Blackrock World Mining Share Discussion Threads

[lageraemia] 17/6/2025 13:06:20

Bonkers that Agnico Eagle is the biggest holding (one of mine too) yet the share price is less than a year ago.

[bionicdog] 17/6/2025 12:46:02

Header updated.

[scottishfield] 17/6/2025 12:34:53

thats v useful, tks phil.

[philanderer] 17/6/2025 12:32:42

Portfolio update (31st may)





Plenty of gold mines in the top 10 holdings.

[philanderer] 28/5/2025 13:44:58

xd tomorrow for the 5.5p dividend

[philanderer] 22/5/2025 00:01:26

"The Board of BlackRock World Mining Trust plc is pleased to announce that the first quarterly interim dividend in respect of the quarter ended 31 March 2025 of 5.50p per ordinary share has been declared by the Directors, payable on 27 June 2025 to holders of ordinary shares on the register at the close of business on 30 May 2025 (ex-dividend date is 29 May 2025)"

[philanderer] 20/5/2025 19:41:45

Portfolio update as at 30th april 2025

[dope007] 15/5/2025 09:46:57

Added a few more. Still short of the total i want but averaging in over time

[philanderer] 13/5/2025 11:09:21

Bought a few this morning.

[dope007] 13/5/2025 07:24:01

I already have some bought in the Trump dump. Just want a few more

[oggyrocks] 12/5/2025 21:02:11

I bought in recently. Think about 4.70. Decent dividend to support plenty of growth. Expect it to hit £6 in next 12-18 months, so a decent return possible.

[yousif] 12/5/2025 20:57:47

It is already Cheap and might miss the boat.

[dope007] 12/5/2025 20:22:36

Nice bounce for miners, however I still am looking to add here so would welcome the return of a little weakness in the price

[laurence llewelyn binliner] 02/5/2025 21:20:18

#Dartboard1, thanks, I have 40% of the holding I want here so it will take a while to build, but it is growing, picking up on the dips is what we always wait for, current prices look favorable on the weaker Iron Ore prices, see where I end up over 25/26, then wait for 600/700 during the next pricing cycle, but that said POG/POC are right on our side, with Oil way down so operator costs should be cooling..

Stake building can be a very long process in some shares, mop up the dividends while we wait.. :o)

[dartboard1] 02/5/2025 16:42:04

LLB ... just found a figure of 20.5 per cent iron ore exposure for the fund.... So guessing that's taking both pure and diversified IO exposure together

[laurence llewelyn binliner] 30/4/2025 07:35:41

I see Sprott went from 8% to 9% at BKY this week, given the Spain/Portugal blackout a few days later that looks well timed, initial causes seem to be down to an over reliance on solar, and not enough nuclear, as investigations progress it could impact permitting at Salamanca uranium..

Wider uranium demand and prices could be a beneficiary as countries come to terms with the stupidity of this headless race to net zero where 1 volcano going up in Iceland wipes out any gains made and reverses any emissions work done..

[lageraemia] 22/4/2025 11:11:29

If anyone is intersted in Elliot Wave theory, this interview lays out a case of a huge multi decade technical bull market in Commodities, Gold and Emerging Markets. Its a podcast I subscribe to and he does excellent interviews. This one is the lead Asia analyst for Elliot Wave International:

[laurence llewelyn binliner] 21/4/2025 14:41:35

#Dartboard1, yes, the major operators will also be well diversified on top and in that category, interesting discussion, it is because of the diversification that (IMO) makes this trust a safe(r) place to be for dividends and a CG over time, commodity prices are cyclical and very fickle, BRWM will never be in a position where the dividend gets shelved but it will float with the cycles, happy to have doubled down recently on the lows sub 400 pence and see where we are in 2030/2035 on a total return basis while enjoying the dividend income.. :o)

[dartboard1] 21/4/2025 13:56:46

Believe it's exposure to pure iron ore companies... Rio BHP et al will be classified within diversified category

[laurence llewelyn binliner] 21/4/2025 13:34:13

#Dartboard1, the exposure to Iron Ore by gross market value in the sector at end of Feb on their factsheet was 4.1% of NAV, % of income derived from the sector is hard to pinpoint, LIORC (LIF) is just 1% and is a pure Iron Ore position and their share price has been pretty flat for 3 years..

