TIDMBRWM 
 
BlackRock World Mining Trust plc LEI - LNFFPBEUZJBOSR6PW155 
 
 
    Annual Results Announcement (Article 4 Transparency Directive, DTR 4.1) 
                      for the year ended 31 December 2022 
 
Performance record 
 
                                                                As at            As at 
                                                          31 December      31 December 
                                                                 2022             2021 
 
Net assets (£'000)¹                                         1,299,285        1,142,874 
 
Net asset value per ordinary share (NAV) (pence)               688.35           622.21 
 
Ordinary share price (mid-market) (pence)                      697.00           589.00 
 
Reference Index2 - net total return                          5,863.32         5,258.16 
 
Premium/(discount) to net asset value3                           1.3%           (5.3)% 
 
                                                      ---------------  --------------- 
 
Performance (with dividends reinvested) 
 
Net asset value per share3                                     +17.7%           +20.7% 
 
Ordinary share price3                                          +26.0%           +17.5% 
 
Reference Index2                                               +11.5%           +15.1% 
 
                                                      ---------------  --------------- 
 
Performance since inception (with dividends 
reinvested) 
 
Net asset value per share3                                  +1,413.6%        +1,187.8% 
 
Ordinary share price3                                       +1,535.8%        +1,198.1% 
 
Reference Index2                                              +979.6%          +868.2% 
 
                                                            =========        ========= 
 
 
 
                                                              For the          For the 
                                                           year ended       year ended 
                                                          31 December      31 December           Change 
                                                                 2022             2021                % 
 
Revenue 
 
Net revenue profit after taxation (£'000)                      76,013           78,910             -3.7 
 
Revenue return per ordinary share (pence)4                      40.68            43.59             -6.7 
 
                                                      ---------------  ---------------  --------------- 
 
Dividends per ordinary share (pence) 
 
- 1st interim                                                    5.50             4.50            +22.2 
 
- 2nd interim                                                    5.50             5.50                - 
 
- 3rd interim                                                    5.50             5.50                - 
 
- Final                                                         23.50            27.00            -13.0 
 
                                                      ---------------  ---------------  --------------- 
 
Total dividends paid and payable                                40.00            42.50             -5.9 
 
                                                            =========        =========        ========= 
 
1               The change in net assets reflects portfolio movements, share 
reissues and dividends paid during the year. 
2               MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (net total 
return). With effect from 31 December 2019, the Reference Index changed to the 
MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (net total return). Prior to 
31 December 2019, the Reference Index was the EMIX Global Mining Index (net 
total return). The performance returns of the Reference Index since inception 
have been blended to reflect this change. 
3               Alternative Performance Measures, see Glossary in the Annual 
Report and Financial Statements. 
4               Further details are given in the Glossary in the Annual Report 
and Financial Statements. 
 
CHAIRMAN'S STATEMENT 
 
HIGHLIGHTS 
 
  *  NAV per share +17.7%1 (with dividends reinvested) 
  *  Share price +26.0%1 (with dividends reinvested) 
  *  Total dividends of 40.00p per share 
 
PERFORMANCE 
I am pleased to report that your Company has reported another year of excellent 
performance. Over the twelve months to 31 December 2022, the Company's net 
asset value per share (NAV) returned +17.7%1 and the share price +26.0%1. In 
comparison, over the same period, the Company's reference index, the MSCI ACWI 
Metals & Mining 30% Buffer 10/40 Index (net total return), returned +11.5%, the 
FTSE All-Share Index returned +0.3% and the UK Consumer Price Index (CPI) 
increased by 9.2%. 
 
OVERVIEW 
As the Company's financial year began, the mining sector held up better than 
broader equity markets, which recorded their worst month since March 2020, when 
more widespread public health measures were introduced following the outbreak 
of the COVID-19 pandemic. Supply constraints, coupled with increasing demand as 
post-COVID-19 economic activity restarted, caused inflation to rise sharply and 
the geopolitical events of early 2022, with Russia's unprovoked invasion of 
Ukraine, exacerbated an already challenging market environment. For much of the 
previous decade, markets have been characterised by low inflation and very low 
interest rates, but the resulting rise in energy and food prices pushed 
inflation in the UK to a 41-year high in October 2022. This, when added to 
higher interest rates, had a pronounced impact on equity markets and caused a 
deep fall in households' real disposable incomes. 
 
