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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
  -13.00 -2.21% 574.00 574.00 575.00 589.00 574.00 581.00 959,288 16:28:32
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 46.5 43.9 22.5 25.6 1,018

BlackRock World Mng Portfolio Update

23/02/2021 12:26pm

UK Regulatory (RNS & others)


 
TIDMBRWM 
 
The information contained in this release was correct as at 31 January 2021. 
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 31 January 2021 and unaudited. 
 
 
Performance at month end with net income reinvested 
 
                                               One      Three       One    Three      Five 
 
                                             Month     Months      Year    Years     Years 
 
Net asset value                              -0.1%      19.9%     38.7%    38.2%    246.0% 
 
Share price                                   1.5%      33.7%     59.8%    58.8%    318.6% 
 
MSCI ACWI Metals & Mining 30% Buffer 10/     -2.5%      13.9%     25.0%    18.9%    193.1% 
40 Index (Net)* 
 
* (Total return) 
Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, 
Datastream. 
 
At month end 
 
Net asset value (including income)1:                                            533.20p 
 
Net asset value (capital only):                                                 524.34p 
 
1 Includes net revenue of 8.86p 
 
Share price:                                                                    530.00p 
 
Discount to NAV2:                                                                  0.6% 
 
Total assets:                                                                 £1,047.3m 
 
Net yield3:                                                                        4.2% 
 
Net gearing:                                                                      12.6% 
 
Ordinary shares in issue:                                                   173,550,814 
 
Ordinary shares held in Treasury:                                            19,461,028 
 
Ongoing charges4:                                                                  1.0% 
 
2 Discount to NAV including income. 
3 Based on three quarterly interim dividends of 4.00p per share declared on 12 
November, 19 August and 30 April 2020 in respect of the year ended 31 December 
2020 and a final dividend of 10.00p per share announced on 27 February 2020 in 
respect of the year ended 31 December 2019. 
4 Calculated as a percentage of average net assets and using expenses, 
excluding finance costs, for the year ended 31 December 2019. 
 
 
Country Analysis                   Total      Sector Analysis                       Total 
                              Assets (%)                                       Assets (%) 
 
Global                              64.9      Diversified                            38.9 
 
Australasia                          9.2      Gold                                   24.7 
 
Latin America                        7.2      Copper                                 18.5 
 
South Africa                         5.5      Platinum Group Metals                   3.1 
 
Canada                               4.9      Iron                                    3.0 
 
United Kingdom                       2.3      Nickel                                  2.9 
 
Indonesia                            1.7      Iron Ore                                2.7 
 
Other Africa                         1.5      Steel                                   2.3 
 
United States                        1.3      Industrial Minerals                     2.0 
 
Russia                               1.0      Materials                               0.8 
 
Net Current Assets                   0.5      Silver & Diamonds                       0.3 
 
                                   -----      Zinc                                    0.2 
 
                                   100.0      Aluminium                               0.1 
 
                                   =====      Net Current Assets                      0.5 
 
                                                                                    ----- 
 
                                                                                    100.0 
 
                                                                                    ===== 
 
 
 
 
Ten largest investments 
 
Company                                                                   Total Assets % 
 
Vale: 
 
    Equity                                                                           6.5 
 
    Debenture                                                                        4.9 
 
BHP                                                                                  8.0 
 
Anglo American                                                                       7.1 
 
Rio Tinto                                                                            6.2 
 
Freeport-McMoRan                                                                     5.3 
 
Newmont Mining                                                                       4.4 
 
Barrick Gold                                                                         4.0 
 
Glencore                                                                             4.0 
 
OZ Minerals: 
 
    Royalty                                                                          2.1 
 
    Equity                                                                           1.3 
 
Wheaton Precious Metals                                                              3.2 
 
 
 
 
Asset Analysis                                                          Total Assets (%) 
 
Equity                                                                              93.5 
 
Bonds                                                                                3.8 
 
Preferred Stock                                                                      2.3 
 
Option                                                                              -0.1 
 
Net Current Assets                                                                   0.5 
 
                                                                                   ----- 
 
                                                                                   100.0 
 
                                                                                   ===== 
 
Commenting on the markets, Evy Hambro and Olivia Markham, representing the 
Investment Manager noted: 
 
Performance 
 
The Company's NAV returned -0.1% in January, outperforming its reference index, 
the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which 
returned -2.5% (Figures in GBP). 
 
Despite much of the world remaining in a state of lockdown due to the 
coronavirus pandemic, the year started with a flavour of optimism in global 
equity markets as investors focused on the potential for a vaccine-driven 
economic restart. This narrative was somewhat derailed towards the end of the 
month as it became clear that there was divergence in the vaccine rollout in 
different countries. Against this backdrop, the MSCI AC World Index fell by 
0.6%. 
 
January was a mixed month for the mining sector, having started the period 
strongly before pulling back. US 10-year treasury yields rose over the month, 
contributing to US dollar strength which acted as a headwind for commodities. 
Meanwhile, tougher COVID-19 related restrictions in China stoked concern around 
economic activity in the country and, in turn, its commodity demand. 
 
Mined commodity performance was varied, with iron ore (62% fe) and gold prices 
down by 0.9% and 2.1% respectively but the copper price up by 1.5%. Turning to 
the companies, 2020 production results were announced during the month and, in 
general, they were in line with expectations, with relatively limited COVID-19 
related disruptions. Investors are now looking ahead to the February earnings 
reporting season in which we are expecting to see strong financial results and 
continued focus on returning capital to shareholders. 
 
Strategy and Outlook 
 
We are optimistic on COVID-19 vaccine rollouts supporting global economic 
growth and, in turn, commodity demand. Meanwhile, our analysis shows that the 
mining sector has performed particularly strongly during periods with 
significant increases in inflation expectations, which we believe we could see 
this year. 
 
Increased fiscal stimulus globally aimed at kickstarting economies in the 
COVID-19 crisis is being geared towards infrastructure spending which should 
support mined commodity demand. Meanwhile, we see the mining sector playing a 
crucial role in supplying the materials required for low carbon technologies 
e.g. wind turbines and solar panels. 
 
Capital expenditure has been slashed by the miners since the peak in 2013 which 
is constraining new commodity supply and supporting prices. Whilst capital 
expenditure has risen since 2016, it is still a long way below the peak and we 
are encouraged by rhetoric from management teams around continued capital 
discipline. 
 
Mining companies have focused on paying down debt in recent years and balance 
sheets are exceptionally strong today as a result. Given ongoing discipline, 
capital is being returned to shareholders in the form of dividends and 
buybacks. Meanwhile, we see potential for dividend upside given that prices for 
mined commodities have surprised to the upside e.g. iron ore. 
 
All data points are in USD terms unless stated otherwise. 
 
23 February 2021 
 
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. 
 
 
 
END 
 
 

(END) Dow Jones Newswires

February 23, 2021 07:26 ET (12:26 GMT)

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