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Pin to quick picksBlackRock World Mining Trust plc Regulatory News (BRWM)

Share Price Information for BlackRock World Mining Trust plc (BRWM)

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Portfolio Update

22 Feb 2024 13:02

BlackRock World Mining Trust Plc - Portfolio Update

BlackRock World Mining Trust Plc - Portfolio Update

PR Newswire

LONDON, United Kingdom, February 22

BLACKROCK WORLD MINING TRUST PLC (LEI - LNFFPBEUZJBOSR6PW155)

All information is at 31 January 2024 and unaudited. 

Performance at month end with net income reinvested

 

 

One

Three

One

Three

Five

 

Month

Months

Year

Years

Years

Net asset value

-7.3%

1.1%

-21.0%

24.1%

77.9%

Share price

-7.5%

1.6%

-23.3%

20.9%

104.9%

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

-6.4%

4.2%

-12.8%

26.1%

61.7%

 

* (Total return)

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

 

At month end

Net asset value (including income)1:

561.99p

Net asset value (capital only):

546.21p

Share price:

543.00p

Discount to NAV2:

3.4%

Total assets:

£1,224.4m

Net yield3:

7.4%

Net gearing:

12.8%

Ordinary shares in issue:

191,183,036

Ordinary shares held in Treasury:

1,828,806

Ongoing charges4:

0.95%

Ongoing charges5:

0.84%

 

 

 

1 Includes net revenue of 15.78p

2 Discount to NAV including income.

3 Based on a final dividend of 23.50p per share declared on 2 March 2023 in respect of the year ended 31 December 2022, a first interim dividend of 5.50p per share declared on 18 April, a second interim dividend of 5.50p per share declared on 24 August and a third interim dividend of 5.50p per share declared on 11 October 2023 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 2022.

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 2022.

 

Country Analysis

TotalAssets (%)

 

 

Global

64.8

Canada

8.1

United States

7.6

Latin America

7.6

Australasia

6.8

Other Africa

3.4

Indonesia

0.5

South Africa

0.2

Net Current Assets

1.0

 

-----

 

100.0

 

=====

 

 

 

Sector Analysis

TotalAssets (%)

 

 

Diversified

37.7

Copper

22.6

Gold

13.4

Steel

8.8

Industrial Minerals

4.4

Aluminium

3.1

Iron Ore

2.8

Uranium

2.7

Platinum Group Metals

1.6

Nickel

0.9

Mining Services

0.9

Zinc

0.1

Net Current Assets

1.0

 

-----

 

100.0

 

=====

 

 

 

 

 

 

 

 

Ten largest investments

 

 

 

Company

Total Assets %

 

 

BHP:

 

Equity

8.3

Royalty

1.5

Vale:

 

Equity

5.8

Debenture

2.9

Rio Tinto

7.7

Glencore

7.4

Freeport-McMoRan

5.0

Nucor Corp

3.3

Wheaton Precious Metals

3.0

Barrick Gold

2.9

Anglo American

2.8

Cameco Corp

2.7

 

 

 

 

Asset Analysis

Total Assets (%)

Equity

96.2

Bonds

2.3

Convertible Bonds

0.6

Option

-0.1

Net Current Assets

1.0

 

-----

 

100.0

 

=====

 

 

 

 

 

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

 

Performance

The Company’s NAV fell by 7.3% in January, underperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which declined by 6.4% (performance figures in GBP).

 

It was a difficult start to the year for the mining sector on the back of price declines for most mined commodities. Mined commodity prices softened as sentiment around China deteriorated amidst weakness in the country’s domestic property and equity markets. China’s manufacturing PMI remained below 50 but rose marginally month-on-month from 49.0 to 49.2. For reference, prices for iron ore (62% fe), zinc and nickel fell by 6.7%, 4.6% and 2.2% respectively. Iron ore was negatively impacted by China closing a number of steel mills at the end of December as part of its emissions reduction efforts, which restricted steel production through January.