Given the aforementioned headwinds, it is extremely impressive that the mining 
sector delivered such strong gains in absolute terms and when compared with the 
wider market. It is also important to remember that China, the world's largest 
consumer of mined commodities, remained in varying stages of lockdowns for most 
of the year. Miners should be applauded for being responsible in capital 
allocation and balance sheet discipline during the prevailing market 
environment. Whilst this practice is encouraging, companies will be compelled 
to invest in growth in the medium to long term. The sector was also aided by 
supply constraints across a number of commodities which kept prices higher and 
the continued growth in demand for mined commodities for the transition to net 
zero carbon emissions. Encouragingly, the Company's mining holdings 
outperformed during the year, including the contribution from our unquoted 
investments. 
 
1     Alternative Performance Measures. All percentages calculated in sterling 
terms with dividends reinvested. Further details of the calculation of 
performance with dividends reinvested are given in the Glossary in the Annual 
Report and Financial Statements. 
 
REVENUE RETURN AND DIVIDS 
This year was the second best year in the Company's history for income and only 
marginally short of last year's record. Collectively, the balance sheets of 
mining companies have never been stronger, reflecting tight financial 
discipline and strength in commodity prices. By prioritising financial 
stability and investor returns over growth, the mining sector has enabled 
investors to continue to share in the fundamentals benefiting the underlying 
companies. 
 
The Company's revenue return per share for the year amounted to 40.68p compared 
with 43.59p for the previous year, representing a slight decrease of 6.7%. 
During the year, three quarterly interim dividends of 5.50p per share were paid 
on 30 June 2022, 30 September 2022 and 22 December 2022. The Board is proposing 
a final dividend payment of 23.50p per share for the year ended 31 December 
2022. This, together with the quarterly interim dividends, makes a total of 
40.00p per share (2021: 42.50p per share) representing a small decrease of 5.9% 
on payments made in the previous financial year. As in past years, all 
dividends are fully covered by income. In accordance with the Board's stated 
policy, the total dividends represent substantially all of the year's available 
income. 
 
Subject to approval at the Annual General Meeting, the final dividend will be 
paid on 26 April 2023 to shareholders on the Company's register on 10 March 
2023, the ex-dividend date being 9 March 2023. It remains the Board's intention 
to seek to distribute substantially all of the Company's available income along 
similar lines in the future. 
 
GEARING 
The Company operates a flexible gearing policy which takes into account 
prevailing market conditions. It is not intended that gearing will exceed 25% 
of the net assets of the Group. Gearing at 31 December 2022 was 9.6%. Average 
gearing over the year to 31 December 2022 was 11.2%. 
 
MANAGEMENT OF SHARE RATING 
The Board recognises the importance to investors that the market price of the 
Company's shares should not trade at a significant premium or discount to the 
underlying NAV. Accordingly, in normal market conditions, the Board may use the 
Company's share buyback, sale of shares from treasury and share issuance powers 
to ensure that the share price is broadly in line with the NAV, if it is deemed 
to be in shareholders' interests. 
 
I am pleased to report that during the year the Company reissued 5,071,920 
ordinary shares from treasury for a net consideration of £34,902,000, at an 
average price of 688.14p per share and an average 1.3% premium to NAV. Since 
the year end up to 2 March 2023, a further 150,000 shares have been reissued 
from treasury at an average premium over NAV of 1.5%, at an average price of 
717.50p for a total consideration of £1,086,000. As at 28 February March 2023 
the discount stood at 0.2%. 
 
Resolutions to renew the authorities to issue and buy back shares will be put 
to shareholders at the forthcoming Annual General Meeting. 
 
BOARD COMPOSITION 
Russell Edey has informed the Board of his intention to retire as a Director of 
the Company following the Annual General Meeting in April 2023 and, 
accordingly, will not be seeking re-election. Russell joined the Board in May 
2014 and has acted as Chairman of the Audit Committee and Management Engagement 
Committee and Senior Independent Director since May 2020. The Board would like 
to express its strong appreciation for Russell's wise counsel and invaluable 
contribution to the Company. 
 
The Board has commenced a search to identify a new Director and a further 
announcement will be made in due course. Following Mr Edey's retirement, Mr 
Venkatakrishnan will be appointed as Chairman of the Audit Committee. Ms Lewis 
will become Chair of the Management Engagement Committee and Ms Mosely will 
become the Company's Senior Independent Director. 
 
ANNUAL GENERAL MEETING 
The Company's Annual General Meeting (AGM) will be held at the offices of 
BlackRock at 12 Throgmorton Avenue, London EC2N 2DL on Tuesday, 18 April 2023 
at 11.30 a.m. Details of the business of the meeting are set out in the Notice 
of Meeting in the Annual Report and Financial Statements. 
 