IF iron ore prices are having an overweight and disproportionate drag on the share price currently then this should be a good opportunity to add to the position, this is why a well diversified portfolio (IMO) averages out the commodity basket prices, I still see the upstream impact of POG/POC prices to sell into pulling us back up as the weighting is much higher and as profits trickle down to the bottom line they then come back in as dividends/streams..

#Aleman, thanks, that was what I was trying to find.. :o)

[aleman] 21/4/2025 13:06:45

From Dec 31 2024 annual report:

Other 15.3%
Aluminium 3.6%
Uranium 3.8%
Steel 5.2%
Iron Ore 20.5%
Gold 25.0%
Copper 38.6%
Gearing -12.0%

Others include coking coal, lithium, nickel, thermal coal, zinc, mineral sands, rare earths, diamonds and platinum group metals
Source: BlackRock

This is based on EBITDA contributions for the invested companies but there is other income.

Royalty income was 10%, option income increased to 20%, while income from fixed income securities declined to 1% given the compression in yields we have seen across the sector.

The rise in option income is worth noting. Rising option income can be at the expense of capital gain so that enhancing income in this way can see NAV underperformance over time. This should be kept under observation.

I'm noticing most of the investment trusts I'm invested in are adopting policies that eat away at their capital base in the longer term. The most obvious is the proliferating share buy-backs - the sale of assets to buy sub-NAV shares in the market, enhancing earnings per share but on a shrinking asset base. The shrinkage is often overlooked in stronger spells but hits home more in weaker spells, like recent years. (BRWM is currently authorised to buy back up to 15% of its shares.) If this continues, many investment trusts will wither away, hence an increasing number of mergers recently after some smaller funds have shrunk such that they've become unable to support their cost bases.

Investors should consider voting against excessive options writing and buy-backs which leave no long term future, or just taking the money and running when the shares have a better spell. (Not many of those recently and discounts have generally been expanding, leading to snakes eating tales even faster.) If discounts to NAV are large, investors might consider voting for a winding up and taking the value now rather than watching it erode. This is a growing problem that I have yet to see draw any reporting media comment. Any body else seen any commentary on it?

[dartboard1] 21/4/2025 12:07:52

There's more than 4 percent in iron ore binliner ...

[dope007] 21/4/2025 11:22:40

Same here bought initially at 470 ish and added on the dump sub 400p. A 23p divi will suit me fine

[laurence llewelyn binliner] 21/4/2025 10:18:48

#Giltedge1, BRWM are far more diversified than you might think and the primary reason I hold here, Iron Ore is a component of income but only 4% exposure, whereas Copper 22% and Gold 27% so yes we will be impacted, but far outweighed by gains in other portfolio metals, WPM is also 4% on its own..



Recent gains in Copper/Gold prices to sell into plus falling oil converting into lower portfolio mine operator AISC should then slowly filter through into bottom line and dividend payouts to us..

It is a fair point that AISC have been rising over 2024, along with business OPEX, but 3,000 POG, 10,000 POC are yet to get reported in the quarterly sales figures..

I doubled down sub 400 pence, rather pleased to get that opportunity on new ISA day this year.. :o)

[giltedge1] 21/4/2025 08:14:49

BRWM has two conflicting forces affecting share price Gold & Copper price rising good & Iron Ore falling bad, as M ajors use Iron Ore profits to pay divs, no increase in div expected short term. So expect div to remain at 23p there abouts, as Gold producers have not managed so far to convert rising Gold prices to rising divs. Even manager a bit disappointed last report. Would buy if drops to low 4 price as long term outlook good.