BlackRock World Mining Trust plc: Annual Report and Financial Statements for the Year Ended 31 December 2023

BlackRock World Mining Trust plc Annual Report and Financial Statements for the Year Ended 31 December 2023

Introduction

This report details the annual results for BlackRock World Mining Trust plc (the 'Company' or 'BRWM') for the year ended 31 December 2023.

BRWM is a closed-ended investment company incorporated in England and Wales. The Company's Ordinary Shares were admitted to the Premium Listing segment of the Official List of the UK Financial Conduct Authority ('FCA') and to trading on the Main Market of the London Stock Exchange under the ticker symbol BMR on 3 October 1994. The Company's Ordinary Shares were delisted from the New York Stock Exchange on 26 October 2010.

This report should be read in conjunction with the Company's Annual Financial Statements included herein.

All information contained in this report is unaudited unless otherwise stated.

The Company's Ordinary Shares were traded on the London Stock Exchange's electronic platform, SETS, on the basis of a single price until 14 November 2007 when the Company adopted the premium listing regime and the shares commenced trading on the Main Market of the London Stock Exchange. The Company's Ordinary Shares are now traded on the Main Market and on the London Stock Exchange's electronic platform, SETS, on the basis of the single price and on the basis of the opening and the closing price.

Highlights

Net asset value per share returned -6.2% with a share price return of -10.4%

Dividends of 33.50p per share, a decrease of 16.3%

Geopolitical tensions and macro economic concerns detracted from performance

A challenging environment for the mining sector

Chairman's Statement

Dear shareholders,

As we reported in the Half Yearly Financial Report, the Board was delighted to welcome Charles ("Chip") Goodyear as a non-executive Director. I also advised at that time that I would be stepping down as Chairman following the forthcoming Annual General Meeting (AGM) and that Chip would succeed me as Chairman. It has been a privilege to be Chairman of the Company for the past five years. I would like to thank all shareholders for your support, as well as thanking my Board colleagues and the team at BlackRock for making my tenure as Chairman as rewarding and enjoyable as it has undoubtedly been. With Chip's extensive experience of leading mining companies, I leave the Company in the capable hands of the Board and Investment Manager and wish it every success for the future.

The Board commenced a search to identify a new non-executive Director in early 2024, assisted by a third-party recruitment firm, Fletcher Jones. The successful candidate will be appointed as a Director following the conclusion of the AGM on 9 May 2024.

The Company celebrated its 30th anniversary in 2023. To mark the occasion, the Board agreed to make an annual donation of US$15,000 over three years to the Julian Baring Scholarship Fund (the 'Fund'). The Fund was established in 2000 in the name of the Company's first fund manager, Julian Baring. The advisers to the Fund, with the support of the industry, endow annual scholarships

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