Shareholders who intend to attend the AGM should ensure that they have read and 
understood the venue requirements for entry to the AGM. These requirements, 
along with further arrangements for the AGM, can be found in the Directors' 
Report in the Annual Report and Financial Statements. In the absence of any 
reimposition of COVID-19 restrictions, the Board very much looks forward to 
meeting with shareholders at the AGM. 
 
OUTLOOK 
The impact of the COVID-19 pandemic has receded, but the recovery of the global 
economy has been hindered by geopolitical tensions and rising interest rates. 
Since recognising the urgent need for policy tightening to combat inflationary 
pressures on the back of soaring prices, the US Federal Reserve has raised 
interest rates at the fastest pace in more than three decades, with most other 
major developed central banks following suit. High inflation has sparked 
cost-of-living crises and slowing global growth and, although central banks are 
forecast to slow the rate of interest rate increases, the possibility of 
recession for developed markets looms. 
 
Whilst the macro environment in developed market economies continues to present 
near-term headwinds for commodity markets, the structural backdrop with low 
inventories, limited investment in new production and a more rapid recovery in 
China than expected, are supportive tailwinds. The energy transition will 
require enormous scale of investment by mining companies over the coming 
decades. Mining companies are in an excellent financial position, with high 
levels of free cash flow and solid balance sheets and these factors combined 
with the above potential tailwinds could be a major factor in how 2023 shapes 
up for the sector. 
 
Against this backdrop, our Investment Manager remains cautiously optimistic for 
the mining sector. The Board is also confident that the Company remains 
well-placed to benefit from the transition to net zero carbon emissions which 
will continue to create investment opportunities in those companies that 
service the associated supply chains. 
 
DAVID CHEYNE 
Chairman 
2 March 2023 
 
INVESTMENT MANAGER'S REPORT 
 
PORTFOLIO PERFORMANCE 
We are pleased to report another strong year of absolute returns for the 
Company in 2022. The year also marked a record in terms of another all-time 
high in NAV and share price total returns as, since the Initial Public Offering 
(IPO) of the Company in 1993 at 100p per share, the shares have delivered a NAV 
total return of 1412.5% and a share price total return of 1535.8% against a 
reference index total return of 979.6%. In addition, the year was also 
significant for income after the record-breaking numbers in 2021. Despite not 
quite matching last year's record, the total was well in excess of expectations 
with all parts of the strategy contributing. Also, like last year, the 
performance was split into distinct periods with excellent gains made during 
the first four months, followed by falls during the summer before a decent 
rally in the final quarter. This volatility allowed us to take advantage of 
opportunities by adjusting holdings, as well as selling volatility out to the 
market using options. It is also important to remember that the Company 
delivered these gains against a broader market backdrop of strongly negative 
returns across not just equities but also fixed income making the relative 
return very valuable to investors. 
 
COMMODITY PRICE MOVES 
 
                                              31 December % Change in % Change average 
                                                    2022        2022 
                                                                        prices 2022 vs 
                                                                                 2021 
 
Commodity 
 
Gold US$/oz                                      1,815.6       -0.4%            +0.1% 
 
Silver US$/oz                                      23.75        2.1%           -13.3% 
 
Platinum US$/oz                                    1,065       11.1%           -11.8% 
 
Palladium US$/oz                                   1,788       -9.4%           -12.1% 
 
Copper US$/lb                                       3.79      -14.1%            -5.2% 
 
Nickel US$/lb                                      13.56      +43.3%           +42.1% 
 
Aluminium US$/lb                                    1.07      -16.3%            +9.3% 
 
Zinc US$/lb                                         1.36      -16.3%           +16.0% 
 
Lead US$/lb                                         1.06       -0.1%            -2.1% 
 
Tin US$/lb                                         11.23      -37.1%            -3.3% 
 
Baltic Freight Rate                                1,515      -31.7%           -33.7% 
 
West Texas Intermediate Oil (Cushing) US$/          80.2       +6.7%           +39.5% 
barrel 
 
Iron Ore fines 62% US$/t                             118       -3.7%           -24.5% 
 
Thermal Coal US$/t                                145.16      +18.5%          +110.6% 
 
Metallurgical Coal US$/t                          279.45      -24.5%           +63.4% 
 
Lithium US$/lb                                     191.5     +101.6%          +274.0% 
 
                                               =========   =========        ========= 
 
Sources: Datastream and Bloomberg, December 2022. 
 
