BlackRock World Mining Trust plc
LEI: LNFFPBEUZJBOSR6PW155
Annual Report and Financial Statements 31 December 2024
Performance record
| As at 31st December 2024 | As at 31st December 2023 | |
| Net assets (£’000)1 | 975,199 | 1,160,051 |
| Net asset value per ordinary share (NAV) (pence) | 510.53 | 606.78 |
| Ordinary share price (mid-market) (pence)) | 481.00 | 587.00 |
| Reference index2 – net total return | 5,411.07 | 6,002.54 |
| Discount to net asset value3 | 5.8% | 3.3% |
| Performance (with dividends reinvested) | For the year ended 31st December 2024 | For the year ended 31st December 2023 |
| Net asset value per share2,3 | -10.7% | -6.2% |
| Ordinary share price2,3 | -12.7% | -10.4% |
| Reference index2 | -9.9% | +2.4% |
| Performance since inception (with dividends reinvested) | Since inception to 31st December 2024 | Since inception to 31st December 2023 |
| Net asset value per share2,3 | +1,167.4% | +1,319.4% |
| Ordinary share price2,3 | +1,180.2% | +1,365.9% |
| Reference index2 | +896.3% | +1,005.2% |
| Revenue | For the year ended 31st December 2024 | For the year ended 31st December 2023 | Change % |
| Net revenue profit after taxation (£’000) | 44,127 | 64,691 | -31.8 |
| Revenue return per ordinary share (pence)4 | 23.09 | 33.95 | -32.0 |
| Dividends per ordinary share (pence) | |||
| 1st interim | 5.50 | 5.50 | – |
| 2nd interim | 5.50 | 5.50 | – |
| 3rd interim | 5.50 | 5.50 | – |
| Final | 6.50 | 17.0 | -61.8 |
| Total dividends paid & payable | 23.00 | 33.50 | -31.3 |
1 The change in net assets reflects portfolio movements, dividends paid and the buyback of ordinary shares into treasury during the year.
2 MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (net total return). With effect from 31 December 2019, the reference index changed to the MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (net total return). Prior to 31 December 2019, the reference index was the EMIX Global Mining Index (net total return). The performance returns of the reference index since inception have been blended to reflect this change.
3 Alternative Performance Measures, see Glossary in the Company’s Annual Report for the year ended 31 December 2024.
4 Further details are given in the Glossary in the Company’s Annual Report for the year ended 31 December 2024.
Chairman’s Statement
Highlights
- NAV per share -10.7%1 (with dividends reinvested)
- Share price -12.7%1 (with dividends reinvested)
- Total dividends of 23.00p per share
Overview
2024 proved to be a challenging year for the commodity market. Negative sentiment regarding China, particularly in the country’s domestic property market, and geopolitical turmoil across the globe, including the war between Russia and Ukraine, and the conflict in the Middle East, continued to destabilise markets.
Approximately half of the world’s population went to the polls in 2024, fostering a volatile economic climate. The results of the US election increased uncertainty around global trade and stimulus measures announced by China had an underwhelming effect on domestic demand expectations. All of these items generated continued concern for global growth causing commodity prices to come under pressure.
Performance
Over the twelve months to 31 December 2024, the Company’s net asset value per share (NAV) returned -10.7%1 and the share price returned -12.7%1. Over the same period, the Company’s reference index, the MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (net total return), returned -9.9%, the FTSE All-Share Index returned +9.5% and the UK Consumer Price Index (CPI) increased by 3.5%.
Our portfolio managers provide a more detailed explanation of the Company’s performance during the year in their report below. They also provide more insight into the positioning of the portfolio and their views on the outlook for the coming year.
Outlook
As we enter 2025, we continue to be excited by the continued enthusiasm for the energy transition minerals, the emerging demand for the minerals and energy resources necessary to support the emerging artificial intelligence space, the continued efforts by China to find the right economic support to foster domestic demand and the positive outlook in the United States. All of these opportunities will require significant natural resources against a backdrop of continued declining grades and increasing project development timelines. We continue to identify companies with dedicated management teams that are focused on cost management, innovative project opportunities and solid financial structures. While the generalist investors are focused on other areas of the market, we are finding the opportunity to put your funds to work in attractive long-term opportunities.
Of course, the geopolitical challenges we have seen in 2024 will continue to impact the near-term economic environment but the fundamental need for commodities to support our modern economy will remain. It is in these environments that the foundations for long-term outperformance are established.