nickel 3.3 Canada 5.6
Industrial Minerals 3.1 United Kingdom 3.8
Platinum Group Metals 2.2 South Africa 3.1
Iron Ore 1.8 Russia 1.3
Steel 1.7 Other Africa 1.1
Materials 0.4 Indonesia 1.1
Silver & Diamonds 0.3 USA 0.9
Aluminium 0.2 Argentina 0.1
Zinc 0.2 Current Assets 2.6
Current Assets 2.6 ——
—— 100.0
100.0 ====
====
The Largest Investments
Company % Total
Assets
BHP 8.6
Vale:
Equity 5.2
Debenture 3.3
Rio Tinto 8.1
Barrick Gold 7.3
Newmont Mining 7.1
Anglo American 5.8
Wheaton Precious Metals 4.4
OZ Minerals Brazil:
Royalty 2.3
Equity 1.5
Freeport-McMoRan Copper & Gold 3.4
Franco-Nevada 3.4
Commenting on the markets, Evy Hambro and Olivia Markham, representing the Investment Manager noted:
Performance
The Company’s NAV increased by 7.6% in June, outperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which returned +5.9% (Figures in GBP)
Global equity markets continued to recover in June on the back of improving economic data, as economies began to emerge from lockdown. However, this positivity was partly offset by renewed acceleration of virus cases in the US. For reference, the MSCI All Country World Index rose by 3.0%.
June was another strong month for mined commodities as further evidence emerged of global activity resuming. Economic data from China surprised to the upside, with its manufacturing PMI rising to 50.9, up from 50.6 in May, indicating continued expansion. Copper was among the top performing commodities, its price rising by 12.2% on stronger demand and concerns around disruptions to supply from Chile. The gold price rose another 3.0% to an 8-year high, supported by lower expectations around US interest rates. Elsewhere, the iron ore (62% fe.) price fell by 1.0%, albeit remaining at a relatively elevated price of $101.5/tonne.
Strategy and Outlook
We anticipate continued volatility for the mining sector and broader equity market as the full economic implications of COVID-19 become clearer. Given how strong balance sheets are in the mining sector, however, the miners should be well positioned to weather economic weakness relative to other sectors. The capital discipline story remains intact, with mining companies still focused on improving shareholder returns through dividends and buybacks. The mining sector should also be a key beneficiary of increased infrastructure spending in China and the US, which we expect to come through during the remainder of 2020.
All data points are in USD terms unless stated otherwise.
16 July 2020
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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