Looking at the year more broadly, it was driven by a shifting macro backdrop 
and a sharp uptick in geopolitical tensions. The former saw interest rates rise 
across the world causing equities to derate on the back of both a higher cost 
of capital but also fears of recessionary impacts to profit margins. These 
issues were further compounded by the invasion of Ukraine by Russia which 
triggered a range of consequences from spikes in oil prices, huge volatility in 
European power costs and shortages of natural resources from oil/gas/metals/ 
fertilizers etc. China was also impacted by their zero COVID-19 policy which 
badly damaged their economic growth. Given all of the above it is even more 
remarkable that the mining sector not only managed to navigate its way through 
this unscathed, but also posted such a strong year of gains and dividends. 
Credit must go to the executive teams who have stayed the course of disciplined 
capital allocation and strong balance sheets, as without this the sector would 
surely have come unstuck given the huge macro challenges. 
 
It would be remiss not to highlight the contribution from the investments in 
illiquid assets during 2022. During the year two companies, Ivanhoe Electric 
and Bravo Mining, completed successful IPOs at big premiums to the entry prices 
paid by the Company. This happened despite the difficult conditions in 
financial markets and is testament to the quality of the opportunities each 
company has exposure to. In addition, Jetti Resources completed a successful 
capital raise at a substantial premium to their last round and with more trial 
projects moving into commercial discussion the outlook remains encouraging. 
There is more detail on the illiquid portfolio later in this report. 
 
For the year as a whole, the NAV of the Company was up by 17.7% with income 
reinvested and the share price total return was 26.0%. This compares to the 
FTSE 100 rising 4.7%, the Consumer Price Index up by 9.2% and the reference 
index (MSCI ACWI Metals & Mining 30% Buffer 10/40 Index net total return) up by 
11.5% (all percentages calculated in sterling terms with dividends reinvested). 
 
PRESSURE BUILDING 
2022 was a complicated year for the mining sector in many ways. If one had 
known beforehand about the big macro headwinds such as slower growth in China, 
rising rates and recessionary conditions across the developed world, most 
people would have expected mining shares to have delivered negative returns for 
the year. Therefore, to see the leading sectoral gains in financial markets for 
the year coming from natural resources shares, with energy leading the way on 
the back of supply disruption following Russia's invasion of Ukraine, makes it 
easy to understand why generalist investors missed the opportunity. It is also 
easy to understand their reticence to buy after such a long period of 
outperformance. 
 
It is our belief that the trends of prior years, such as capital discipline and 
strong balance sheets, have built strong foundations for the sector and it is 
these factors that drove the outperformance in 2022. For example, if mining 
companies had gone into the year with large capital spending plans and high 
levels of debt, share prices would have fallen as sharply as in similar periods 
from the past. The work that has been done to entrench capital discipline, 
combined with keeping stronger balance sheets, in our view saved the day in 
2022. 
 
Another output of the improved capital allocation decisions has been a lower 
level of reinvestment into production. This has allowed free cash flow to grow, 
but, more importantly, it has meant limited new supply growth across the 
industry. Given that the world economy now needs commodities to build the 
projects for the energy transition, the absence of new supply has left 
commodity markets extremely tight. In fact, at the end of 2022, inventories at 
London Metal Exchange warehouses were at 25-year lows. Available inventories 
for aluminium, copper, nickel and zinc decreased by over two-thirds during the 
year. The low levels of stockpiles reflect a tension that has kept traders and 
consumers gripped as demand weakened (due to China economic slowdown and 
recessionary fears in developed markets), but constrained supplies kept prices 
at levels higher than expected. 
 
It is our expectation that the supply constraints are unlikely to ease during 
the next few years due to the scarcity of "shovel ready" projects and high 
permitting barriers. This has left companies focused on growth needing to 
revisit mergers and acquisitions (M&A), as producing assets valued in the 
equity markets often trade below the cost of building new capacity. In 
Australia, BHP managed to agree terms to buy OZ Minerals after many months of 
discussions. The deal looks set to complete in 2023 and the Company has 
benefited materially from this deal due to having a large holding in OZ 
Minerals. It is hard to see other deals happening due to the small number of 
listed copper producers and fears of resource nationalism that continue to add 
risk to moving capital into more remote regions e.g. the threat of closing 
First Quantum's new Cobre de Panama mine. 
 
