BlackRock World Mining Trust plc
The mining sector is benefiting from the world’s most compelling long-term trends from digital transformation, to gold and precious metals. Targeting income and capital growth, the Trust provides a diversified blend of companies designed to benefit from the changing global economy.

About this investment trust
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
The Company aims to provide a diversified investment in mining and metal assets worldwide, actively managed with the objective of maximising total returns. While the policy is to invest principally in quoted securities, the Company’s investment policy includes investing in royalties derived from the production of metals and minerals as well as physical metals. Up to 10% of gross assets may be held in physical metals and up to 20% may be invested in unquoted investments.
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BlackRock World Mining Trust
Marketing material. Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
The BlackRock World Mining Trust aims to deliver long-term capital growth and income by investing in a diversified portfolio of mining companies globally.
Managed by Evy Hambro and Olivia Markham, the trust seeks out high-quality investments that align with key long-term trends, such as digitalization.
The portfolio spans a wide range of resources, from precious metals to base and bulk commodities, such as copper.
Building on these trends, the trust places a strong emphasis on innovation.
It aims to capitalise on structural trends, such as the increasing need for critical minerals in the energy transition, infrastructure growth and technological progress.
By maintaining a disciplined investment approach, the trust provides shareholders with exposure to a sector that is essential to powering industries, economies and everyday life.
For investors looking for a specialised mining trust that aligns with the shifting global economy, this trust seeks to offer long-term income and capital diversification. However, as the sector can be volatile, investors should be prepared for potential market fluctuations.
With its experienced management team, the BlackRock World Mining Trust is well positioned to leverage global trends, helping investors navigate the evolving landscape of the mining sector.
Subscribe to receive regular updates on the progress of this trust.
Risk Warnings
Investors should refer to the prospectus or offering documentation for the funds full list of risks.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time and depend on personal individual circumstances.
Description of Fund Risks:
Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
Emerging Markets: Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets and failed/delayed delivery of securities or payments to the Fund.
Gearing Risk: Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall.
Gold / Mining Funds: Mining shares typically experience above average volatility when compared to other investments. Trends which occur within the general equity market may not be mirrored within mining securities.
Important Information
In the UK and Non-European Economic Area (EEA) countries: this is issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.
UK Investment Trust Funds: The Company is managed by BlackRock Fund Managers Limited (BFM) as the AIFM. BFM has delegated certain investment management and other ancillary services to BlackRock Investment Management (UK) Limited. The Company’s shares are traded on the London Stock Exchange and dealing may only be through a member of the Exchange. The Company will not invest more than 15% of its gross assets in other listed investment trusts. SEDOL™ is a trademark of the London Stock Exchange plc and is used under licence.
Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance.
The investment trusts [listed below/above/in this document] currently conduct their affairs so that their securities can be recommended by IFAs to ordinary retail investors in accordance with the Financial Conduct Authority’s rules in relation to non-mainstream investment products and intend to continue to do so for the foreseeable future. The securities are excluded from the Financial Conduct Authority’s restrictions which apply to non-mainstream investment products because they are securities issued by investment trusts. Investors should understand all characteristics of the funds objective before investing, if applicable this includes sustainable disclosures and sustainable related characteristics of the fund as found in the prospectus, which can be found www.blackrock.com on the relevant product pages for where the fund is registered for sale. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in in local language in registered jurisdictions.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
© 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MKTGH0425E/S-4261946
BlackRock World Mining Trust
Marketing material. Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
The BlackRock World Mining Trust aims to deliver long-term capital growth and income by investing in a diversified portfolio of mining companies globally.
Managed by Evy Hambro and Olivia Markham, the trust seeks out high-quality investments that align with key long-term trends, such as digitalization.
The portfolio spans a wide range of resources, from precious metals to base and bulk commodities, such as copper.
Building on these trends, the trust places a strong emphasis on innovation.
It aims to capitalise on structural trends, such as the increasing need for critical minerals in the energy transition, infrastructure growth and technological progress.
