BlackRock World Mining sells BHP Brazil royalty contract at premium

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BlackRock World Mining Trust PLC on Monday announced the sale of its BHP Brazil royalty contract to Gold Royalty Corp for $70 million in total.

The investor in mining and metal assets said the sale price is more than double the contract’s current holding value of $34.1 million.

BlackRock World Mining said the uplift increases its net asset value by about 1.8%. It also will receive all revenue from the royalty owed for production in 2025 which has not yet been paid.

Since acquiring the royalty in 2014 from Avanco Resources Ltd, the investment trust said it has generated $38.5 million in royalty income to the end of June this year. BlackRock World Mining separately held a £46.8 million stake in BHP Group Ltd as of June 30.

Shares in BlackRock World Mining were up 0.7% to 740.00 pence on Monday morning in London.

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