Outside of sector specific issues, the geo-political tensions caused by 
Russia's invasion of Ukraine further tightened markets due to the sanctions 
imposed by other countries. This disrupted commodity supply chains at a time 
when markets were already tight, further supporting prices at a time when 
economic weakness would normally have seen them fall. As the year developed, 
prices did cool during the summer, only to recover in Q4 2022 as China started 
to ease COVID-19 restrictions. It will be interesting to see the impact that 
post COVID-19 Chinese demand has on metals markets. 
 
ESG ISSUES AND THE SOCIAL LICENSE TO OPERATE 
Information on the way in which the Company seeks to manage risks related to 
ESG (Environmental, Social and Governance) and the social license to operate is 
covered in further detail in the Strategic Report within the Annual Report and 
Financial Statements. The Investment Manager also seeks to understand the ESG 
risks and opportunities facing companies and industries in the portfolio. As an 
extractive industry, the mining sector naturally faces a number of ESG 
challenges given its dependence on water, carbon emissions and geographical 
location of assets. However, we consider that the sector can provide critical 
infrastructure, taxes and employment to local communities, as well as materials 
essential to technological development, enabling the carbon transition through 
the production of the metals required for the technology underpinning that 
transition. 
 
The Investment Manager considers ESG insights and data, including 
sustainability risks, within the total set of information in its research 
process and makes a determination as to the materiality of such information as 
part of the investment process used to build and manage the portfolio. Further 
information on the Investment Manager's approach to ESG integration is set out 
in the AIFMD Fund Disclosures in respect of the Company, available on the 
Company's website. ESG insights are not the sole consideration when making 
investment decisions but, in most cases, the Company will not invest in 
companies which have high ESG risks (risks that affect a company's financial 
position or operating performance) and which have no plans to address existing 
deficiencies. 
 
  *        The Investment Manager is also engaging with the executives of 
    portfolio companies in which the Company invests to understand how their 
    current business plans are compatible with achieving a net zero carbon 
    emissions economy by 2050. 
  *        There will be cases where a serious event has occurred and, in that 
    case, the Investment Manager will assess whether the relevant portfolio 
    company is taking appropriate action to resolve matters before deciding 
    what to do. 
  *        There will be companies which have derated (the downward adjustment 
    of multiples) as a result of an adverse ESG event or due to generally poor 
    ESG practices where there may consequently be opportunities to invest at a 
    discounted price. However, the Company will only invest in these 
    value-based opportunities if the portfolio managers are satisfied that 
    there is real evidence that the relevant company's culture has changed and 
    that better operating practices have been put in place. 
  *        Given the activities that mining companies undertake, negative ESG 
    events can occur. However, there were very few company-specific events in 
    2022. This meant that ongoing engagement focused mainly on the Company's 
    holdings approach to the energy transition and how they plan to not only 
    benefit from the opportunities but also how they are going to decarbonise 
    their own operations. 
 
During the year the main areas of focus in relation to ESG risks and issues 
remained on Rio Tinto and Vale. By way of an update, at Rio Tinto work is 
ongoing with historical owners, including the establishment of the Juukan Gorge 
Legacy Foundation, which will support major cultural and social projects. At 
Vale, the company has continued its journey to raise its ESG profile following 
the tragic tailings related events from the last decade. Further changes have 
also been made to the Vale board and its operating structure. The company was 
also upgraded by Fitch on the back of the work they have done to improve their 
ESG track record. 
 
PRICE WEAKNESS BUT STRONG MARGINS 
2022 saw prices generally down for the year as a whole, as well as lower 
average prices versus the prior year. However, it is important not just to look 
at the moves in isolation. For example, the average price of copper in 2022 was 
down 5.2% compared with 2021 but the actual level of US$4.2/lb was the second 
highest average price ever, leaving companies enjoying healthy margins. The 
opposite is true for nickel where the prices were up year-on-year but the 
average price was not as high as it had been in the past, but still at 
extremely profitable levels for producers. 
 
In precious metals, gold was the standout as the average price was flat for the 
year compared to silver, platinum and palladium which were all lower. However, 
gold companies seem to have suffered more from cost inflation as they did not 
go into the inflationary environment with levels of profitability as high as 
their industrial peers. 
 
The standout commodity for the year was lithium, as the price soared driven by 
demand exceeding estimates as electric vehicle (EV) adoption rates increased 
across the world. In fact, the whole battery material suite looks set to see 
strong demand as the transition away from the combustion engine gathers pace. 
 
