BLACKROCK WORLD MINING TRUST plc All information is at 31 October 2013 and unaudited. Performance at month end with net income reinvested One Three One Three Five Month Months Year Years Years Net asset value (undiluted) 2.7% 5.5% -18.7% -30.0% 84.1% Net asset value (diluted) 2.7% 5.5% -18.7% -30.0% 83.4% Share price -2.3% 2.3% -15.7% -23.4% 107.5% HSBC Global Mining Index* 4.0% 5.6% -18.0% -32.9% 65.2% *Total return Sources: BlackRock, HSBC Global Mining Index, DataStream At month end Net asset value Including Income Capital Only Undiluted/diluted: 530.17p* 515.97p *Includes net revenue of 14.20p Share price: 472.10p Discount to NAV**: 11.0% Total assets: £1,043.89m Net yield***: 4.4% Gearing: 11.1% Ordinary shares in issue: 177,287,242 Ordinary shares held in Treasury: 15,724,600 ** Discount to NAV including Income. *** Based on prior year final dividend of 14.00p and current year interim dividend of 7.00p per share. Sector % Total Country Analysis % Total Assets Assets Diversified 43.9 Global 49.1 Base Metals 22.9 Other Africa 22.5 Industrial Minerals 16.7 Latin America 13.5 Gold 8.0 Australasia 4.6 Silver & Diamonds 6.9 South Africa 3.7 Other 1.2 Democratic Republic of Congo 3.4 Platinum 1.1 Canada 1.9 Energy Minerals 0.2 Emerging Europe 1.0 Net current liabilities (0.9) USA 0.9 ----- Indonesia 0.3 100.0 Net current liabilities (0.9) ===== ----- 100.0 ===== Ten Largest Investments % Total Assets Company Glencore Xstrata 11.1 Rio Tinto 11.1 BHP Billiton 10.7 First Quantum Minerals 8.4 London Mining Marampa Contract 6.6 Freeport McMoRan 6.1 Vale 4.1 Fresnillo 2.7 Iluka Resources 2.5 Banro 2.5 Commenting on the markets, Evy Hambro, representing the Investment Manager noted: Performance In October markets focused on the US Government shutdown, its resolution and the impact it may have on the timeline for the tapering of the US Federal Reserve's Quantitative Easing programme. Chinese data continued to show improvements with notably better than expected PMI readings although some concerns around liquidity crept into the market mid-month. China's third plenum at which the government will announce its new reform objectives will take place in early November. These reforms aim to transform the Chinese economy by 2020. Recently we have been seeing more appetite globally for the mining sector as commodity prices have held up better than expected, in particular copper and iron ore prices which investors expected to be significantly weaker. Over the month nickel, zinc and copper returned 4.8%, 2.0% and -0.7% respectively while iron ore prices added approximately 1.9%, ending the month at $135/t. The gold price took much of its direction from Washington. Gold drifted below $1,300/oz early in the month as the US dollar strengthened in response to promising signs of a resolution on Capitol Hill. An 11th hour deal was struck and attention soon turned to the likelihood of tapering being pushed back, which was aided by a disappointing non-farm payroll release, and bullion regained almost all of its losses. A significant volume of gold has migrated eastwards this year: while US investors' appetite for gold has waned, investors and consumers in Asia, particularly China, have been on the bid, enticed by the lower prices. China is the largest single country producer of gold, but the amount it imports has risen dramatically in recent years and may well overstep India this year as the largest country consumer of gold. Strategy/Outlook The mining sector and other economically sensitive areas have struggled over the last two years as the market has downgraded global growth expectations. In the medium term, commodity prices are likely to remain range-bound as supply and demand have come closer into balance. We expect constructive price pressure to return for certain commodities, but for now mining companies need to be focused on capital discipline, operational efficiency and growing margins through cost control. In such an environment, well-managed mining businesses should be able to generate free cash flow, be in a strong position to return cash to shareholders and should see their share prices rewarded as a result. In the Company, we are looking to identify the winners and the stock specific stories that have been neglected in the risk averse markets of the last two years. All data in USD terms unless otherwise stated. 14 November 2013 ENDS Latest information is available by typing www.brwmplc.co.uk 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- Nov/14/2013 16:10 GMT
BLACKROCK WORLD MINING TRUST PLC: Portfolio Update
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