PR Newswire
LONDON, United Kingdom, April 22
BLACKROCK WORLD MINING TRUST PLC (LEI) – LNFFPBEUZJBOSR6PW155
All information is at 31 March 2026 and unaudited.
Performance at month end
with net income reinvested
One Three One Three Five
Month Months Year Years Years
Net asset value -14.9% 12.1% 87.8% 63.7% 116.8%
Share price -13.7% 10.5% 92.6% 51.9% 100.0%
MSCI ACWI Metals & Mining -14.6% 10.1% 68.2% 63.1% 100.6%
30% Buffer 10/40 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: 951.96p
Net asset value (capital only): 944.10p
Share price: 881.00p
Discount to NAV2: 7.5%
Total assets: £1,927.3m
Net yield3: 2.7%
Net gearing: 6.9%
Ordinary shares in issue: 186,527,036
Ordinary shares held in Treasury: 6,484,806
Ongoing charges4: 1.05%
Ongoing charges5: 0.95%
1 Includes net revenue of 7.86p.
2 Discount to NAV including income.
3 Based on the first interim dividend of 5.50p per share declared on 21 May 2025
with ex date 29 May 2025 and pay date 27 June 2025, second interim dividend of
5.50p per share declared on 3 September 2025 with ex date 11 September 2025 and
pay date 3 October 2025, third interim dividend of 5.50p per share declared on
19 November 2025 with ex date 27 November 2025 and pay date 19 December 2025 and
final dividend of 7.50p per share declared on 17 March 2026 with ex date 26
March and pay date 29 May 2026, in respect of the year ended 31 December 2025.
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 2025.
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 2025.
Country Analysis Total
Assets (%)
Global 60.4
Canada 9.9
United States 7.0
Latin America 7.0
South Africa 6.2
Australasia 5.3
Other Africa 1.9
China 1.7
Indonesia 0.4
Romania 0.1
Net Current Assets 0.1
—–
100.0
=====
Sector Analysis Total
Assets (%)
Gold 37.2
Diversified 29.0
Copper 15.6
Steel 6.1
Platinum Group Metals 3.2
Industrial Minerals 2.7
Aluminium 2.1
Uranium 1.0
Mining 0.8
Silver 0.7
Zinc 0.6
Iron Ore 0.5
Nickel 0.4
Net Current Assets 0.1
—–
100.0
=====
Ten largest investments
Company Total Assets %
Glencore 7.6
Rio Tinto 7.0
Vale:
Equity 4.1
Debenture 2.1
Agnico Eagle Mines 5.6
Barrick Mining 4.8
Newmont 4.7
BHP 4.6
AngloGold Ashanti Plc 4.5
Kinross Gold 3.7
Wheaton Precious Metals 3.6
Asset Analysis Total Assets (%)
Equity 99.2
Preferred Stock 0.7
Net Current Assets 0.1
—–
100.0
=====
Commenting on the markets, Evy Hambro and Olivia Markham, representing the
Investment Manager noted:
Markets:
March was characterised by a broad-based selloff across global equity markets,
with the mining sector experiencing particularly acute weakness amidst the
U.S. and Israel conflict with Iran. The selloff was driven primarily by a
flight to liquidity and expectations of higher interest rates, rather than a
deterioration in underlying fundamentals.
Commodity performance diverged meaningfully during the period. Precious metals
experienced significant liquidation, with gold and silver declining 12.0% and
19.2%, respectively. Gold fell from US$5,254/oz to US$4,623/oz, as escalating
geopolitical tensions and a broader risk off move early in the period weighed
on prices. Stronger than expected U.S. economic data, elevated oil prices and
a more hawkish Federal Reserve outlook pushed gold below US$5,000/oz, with a
stronger dollar and reduced expectations for near term rate cuts further
pressuring sentiment. Prices stabilised and partially recovered toward month
end as geopolitical tensions eased modestly, and broader market sentiment
improved.
Meanwhile, copper prices fell 7.8% over the month to US$12,257 per tonne, as
fears of a broader economic slowdown weighed on the demand outlook for the
industrial metal.
Certain commodities proved more resilient from the evolving geopolitical
backdrop. Aluminium prices rose 12.6%, supported by supply disruptions and the
energy-intensive nature of production, while thermal coal also moved higher
amid tightening energy markets.
Bulk commodities posted gains, with iron ore (62% Fe) rising by 8.8% to
US$106, supported by improving sentiment around China’s steel sector after
Beijing reiterated policy support and efforts to address overcapacity.
Industrial activity in China contracted, as the Caixin Manufacturing PMI fell
from 52.1 in February to 51.8 in March.
Outlook:
Our outlook for the mining sector is constructive, particularly relative to
broader equity markets. A more fragmented geopolitical world order increases
the need for diversification and reinforces the strategic importance of mined
commodities. Governments are increasingly weaponising commodities and
prioritising supply security, particularly in critical minerals, which is
driving greater investment across the value chain and encouraging the
reshoring of refining and processing capacity.
At the same time, accelerating hyperscaler spending on AI infrastructure,
alongside electrification, grid expansion and the broader energy transition,
is driving demand for both power and materials. Copper sits at the centre of
this theme, given its critical role in electrification and power intensive
infrastructure. We are also positive on aluminium, where recent conflict
related disruptions and export restrictions have further tightened supply.
More broadly, the AI revolution supports the H.A.L.O. trade (Heavy Asset, Low
Obsolescence) which involves capital rotating towards companies pairing long
life heavy assets with limited obsolescence risk. We would expect the H.A.L.O.
trade to re-emerge once the U.S.-Israel conflict with Iran stabilises.
Supply remains constrained across many mined commodities following years of
underinvestment, permitting challenges, operational disruptions and long lead
times for new projects. Mining companies generally remain focused on capital
discipline, prioritising cost control, free cash flow generation and
shareholder returns over aggressive production growth.
Lastly, we are constructive on gold equities, which represent our largest sub
sector exposure today. We expect the challenging global government debt
backdrop to continue to drive fiat currency aversion and to support gold.
Meanwhile, we are excited by the free cash flow outlook for producers relative
to what appears to being priced in by markets.
22 April 2026
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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