BLACKROCK WORLD MINING TRUST PLC (LEI - LNFFPBEUZJBOSR6PW155)
All information is at 30 September 2026 and unaudited.
Performance at month end
with net income reinvested
One Three One Three Five
Month Months Year Years Years
Net asset value -9.2% 6.9% 41.7% 82.3% 123.8%
Share price -8.6% 7.6% 45.7% 86.6% 138.4%
MSCI ACWI Metals & Mining -7.5% 8.2% 31.0% 78.1% 104.3%
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: 966.48p
Net asset value (capital only): 954.36p
Share price: 964.00p
Discount to NAV2: -0.3%
Total assets: £1,957.0m
Net yield3: 2.5%
Net gearing: 8.05%
Ordinary shares in issue: 186,909,036
Ordinary shares held in Treasury: 6,102,806
Ongoing charges4: 1.05%
Ongoing charges5: 0.95%
1 Includes net revenue of 12.13p.
2 Discount to NAV including income.
3 Based on the 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, and a first
interim dividend of 5.50p per share declared on 22 May 2026 with ex date 18 June
2026 and pay date 17 July 2025, and second interim dividend of 5.50p per share
declared on 7 September 2026 with ex date 17 September 2026 and pay date 9
October 2026 in respect of the year ending 31 December 2026.
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
Asset (%)
Global 61.8
Canada 8.3
Latin America 6.9
United States 6.4
Australasia 5.9
South Africa 5.3
China 1.5
Other Africa 1.5
Mexico 0.9
North America 0.8
Indonesia 0.3
Romania 0.1
Net Current Assets 0.3
-----
100.0
=====
Sector Analysis Total
Assets (%)
Gold 33.5
Diversified 31.0
Copper 16.2
Steel 8.2
Platinum Group Metals 2.8
Industrial Minerals 2.4
Aluminium 1.2
Zinc 1.0
Mining 0.9
Silver 0.9
Uranium 0.8
Materials 0.4
Nickel 0.3
Industrial Materials 0.1
Net Current Assets 0.3
-----
100.0
=====
Ten largest investments
Company Total Assets %
BHP 7.3
Glencore 6.7
Rio Tinto 6.5
Anglo American 5.1
Agnico Eagle Mines 4.9
Vale:
Equity 2.6
Debenture 2.2
Newmont 4.6
Barrick Mining 4.2
Wheaton Precious Metals 4.0
Freeport-McMoRan 3.6
Asset Analysis Total Assets (%)
Equity 99.2
Preferred Stock 0.5
Net Current Assets 0.3
-----
100.0
=====
Commenting on the markets, Evy Hambro and Olivia Markham, representing the
Investment Manager noted:
Markets
The mining sector underperformed broader equity markets in September. The
weaker backdrop extended across both precious and industrial metals.
The gold price declined by 6.2% in September to US$4,164/oz, as changing
expectations for U.S. monetary policy drove significant volatility during the
month. Gold initially strengthened as softer U.S. labour market data pushed
Treasury yields and the U.S. dollar lower, before reversing as firmer economic
and inflation data, a 25-basis-point Federal Reserve rate increase and more
hawkish policy commentary drove yields sharply higher. The U.S. 10-year
Treasury yield increased from 4.75% to 5.29%, while the 10-year real yield
rose from 2.43% to 2.92% and the U.S. dollar strengthened by 2%, weighing on
bullion into month-end. Despite the decline, investor positioning remained
relatively resilient, with physically backed gold ETF holdings and net length
in Comex futures both increasing.
The broader commodity complex was also generally weak. Copper was broadly
unchanged over the month, rising 0.1% to US$14,453/t, but experienced periods
of volatility as investors assessed the implications of potential U.S.
measures on imported copper and the possible inflationary consequences of
higher domestic prices. Elsewhere, iron ore (62% Fe) declined 5.9%, despite
the China Caixin Manufacturing PMI rising to 52.1 from 51.5 in August,
signalling manufacturing expansion. Elsewhere, nickel, zinc and aluminium fell
by 5.8%, 4.1% and 2.3%, respectively, whilst lithium was comparatively
resilient, declining 1.1%. Weakness across precious metals extended beyond
gold, with silver, platinum and palladium falling 13.6%, 9.0% and 15.4%,
respectively.
In the energy complex, WTI oil rose 11.7%, adding to inflation concerns. For
mining companies, higher energy prices are beginning to feed through into
operating costs, particularly among open-pit producers with significant diesel
consumption, creating renewed pressure on margins. Against this backdrop,
mining equities faced a combination of higher rates and emerging cost
inflation, although longer-term supply constraints and increasing difficulty
in developing new mines continued to encourage M&A activity in the sector.
Outlook
Our outlook for the mining sector remains 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. 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 reemerge 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.
15 October 2026
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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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