Blackrock World Mining Trust notes fall in prices of gold, aluminium

Blackrock World Mining Trust PLC on Wednesday announced a decline in net asset value per share during June, citing a fall in the prices of gold and aluminium.

The investor in mining and metal assets said net asset value per share including income fell to 908.77 pence each as at June 30, from 1,031.20p at May 31.

The company said this was an 11.4% decline on-month, as well as being 4.0% lower than three months ago. However it was 72% higher than a year prior, and up 90% from five years ago.

Blackrock World Mining compared it to the MSCI ACWI Metals & Mining 30% Buffer 10/40 index (net), which it said had an 11.5% fall in June, a 4.9% decline over three months, a 57% rise over a year, and a 75% climb over five years.

The trust said that gold was volatile but moved lower in June, falling by 12% to USD4,036 per ounce at the end of June, amid continued US dollar strength, higher bond yields and persistent expectations of higher interest rates weighing on sentiment.

Meanwhile, the firm said aluminium declined by 15% in June as supply concerns eased amid a faster-than-expected recovery in Middle Eastern production as well as growing evidence of additional capacity in China and Indonesia.

Copper meanwhile was more resilient, down 1.1% in June to USD13,349 per tonne.

Looking ahead, Blackrock World Mining said: "Our outlook for the mining sector remains constructive, particularly relative to broader equity markets. A more fragmented geopolitical world order increases the need for diversification and reinforces the strategic importance of mined commodities. Governments are increasingly weaponising commodities and prioritising supply security, particularly in critical minerals, which is driving greater investment across the value chain and encouraging the reshoring of refining and processing capacity."

It added: "At the same time, accelerating hyperscaler spending on artificial intelligence infrastructure, alongside electrification, grid expansion and the broader energy transition, is driving demand for both power and materials. Copper sits at the centre of this theme, given its critical role in electrification and power intensive infrastructure."

Blackrock World Mining shares were 2.8% lower at 871.25 pence each on Wednesday afternoon in London.

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