All information is at 28 February 2013 and unaudited. 
Performance at month end with net income reinvested 
                One   Three     Six    One  Three   Five 
              Month  Months  Months   Year  Years  Years
Net asset value    0.2%    5.9%    9.4%  -4.8%  11.3%  -7.5%
Share price       -2.8%    0.5%    7.4%  -5.3%  13.8%  -8.6% 
Sources: Datastream, BlackRock 
At month end
Net asset value - capital only:   122.96p
Net asset value - cum income**:   123.84p
Share price:                      121.75p
Discount to NAV (cum income):       -1.7%
Net yield:                           4.9%
Gearing - cum income:                4.1%
Indicative Gearing range            0.20%
Total assets^^:                   £121.7m
Ordinary shares in issue:      94,258,000 
**Includes net revenue of 0.88p.
^^includes current year revenue. 
Sector                  % Total   Country            % Total
Analysis             Cap Assets   Analysis        Cap Assets
Integrated Oil             28.9   Global                34.5
Diversified                18.1   Canada                20.5
Exploration & Production   17.6   USA                   18.2
Copper                      8.3   Latin America          9.8 
Gold                        6.2   Europe                 6.1
Oil Services                4.9   Asia                   5.9
Oil Sands                   3.0   Australia              1.8
Iron Ore                    2.7   South Africa           1.6
Aluminium                   2.3   China                  1.5
Distribution                2.0   Africa                 0.4
Coal                        1.5   Russia                 0.2
Tin                         1.3   Current liabilities   (0.5)
Fertilizer                  1.2                         -----
Nickel                      1.1                        100.0
Platinum                    0.7                         =====
Zinc                        0.7
Current liabilities        (0.5) 


Ten Largest Equity Investments(in alphabetical order)

Company                           Region of Risk
Anadarko Petroleum                USA
BHP Billiton                      Global
BP                                Global
Chevron                           Global
ENI                               Europe
ExxonMobil                        Global
Freeport-McMoran                  Asia
Peyto Exploration & Development   Canada
Rio Tinto                         Global
Total                             Global

Commenting on the markets, Richard Davis, representing the Investment Manager

Mining shares have failed to keep pace in what has been a strong start to the
year for global equities. Much of the tailwind has come from the nascent
economic recovery in the US and a period of less dramatic newsflow from Europe.
Investors have been more focused on sectors exposed to US strength rather than
emerging market (particularly Chinese) growth, which has left the mining sector
lagging. Mining equities closed the month down by 2.3% (in Sterling terms).

Chinese PMI data released in February evidenced moderating output growth and at
the end of the month the administration also announced a series of measures
aimed at curbing house price inflation. The measures included price controls,
more expensive mortgages and a capital gains tax. Most were reiterations of
existing measures, but the talk of policy tightening was enough to soften
sentiment towards Chinese growth and the mining sector. Consequently, it was a
weak month for metals prices. Copper declined by 4.2%, while tin and nickel
fell by 5.6% and 9.5% respectively. Iron ore was a notable exception as prices
remained firm around the US$150/tonne level. Restocking in China together with
cyclones in Western Australia (resulting in port closures) have supported
prices at these strong levels.

We attended a mining industry conference in February and there are a number of
important talking points for the sector currently. Some high profile changes in
the management of major mining companies, accompanied by major write-downs of
recent acquisitions have been noteworthy. The announcements have highlighted
the chequered investment and M&A track records of the mining industry in recent
years and have prompted further caution towards the sector. It will be the job
of new management to persuade investors that they will oversee a period of
improved investment and capital discipline and, ultimately, better returns to

In the energy sector, Brent oil prices rose to a 10-month high of US$119/Bbl
before declining to end the month at US$111/Bbl as the US and its partners
resumed negotiations with Iran which could lead to an easing of the sanctions
that have stymied the country's efforts to export oil. This news, coupled with
increased supplies from Saudi Arabia led Brent oil to fall from its recent
highs. Energy shares rose by 2.2% in February (in Sterling terms).

All data sourced from Datastream and quoted in US Dollars unless otherwise

15 March 2013


Latest information is available by typing on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal). 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.

-0- Mar/15/2013 11:36 GMT

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