DO NOT FORGET THE INCOME 
In 2021 the Company received record levels of income as the underlying 
investments paid surplus cash back to their investors. Despite fearing that 
this would be a peak and 2022 might be less favourable for investors, we are 
delighted to report that once again companies honoured their commitments and 
continued with a strategy of distributions. The chart in the Annual Report and 
Financial Statements compares the payments received in 2021 and 2022 versus the 
average payments received by the Company in prior years. It is clear just how 
much higher these last two years have been and it is testament to the hard work 
done during earlier years that has left the companies in a position to deliver 
this. 
 
It is also important to note how the portfolio investments have generally moved 
to a more shareholder friendly strategy. In 2021 82% of the Company's assets 
were exposed to companies paying dividends versus only 68% in 2013. Part of 
this change has been due to changes in the portfolio, but by far the majority 
has come from more and more companies moving to dividend paying mode as project 
capital expenditure and debt repayment needs declined. In summary, the 
combination of more companies paying dividends, combined with diversification 
into royalties, should build in some resilience to general economic risks. 
 
THE ENERGY TRANSITION 
As alluded to earlier, the energy transition continues to gather pace. EVs are 
taking market share away from combustion engine vehicles at levels well in 
excess of expectations. The roll out of renewable power projects and related 
infrastructure is happening far quicker than planned. This has in part been 
driven by a desire by European countries to diversify away from Russian 
supplied fossil fuels and the fact that with fossil fuel prices so high 
renewable power is substantially more cost effective, not to mention helping 
countries/companies to meet their net zero commitments. 
 
Despite the positive news from 2022, it is clear that we remain very close to 
the start of the energy transition cycle given the enormous scale of investment 
that is going to be needed over the coming decades. Looking at the data for 
renewable power, it is increasingly obvious how much more resource intensive it 
is (see charts in the Annual Report and Financial Statements). On top of this 
there will also be commodity demand from battery storage needs and the buildout 
of the hydrogen economy. 
 
It is also essential for mining companies to embrace the need to decarbonise 
their own operations as future demand is likely to seek out supply from 
companies that do not just meet quality but also have green credentials. This 
move from "Brown to Green" presents a range of investment opportunities for the 
Company both in trying to reduce the heavy discount rates applied to carbon 
intensive production techniques, as well as new technologies that could solve 
some of the more damaging historical processes. 
 
BASE METALS 
It was a volatile year for base metals with prices starting the year well on 
strong western world demand and risks around supply amplified with the invasion 
of Ukraine. However, as we approached the middle of the year, the macro-outlook 
began to deteriorate with COVID-19 lockdowns in China, further weakness in the 
Chinese property market and interest rate increases to tame inflation which led 
to concerns around global growth, particularly in Europe as energy prices 
became an increasing toll on consumer and economic activity. This resulted in 
peak to trough declines of 30% to 40% across the base metal complex, which 
combined with supply challenges, cost inflation and royalty increases created a 
difficult environment for the producers. Given this, share prices fared far 
better than might have been expected, a reflection of the balance sheet 
strength of the producers and improving outlook for demand. 
 
Encouragingly, as we approached the year end, several measures announced by the 
Chinese government to support the economy, including relaxation of its zero 
COVID-19 policies, buoyed sentiment with prices rallying from their Q3 lows. 
Interestingly, when we look at the overall price performance for the year as 
shown in the table in the Annual Report and Financial Statements, while the 
majority of base metal prices finished the year lower, with the exception of 
nickel, the average price received in 2022 was higher than the prior year, 
supporting earnings for the producers. As we look forward into 2023 and the 
potential impact of China re-opening, not only do we expect to see a 
year-on-year pick-up in underlying demand, but also a re-stocking of 
commodities such as copper and aluminium assuming China reverts back to its 
pre-COVID-19 levels of inventory cover. Given the tightness in physical markets 
and low level of base metal inventories today, this creates upside risk to 
commodity prices over the next two years if Chinese growth stabilises and the 
slowdown in the US economy is not protracted. 
 
The copper price started the year strongly reaching US$4.85/lb in early March, 
to subsequently trade between US$3.25/lb to US$3.70/lb for much of the second 
half before rallying to US$3.79/lb at the end of the year as China looked to 
stabilise its economy. Whilst the absolute copper price is high versus history, 
the cumulative impact of cost inflation over the last five years has seen a 
step change in the operating cost base of the industry with several mines 
operating at cash breakeven levels during the low copper prices of Q3. 
 
