TIDMBRWM 
 
The information contained in this release was correct as at 31 March 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 March 2021 and unaudited. 
 
 
Performance at month end with net income reinvested 
 
                                               One      Three       One    Three      Five 
 
                                             Month     Months      Year    Years     Years 
 
Net asset value                               1.0%       7.7%     92.1%    59.1%    185.0% 
 
Share price                                  -0.8%      11.5%    122.1%    83.8%    238.0% 
 
MSCI ACWI Metals & Mining 30% Buffer 10/      3.6%       6.7%     74.1%    41.7%    139.3% 
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:                                            566.62p 
 
Net asset value (capital only):                                                 554.15p 
 
1 Includes net revenue of 12.47p 
 
Share price:                                                                    574.00p 
 
Premium to NAV2:                                                                   1.3% 
 
Total assets:                                                                 £1,145.8m 
 
Net yield3:                                                                        3.5% 
 
Net gearing:                                                                      12.9% 
 
Ordinary shares in issue:                                                   178,095,814 
 
Ordinary shares held in Treasury:                                            14,916,028 
 
Ongoing charges4:                                                                  0.9% 
 
2 Discount to NAV including income. 
3 Based on quarterly interim dividends of 4.00p per share declared on 12 
November, 19 August and 30 April 2020 and a final dividend of 8.30p per share 
announced on 5 March 2021 in respect of the year ending 31 December 2021. 
4 Calculated as a percentage of average net assets and using expenses, 
excluding finance costs, for the year ended 31 December 2020. 
 
Country Analysis                   Total      Sector Analysis                       Total 
                              Assets (%)                                       Assets (%) 
 
Global                              66.3      Diversified                            40.5 
 
Australasia                          8.1      Copper                                 20.1 
 
Latin America                        7.0      Gold                                   19.2 
 
South Africa                         6.1      Iron Ore                                5.7 
 
Canada                               4.0      Platinum Group Metals                   5.6 
 
Other Africa                         2.5      Steel                                   4.3 
 
United States                        2.0      Industrial Minerals                     2.1 
 
Indonesia                            1.5      Nickel                                  1.5 
 
United Kingdom                       1.0      Silver & Diamonds                       0.2 
 
Russia                               0.9      Zinc                                    0.2 
 
Net Current Assets                   0.6      Net Current Assets                      0.6 
 
                                   -----                                            ----- 
 
                                   100.0                                            100.0 
 
                                   =====                                            ===== 
 
 
 
 
Ten largest investments 
 
Company                                                                   Total Assets % 
 
Vale: 
 
    Equity                                                                           6.3 
 
    Debenture                                                                        4.2 
 
BHP                                                                                  8.4 
 
Anglo American                                                                       7.7 
 
Rio Tinto                                                                            7.6 
 
Freeport-McMoRan                                                                     6.0 
 
Glencore                                                                             4.2 
 
Newmont Mining                                                                       4.1 
 
OZ Minerals: 
 
    Royalty                                                                          1.9 
 
    Equity                                                                           1.4 
 
Barrick Gold                                                                         3.2 
 
First Quantum Minerals 
 
    Equity                                                                           1.6 
 
    Royalty                                                                          1.5 
 
 
 
Asset Analysis                                                          Total Assets (%) 
 
Equity                                                                              93.1 
 
Bonds                                                                                3.5 
 
Preferred Stock                                                                      2.8 
 
Net Current Assets                                                                   0.6 
 
                                                                                   ----- 
 
                                                                                   100.0 
 
                                                                                   ===== 
 
Commenting on the markets, Evy Hambro and Olivia Markham, representing the 
Investment Manager noted: 
 
Performance 
 
The Company's NAV returned 1.0% in March, underperforming its reference index, 
the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which 
returned +3.6% (Figures in GBP). 
 
After a strong February, the mining sector modestly underperformed broader 
equity markets in March as the reflation trade eased. 
 
Economic data from China remained resilient, with its manufacturing PMI at 
51.3, for example, indicating a 13th consecutive month of expansion. However, 
copper and iron ore (62% fe.) prices were challenged, falling by 3.9% and 5.4% 
respectively, albeit remaining at strong levels. 
 
The Chinese government announced cuts to steel production in Tangshan, a major 
steel-producing region in China, during the month as part of its efforts to 
curb carbon emissions and pollution; this put upward pressure on steel prices 
and downward pressure on iron ore. 
 
Meanwhile, Chinese nickel and stainless-steel producer, Tsingshan Holding 
Group, announced plans to produce nickel matte (an intermediate product that 
can be used to make battery-grade nickel for electric vehicle batteries) which 
prompted concerns around potential oversupply of nickel and contributed to its 
price falling by 13.5%. 
 
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 kick-starting 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. 
 
26 April 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

April 26, 2021 06:15 ET (10:15 GMT)

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