By maintaining a disciplined investment approach, the trust provides shareholders with exposure to a sector that is essential to powering industries, economies and everyday life.
For investors looking for a specialised mining trust that aligns with the shifting global economy, this trust seeks to offer long-term income and capital diversification. However, as the sector can be volatile, investors should be prepared for potential market fluctuations.
With its experienced management team, the BlackRock World Mining Trust is well positioned to leverage global trends, helping investors navigate the evolving landscape of the mining sector.
Subscribe to receive regular updates on the progress of this trust.
Risk Warnings
Investors should refer to the prospectus or offering documentation for the funds full list of risks.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time and depend on personal individual circumstances.
Description of Fund Risks:
Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
Emerging Markets: Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets and failed/delayed delivery of securities or payments to the Fund.
Gearing Risk: Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall.
Gold / Mining Funds: Mining shares typically experience above average volatility when compared to other investments. Trends which occur within the general equity market may not be mirrored within mining securities.
Important Information
In the UK and Non-European Economic Area (EEA) countries: this is issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.
UK Investment Trust Funds: The Company is managed by BlackRock Fund Managers Limited (BFM) as the AIFM. BFM has delegated certain investment management and other ancillary services to BlackRock Investment Management (UK) Limited. The Company’s shares are traded on the London Stock Exchange and dealing may only be through a member of the Exchange. The Company will not invest more than 15% of its gross assets in other listed investment trusts. SEDOL™ is a trademark of the London Stock Exchange plc and is used under licence.
Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance.
The investment trusts [listed below/above/in this document] currently conduct their affairs so that their securities can be recommended by IFAs to ordinary retail investors in accordance with the Financial Conduct Authority’s rules in relation to non-mainstream investment products and intend to continue to do so for the foreseeable future. The securities are excluded from the Financial Conduct Authority’s restrictions which apply to non-mainstream investment products because they are securities issued by investment trusts. Investors should understand all characteristics of the funds objective before investing, if applicable this includes sustainable disclosures and sustainable related characteristics of the fund as found in the prospectus, which can be found www.blackrock.com on the relevant product pages for where the fund is registered for sale. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in in local language in registered jurisdictions.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
© 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MKTGH0425E/S-4261946
Why choose it?
BlackRock’s experienced natural resources team looks across the globe to build a diversified portfolio of mining stocks, exposed to a range of compelling long-term themes. This is balanced with investment in more traditional areas such as gold and precious metals, designed to provide long-term capital growth and a diversifying income stream.
Suited to…
Investors looking for a specialist mining Trust to provide long-term diversification of income and capital, geared to the changing dynamics of the global economy. These companies can be volatile, so some tolerance for market uncertainty is important.
BRWM FAQ’s
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The BlackRock World Mining Trust aims to provide long-term capital growth and income through a portfolio of mining and metal assets across the globe. It invests predominantly in the shares of mining and metals companies listed on stock exchanges globally, but also invests in fixed income securities, physical metals and royalties.
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The BlackRock World Mining Trust is benchmarked to the MSCI ACWI Metal & Mining 30% Bf 10/40 NR index. It sits in the Association of Investment Companies Commodities & Natural Resources sector.
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The trust is managed by Evy Hambro, Global Head of Thematic and Sector Investing at BlackRock, and Olivia Markham. Both are members of the BlackRock Natural Resources team.
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The trust invests in a range of sectors, with the aim of building a diversified portfolio and covering a range of investment themes. Those sectors include metals and minerals extraction, across both precious and base metals. The trust also invests in companies related to other natural resources sectors, such as energy and agriculture. It includes exposure to a number of commodities, including gold, silver, copper, nickel, zinc, and aluminium.
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The BlackRock World Mining Trust typically pays a quarterly dividend in March, June, September and December, though dates and the amount paid can vary.
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The most up-to-date share price, along with a range of other information, can be found on the BlackRock World Mining trust dedicated website.
AJ Bell Award: As at 3 September 2021.
Past performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy.
What are the risks?
- Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
- Overseas investment will be affected by movements in currency exchange rates.
- Emerging market investments are usually associated with higher investment risk than developed market investments. Therefore the value of these investments may be unpredictable and subject to greater variation.
- Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall.
- Mining shares typically experience above average volatility when compared to other investments. Trends which occur within the general equity market may not be mirrored within mining securities.
Useful information
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Fees & Charges
Annual expenses as at Date: 31/12/24
Ongoing charges (including any performance fee): 0.95%
Management Fee Summary: BlackRock receives an annual management fee of 0.8% of the Company's net assets. However, in the event that the NAV per share increases on a quarter-on-quarter basis, the fee will be paid on gross assets for the quarter.
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ISIN: GB0005774855
Sedol: 0577485
Bloomberg: BRWM LN
Reuters: BRWM.L
LSE code: BRWM
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Name of Company: BlackRock Fund Managers Limited
Telephone: 020 7743 3000
Email: cosec@blackrock.com
Website: www.blackrock.com/uk
Correspondence Address: Investor Services
BlackRock Investment Management (UK) Limited
12 Throgmorton Avenue
London
EC2N 2DL
Name of Registrar: Computershare PLC
Registered Office: 12 Throgmorton Avenue
London
EC2N 2DL
Registrar Telephone: +44 (0)370 707 1187
Place of Registration: England
Registered Number: 2868209
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Year End: 31 December
Results Announced: August (half yearly), February (final)
AGM: April/May
Dividends Paid: May (final), June, September, December
Latest company announcements
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
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To receive email alert notifications once an update to the Trust occurs, please sign up and select the updates you would like to receive via The Association of Investment Companies website here. Please be aware by clicking on this link you are leaving BlackRock and entering a third party’s website. As such, BlackRock is not liable for its content.
ESG Integration
The fund noted above does not commit to sustainable criteria nor does it have a sustainable investment objective.
BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.
Fund manager commentary
30 April 2025
Comments from the Portfolio Managers
Please note that the commentary below includes historic information in respect of performance data in respect of portfolio investments, index performance data and the Company’s NAV performance.
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results
Performance
The mining sector and broader equity markets experienced notable volatility in April 2025, primarily driven by the announcement of tariffs and the resulting uncertainty regarding global economic growth. For context, the MSCI All Country World Index rose by 0.9% over the month. The mining sector also faced protectionist measures from regions including Europe, South Korea, Vietnam and India, which have initiated anti-dumping actions against China. These measures support domestic capacity and reduce the deflationary impact of low-priced Chinese exports, creating a positive backdrop for the sector over the longer term in our view. We await China’s response to escalating tensions with the U.S., which will be important in sustaining its domestic economic momentum.
Gold stood out as a relative outperformer amid this environment, benefiting from a weaker U.S. dollar and increased market volatility. Strong central bank purchases and robust retail demand, particularly in Asia, have further supported the gold price. Within precious metals, the gold price increased by 5.9%, while the silver price declined by 3.3%. Commodity performance was generally weak: prices for iron ore (62% Fe), copper and nickel fell by 5.4%, 5.6% and 3.1% respectively.
April also saw market dislocations due to tariff uncertainties, notably in copper, where Comex prices traded at approximately a 10% premium over LME prices.
Strategy and Outlook
Near term, we expect performance to be driven by the China stimulus situation, which is evolving, and we are watching closely to see if it translates into a pickup in demand. Longer term, we expect mined commodity demand growth to be driven by increased global infrastructure build out, particularly related to the low carbon transition and increased power demand.
Meanwhile, the supply side of the equation is constrained. Mining companies have focused on capital discipline in recent years, meaning they have opted to pay down debt, reduce costs and return capital to shareholders, rather than investing in production growth. This is limiting new supply coming online and there is unlikely to be a quick fix, given the time lags involved in investing in new mining projects. The cost of new projects has also risen significantly and recent M&A activity in the sector suggests that, like us, strategic buyers see an opportunity in existing assets in the listed market, currently trading well below replacement costs. Other issues restricting supply include cases of governments closing mines, permitting issues and a general lack of shovel-ready projects. Turning to the companies, balance sheets in the sector are very strong relative to history. Despite this, valuations are low relative to historic averages and relative to broader equity markets.