Copper is a clear beneficiary of the energy transition with more than 65% of 
copper used for applications that deliver electricity, whilst at the same time 
the industry is facing mine supply challenges resulting in a material deficit 
in the market longer term. This is driven by a lack of new greenfield copper 
projects, as well as deteriorating performance at existing assets, particularly 
in Chile. The expectation was for 2022 to deliver a step-up in copper supply 
with new projects such as QB2 (Teck Resources) and Qualleveco (Anglo American) 
due to come online. However, as we approached the year end, a swathe of 
production cuts has delayed growth until 2023/2024, leaving the physical market 
tight with a lack of inventory becoming an increasing issue for industrial 
users. Given the significant copper supply gap estimated longer term (3.5Mt gap 
estimated by Macquarie Bank by 2030), we continue to believe that copper prices 
need to remain above incentive prices to induce new supply into the market 
which is an attractive position for existing low-cost producers. 
 
As at the end of December 2022, the Company had 22.0% of the portfolio exposed 
to copper producing companies which modestly detracted from performance for the 
year. The Company's second largest copper exposure Freeport-McMoRan (4.0% of 
the portfolio) continued to deliver operationally at Grasberg, as well as 
executing on their US$3 billion buyback which they announced in late 2021. 
Among our other copper producers, Ivanhoe Mines (1.8% of the portfolio) have 
continued to surpass the market's expectation on the ramp-up of Kamoa-Kakula, 
underpinning our confidence in the management team's ability to deliver value 
from their other assets including the Western Forelands in the future. Among 
our mid-cap holdings in the portfolio, there was exceptional performance from 
Ivanhoe Electric which held an IPO during the year delivering close to a 100% 
return from our pre-IPO investment, as well as Jetti Resources which raised 
US$100 million at a substantially higher level than our entry price. Both are 
discussed in detail in the unquoted section of the report. The portfolio has 
also benefited from M&A activity during the year following BHP's cash offer for 
OZ Minerals (1.2% of the portfolio) that was recommended by the OZ Minerals 
Limited board in December 2022. Strategically the transaction brings 
significant benefits to BHP given the proximity of OZ Minerals' assets to BHP's 
Olympic Dam operation in South Australia and supports the build-out of an 
Australian based copper basin for BHP in the years ahead. OZ Minerals have been 
an exceptionally strong performer over a number of years where the Company 
benefited from the re-rating of the company as they delivered operationally, 
and they were also the operator of the OZ Minerals Brazil Royalty when they 
acquired Avanco Resources in 2018. 
 
The aluminium price finished the year down by 16%, facing similar global growth 
headwinds as the copper market. In the first half of the year there were fears 
that Russian exports of primary aluminium might be impacted by sanctions which 
supported prices. However, whilst certain companies have chosen not to purchase 
Russian material, there have been no sanctions imposed directly on Russian 
aluminium exports and these tonnes have still entered the market. With power a 
major cost component for aluminium smelters, higher energy costs have resulted 
in 1.2mtpa of capacity curtailed in Europe. At an aluminium price of US$2,500/ 
tonne, WoodMac estimates that 30% of smelters are loss making on a full cost 
basis, which provides a level of downside protection to the price. However, 
increasing aluminium exports from China this year has largely capped the price. 
As China's domestic demand improves into 2023, we would expect exports to 
moderate, which in turn should support prices. The Company has exposure to two 
aluminium producers Alcoa (1.2% of the portfolio) and Norsk Hydro (2.1% of the 
portfolio) both of which have access to renewable, low cost energy for the 
majority of their production, leaving them well positioned in the current 
environment of high energy costs and longer term as the market places a greater 
cost on carbon. 
 
Nickel prices have been very volatile this year where a short squeeze 
temporarily drove prices above US$100,000 a tonne before the LME suspended the 
market and cancelled some trades in March. Similar to aluminium, Russia is also 
a significant producer of nickel, but we are yet to see any supply disruptions. 
Overall, the nickel price finished the year up by 43% with the market becoming 
increasingly aware of the longer-term deficit building for high grade nickel 
used in batteries. In Q4 2022, the Company made an investment in Lifezone which 
announced a business combination with a Special Purpose Acquisition Company 
(SPAC) GoGreen Investments which is listed on the New York Stock Exchange. 
Lifezone has a controlling shareholding in Kabanga, the largest and 
highest-grade undeveloped nickel project globally, located in Tanzania. The 
project has significant backing from BHP the world's largest mining company 
which has invested US$100 million into the asset at a see-through valuation of 
US$627 million to acquire 14.3% of the project, with the option to acquire a 
51% interest once the feasibility study is completed by the end of 2023. 
 
