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LONDON - BlackRock World Mining Trust plc reported an 8.2% increase in net asset value (NAV) per share for the six months ended June 30, 2025, as precious metals prices surged amid global market volatility.
The mining-focused investment trust saw its share price rise 12.5% during the period, outperforming its NAV growth and narrowing its discount to 2.3% from 5.8% at the end of 2024.
Gold emerged as the standout performer in the first half, with prices reaching new all-time highs above $3,284 per ounce, up 25.1% during the period. This benefited the trust’s increased allocation to gold producers, which represented 31.1% of its portfolio by June 30.
"The long-term structural case for the mining sector remains compelling," said Charles Goodyear, Chairman of BlackRock World Mining Trust. "The global transition to a low-carbon economy is expected to drive sustained demand for critical minerals and metals."
The trust’s revenue return per share fell 5.8% to 11.26 pence compared to the same period last year, reflecting reduced dividends from mining companies facing higher costs and increased capital investments.
The board declared a second quarterly interim dividend of 5.50 pence per share, maintaining its previous dividend level despite the revenue decline.
Total net assets stood at £1.01 billion as of June 30, 2025, up from £975.2 million at the end of 2024. The trust maintained a relatively modest gearing level of 6.9%, down from 12.0% at the beginning of the year.
Looking ahead, the investment manager expects market volatility to persist through the second half of 2025, with China’s economic trajectory remaining a critical variable for commodity demand.
The financial information was published in the trust’s half-yearly financial report.
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