BlackRock Mining hails resilient mining sector as NAV edges higher

BlackRock World Mining Trust PLC said on Monday that the long-term outlook for the mining sector remains compelling despite ongoing geopolitical uncertainty, as it reported a rise in net asset value for the first half.

The investor in mining and metals said NAV per share rose 6.3% to 910.23 pence from 856.23 pence at December 31.

NAV total return was 7.2% for the six months ended June 30, compared with a 4.7% return from the trust's reference index, the MSCI ACWI Metals & Mining 30% Buffer 10/40 Index.

Its total share price return was 13.7% during the period, with shares trading 1.0% lower at 1,020.00 pence in London on Monday afternoon.

The trust said the first half was marked by significant volatility across global financial markets and commodity sectors. It said commodity markets were affected by developments in the Middle East and disruption to trade routes through the Strait of Hormuz, while the mining sector continued to benefit from long-term demand for metals and minerals.

Since the period end, BlackRock World Mining said its NAV had risen 17.6% to September 3, compared with an 18.3% rise in the reference index.

An unchanged interim dividend of 11.00 pence was declared by the company.

Looking ahead, the mining investor said: "Recent events have reinforced the strategic importance of secure commodity supply chains, energy security and domestic resource development, all of which support long-term investment in mining projects and critical minerals.

"Demand growth for many commodities continues to be supported by structural themes that remain largely independent of short-term market fluctuations. Investment associated with the digitalisation of the global economy, the build-out of artificial intelligence infrastructure, expansion of electricity networks, renewable energy deployment and increased defence spending is expected to require substantial volumes of metals and minerals over many years. Copper, in particular, remains central to these themes and continues to benefit from favourable supply and demand fundamentals."

Shares in BlackRock World Mining Trust were 1.1% lower at 1,018.83 pence in London on Monday afternoon.

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