All data points are in USD terms unless stated otherwise.
Unless otherwise stated all data is sourced from BlackRock as at 30 April 2025.
Any opinions, forecasts represent an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results.
This information should not be relied upon by the reader as research, investment advice or a recommendation.
Risk: Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies.
Portfolio manager biographies
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Evy Hambro is co-manager of the BlackRock World Mining Trust plc, and is Global Head of Thematic and Sector Investing, as well as the Head of the Natural Resources Equity Team. He sits on the BlackRock Global Operating Committee and is a member of the Alpha Strategies Partner Group. He is also manager of a number of the team's portfolios covering the mining, gold and circular economy strategies. His service with the firm dates back to 1994, including his years with Mercury Asset Management and Merrill Lynch Investment Managers which merged with BlackRock in 2006. Evy has a degree in agricultural food marketing.
Olivia Markham is co-manager of the BlackRock World Mining Trust plc. As a member of the Natural Resources team, Olivia is responsible for coverage of the gold, mining and circular economy strategies and is involved in the management of a number of the team's portfolios. She joined BlackRock in 2011. Previously, she was head of the European Mining team at UBS with lead coverage of the UK diversified miners. She also spent four years working within the mergers and acquisitions team at BHP Billiton. Olivia has a degree in finance.


Board of directors
All the Directors are non-executive. The Board as a whole constitutes the Audit & Management Engagement Committee.
Charles (Chip) Goodyear (appointed 24 August 2023) (Chairman since 9 May 2024 ) brings a wealth of relevant industry knowledge and experience having retired in October 2007 as the chief executive officer of BHP, the world’s largest diversified resources company. He is also a former executive vice president and chief financial officer of Freeport-McMoRan and began his career at Kidder, Peabody & Co. where he participated in merger and acquisition and financing activities for natural resources companies. He is currently president of Goodyear Capital Corporation and Goodyear Investment Company and a trustee of the National World War II Museum.
Srinivasan Venkatakrishnan (appointed 1 August 2021) (Chairman of the Audit and Risk Committee) is the Chairman of Endeavour Mining Plc and a non-executive director of Wheaton Precious Metals Corp. He brings a wealth of mining and financial experience to the Board gained through his vast experience of leading global mining businesses, in a career that spans across six continents and several metals, notably gold. He served as CEO of Vedanta Resources plc from 2018 to 2020 and was CEO of AngloGold Ashanti Limited from 2013 to 2018, having previously been chief financial officer of the business from 2005, and of Ashanti Goldfields Limited from 2000. His earlier career was as an accountant and restructuring specialist with Deloitte & Touche in India and the UK.
Judith Mosely (appointed 19 August 2014) (Senior Independent Director) is a non-executive director of Galiano Gold Inc. and Eldorado Gold Corp. and is Chair of sustainability and member of the audit committee of both companies. She has over 20 years of experience in the mining and metals sector and most recently held the position of Business Development Director for Rand Merchant Bank in London with responsibility for developing the bank’s African business with international mining and metals companies. She previously headed the mining finance team at Société Générale in London.
Elisabeth Scott (appointed 9 May 2024) has over 35 years’ experience in the asset management industry. She began her career as an investment manager with the British Investment Trust and worked in the Hong Kong asset management industry from 1992 until 2008, latterly as managing director and country head of Schroder Investment Management (Hong Kong) Ltd. She also chaired the Hong Kong Investment Funds Association between 2005 and 2007. She is currently the chair of JPMorgan Global Emerging Markets Income Trust plc and India Capital Growth Fund Ltd and a non-executive director of Capital Group UK Management Company and Allianz Technology Trust PLC. She chaired the Association of Investment Companies from January 2021 until January 2024.