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BRWM Blackrock World Mining Trust Plc

598.00
8.00 (1.36%)
28 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Blackrock World Mining Trust Plc LSE:BRWM London Ordinary Share GB0005774855 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  8.00 1.36% 598.00 596.00 598.00 598.00 586.00 590.00 397,308 16:35:08
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt -55.78M -78.99M -0.4131 -14.45 1.14B

BlackRock World Mining Trust Plc - Portfolio Update

16/04/2024 5:18pm

UK Regulatory


Blackrock World Mining (LSE:BRWM)
Historical Stock Chart


From Mar 2024 to May 2024

Click Here for more Blackrock World Mining Charts.
BlackRock World Mining Trust Plc - Portfolio Update

PR Newswire

BLACKROCK WORLD MINING TRUST PLC (LEI - LNFFPBEUZJBOSR6PW155)

All information is at 31 March 2024 and unaudited.
 

Performance at month end with net income reinvested

 

 

One

Three

One

Three

Five

 

Month

Months

Year

Years

Years

Net asset value

10.7%

-3.5%

-9.4%

19.9%

78.8%

Share price

8.4%

-9.0%

-17.8%

8.2%

91.3%

MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net)*

9.8%

-0.4%

-0.3%

22.6%

65.4%

 

* (Total return)

Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, Datastream

 

At month end

Net asset value (including income)1:

568.07p

Net asset value (capital only):

560.36p

Share price:

517.00p

Discount to NAV2:

9.0%

Total assets:

£1,220.6m

Net yield3:

6.5%

Net gearing:

13.4%

Ordinary shares in issue:

191,183,036

Ordinary shares held in Treasury:

1,828,806

Ongoing charges4:

0.91%

Ongoing charges5:

0.81%

 

1 Includes net revenue of 7.71p.

2 Discount to NAV including income.

3 Based on a first interim dividend of 5.50p per share declared on 18 April 2023, a second interim dividend of 5.50p per share declared on 24 August 2023, a third interim dividend of 5.50p per share declared on 11 October 2023 and a final dividend of 17.00p per share declared on 7 March 2024 with ex date 21 March 2024 and pay date 14 May 2024 in respect of the year ended 31 December 2023.

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 2023.

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 2023.

 

Country Analysis

Total
Assets (%)

 

 

Global

63.6

United States

9.6

Latin America

8.2

Canada

7.8

Australasia

7.2

Other Africa

3.9

Indonesia

0.5

South Africa

0.1

Net Current Liabilities

-0.9

 

-----

 

100.0

 

=====

 

 

 

Sector Analysis

Total
Assets (%)

 

 

Diversified

35.8

Copper

25.1

Gold

15.3

Steel

9.9

Industrial Minerals

5.2

Aluminium

3.0

Iron Ore

2.4

Uranium

1.5

Platinum Group Metals

1.0

Nickel

1.0

Mining Services

0.6

Zinc

0.1

Net Current Liabilities

-0.9

 

-----

 

100.0

 

=====

 

 

 

 

 

 

 

 

Ten largest investments

 

 

 

Company

Total Assets %

 

 

BHP:

 

    Equity

7.6

    Royalty

1.5

Glencore

8.0

Vale:

 

    Equity

4.0

    Debenture

2.9

Rio Tinto

6.2

Freeport-McMoRan

4.8

Nucor

3.9

Teck Resources

3.8

Barrick Gold

3.1

Wheaton Precious Metals

3.0

Anglo American

3.0

 

 

 

 

Asset Analysis

Total Assets (%)

Equity

97.7

Bonds

1.5

Preferred Stock

1.0

Convertible Bonds

0.7

Net Current Liabilities

-0.9

 

-----

 

100.0

 

=====

 

 

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

 

Performance

 

The Company’s NAV rose by 10.7% in March, outperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which returned +9.8% (performance figures in GBP).

 

March was a positive month for the mining sector, outperforming broader equity markets, as the MSCI All Country World Index returned +3.1%. Improvements in economic data from the US and China helped boost investor sentiment and demand for mining stocks during the period. China’s manufacturing PMI rose above 50 for the first time since September 2023, increasing from 49.1 to 50.8. Copper stood out among industrial metals, delivering strong performance driven by tight physical markets and rising demand for use in electricity grids. The severity of the constraints on copper supply was highlighted by refining charges in China falling close to zero, having been ~US$80 six months ago (lower refining charges suggest refiners are struggling for materials and are cutting charges to be more competitive as a result).

 

On the other hand, ongoing weakness in China’s property market started to translate into some softness in steel demand and iron ore prices came under pressure. The Chinese government announced plans to reinstate pollution control measures, which is expected to result in production cuts for highly polluting industries such as steel and cement. For reference, prices for iron ore (62% fe) and nickel fell by 13.2% and 6.2% respectively, whereas zinc rose by 0.5%. Meanwhile, precious metals performance was strong during the month due to concerns around inflation and robust physical demand for gold. Gold, silver and platinum prices rose by 8.3%, 9.6% and 2.3% respectively.

 

Strategy and Outlook

 

China 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.

 

 

16 April 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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