 

Meanwhile, US dollar strength weighed on the precious metals, with prices for gold, silver and platinum falling by 0.8%, 4.7% and 8.2% respectively. Copper bucked the trend, its price rising by 0.4%, appearing to reflect growing recognition of the supply side issues in that market. Uranium prices also remained strong on robust demand, but the battery materials prices continued to decline on concerns around electric vehicle-related spend.

 

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.

 

 

22 February 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.

 


Release

Date   Source Headline
10th Jan 202411:42 amPRNNet Asset Value(s)
9th Jan 202411:36 amPRNNet Asset Value(s)
8th Jan 202411:50 amPRNNet Asset Value(s)
5th Jan 202411:57 amPRNNet Asset Value(s)
4th Jan 202411:34 amPRNNet Asset Value(s)
3rd Jan 20242:06 pmPRNNet Asset Value(s)
2nd Jan 202412:17 pmPRNNet Asset Value(s)
2nd Jan 202412:11 pmPRNTotal Voting Rights
29th Dec 202312:19 pmPRNDirector/PDMR Shareholding
29th Dec 202312:08 pmPRNNet Asset Value(s)
28th Dec 202312:14 pmPRNNet Asset Value(s)
27th Dec 202312:02 pmPRNNet Asset Value(s)
22nd Dec 202312:01 pmPRNNet Asset Value(s)
21st Dec 202311:40 amPRNNet Asset Value(s)
20th Dec 202312:10 pmPRNNet Asset Value(s)
19th Dec 202311:50 amPRNNet Asset Value(s)
18th Dec 202312:04 pmPRNNet Asset Value(s)
15th Dec 202311:53 amPRNNet Asset Value(s)
14th Dec 20232:27 pmPRNPortfolio Update
14th Dec 202312:32 pmPRNNet Asset Value(s)
13th Dec 202311:03 amPRNNet Asset Value(s)
12th Dec 202311:40 amPRNNet Asset Value(s)
11th Dec 202312:33 pmPRNDirector/PDMR Shareholding
11th Dec 202311:51 amPRNNet Asset Value(s)
8th Dec 202312:59 pmPRNNet Asset Value(s)
7th Dec 202312:38 pmPRNNet Asset Value(s)
6th Dec 202311:11 amPRNNet Asset Value(s)
5th Dec 202311:16 amPRNNet Asset Value(s)
4th Dec 202311:57 amPRNNet Asset Value(s)
1st Dec 20233:35 pmPRNTotal Voting Rights
1st Dec 202312:04 pmPRNNet Asset Value(s)
30th Nov 202312:00 pmPRNNet Asset Value(s)
29th Nov 20234:20 pmPRNDirector/PDMR Shareholding
29th Nov 202311:39 amPRNNet Asset Value(s)
28th Nov 202311:36 amPRNNet Asset Value(s)
27th Nov 202311:13 amPRNNet Asset Value(s)
24th Nov 202311:57 amPRNNet Asset Value(s)
23rd Nov 202311:49 amPRNNet Asset Value(s)
22nd Nov 202311:25 amPRNNet Asset Value(s)
21st Nov 202311:38 amPRNNet Asset Value(s)
20th Nov 202311:32 amPRNNet Asset Value(s)
17th Nov 202311:52 amPRNNet Asset Value(s)
16th Nov 202311:44 amPRNNet Asset Value(s)
16th Nov 202310:42 amPRNPortfolio Update
15th Nov 202311:27 amPRNNet Asset Value(s)
14th Nov 202312:11 pmPRNNet Asset Value(s)
13th Nov 202311:13 amPRNNet Asset Value(s)
10th Nov 202311:22 amPRNNet Asset Value(s)
9th Nov 202311:19 amPRNNet Asset Value(s)
8th Nov 202311:10 amPRNNet Asset Value(s)

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