BULK COMMODITIES AND STEEL 
It was a challenging year for the iron ore market with average prices 24.5% 
lower year-on-year, with demand undermined by China's zero COVID-19 policy and 
ongoing weakness in China's key steel intensive property sector. Whilst the 
market enjoyed a post Beijing Winter Olympics restock in first quarter seeing 
prices hold a healthy range between US$120-140/tonne during the first half of 
the year, they subsequently averaged below US$100/tonne during the second half 
of the year bottoming at US$80/tonne in the third quarter as Chinese steel 
margins turned negative and uncertainty around China's COVID-19 policy saw 
further de-stocking by customers. 
 
China's shift in COVID-19 policy and further support announced for the property 
sector at the end of the year, has seen prices rally back above US$100/tonne as 
the market looks to price in the impact of China re-opening. As we look into 
2023, we expect to see a recovery in construction activity, which combined with 
first quarter seasonality in the iron ore market with both Brazilian and 
Australian tonnes exposed to weather events, it provides a constructive 
backdrop for the price during the first half of the year. Among the 'big 4' 
producers there is modest (1%) growth in supply this year which will be second 
half weighted and we continue to see the producers being disciplined around 
volumes which should be supportive of the price over the medium term. During 
the course of the year, we had the opportunity to visit BHP's and Rio Tinto's 
key iron ore assets in the Pilbara Region of Western Australia which enabled us 
to learn more about the world class size and grade of these assets, their 
approach to ESG and the focus on decarbonising their operations. 
 
The Company's exposure to iron ore is in the diversified majors BHP, Vale and 
Rio Tinto, which have performed well this year returning 30%, 35% and 19% 
respectively. In addition, the Company has exposure to two pure play high grade 
iron ore producers Champion Iron and Labrador Royalty Company which have 
returned 41% and -6% respectively, as well as Mineral Resources which is 
looking to grow its iron ore business alongside its lithium, mining service and 
gas business which finished the year up by 45%. 
 
Coal markets have been one of the most interesting commodity markets over the 
last couple of years with record prices achieved for both metallurgical and 
thermal coal during 2022. Thermal coal markets have benefited from tightness in 
global energy markets particularly in Europe due to the ban of Russian coal 
imports, limited supply growth due to ESG pressures and higher than normal 
levels of rainfall in Australia which accounts for 60% of seaborne supply. With 
levels of gas storage in Europe above average levels at the end of 2022, we 
have seen European gas prices decline which poses a risk to thermal coal 
prices. However, given the tightness in the market for high grade Australian 
thermal coal, prices have held at a record level of US$400/tonne at the end of 
2022. As we look into 2023, we continue to see a tight market for thermal coal 
given much of Europe's coal and inventory build was sourced from Russia, but 
with supply from Australia expected to recover in 2023 after record rain 
impacts in 2022, a moderation in thermal coal prices from record levels is 
likely. 
 
The Company's thermal coal exposure is via our 7.7% position in Glencore, which 
is using elevated thermal coal prices to deleverage the business and remains 
focused on decreasing its coal exposure overtime. Glencore has indicated that 
they intend to return excess cashflow above their net debt target of US$10 
billion. This implies a 15% capital return yield for 2022 which is industry 
leading and will result in a circa 10% decline in their share capital 
outstanding. The Company has no exposure to pure play thermal coal producers. 
 
The seaborne metallurgical coal price reached a new all-time high during the 
first half of the year at circa US$500/tonne, supported by Russian supply 
concerns (5% of global supply), tightness in the thermal coal market, as well 
as the flooding in Australia which impacted supply. However, as we moved into 
the second half of the year, prices moderated as weaker steel demand in Europe 
began to bite with the metallurgical coal price finishing the year at US$295/ 
tonne (Premium Hard Coking Coal, FOB). During the course of the year, we saw a 
number of production downgrades announced including Anglo American reducing 
volume guidance for its Grosvenor mine in Queensland and Teck Resources 
reducing guidance at Elkview due to operational issues. This, combined with 
limited investment into new supply and seasonal weather events, leaves the 
coking coal market susceptible to upside spikes in prices which has been a 
consistent feature of this market in recent years. The Company's exposure to 
metallurgical coal remains in the two leading producers of BHP and Teck 
Resources which have been able to generate very strong levels of free cash flow 
from their coking coal businesses to support returns to shareholders. (All data 
reported in pounds sterling terms.) 
 
PRECIOUS METALS 
The last three years have seen a largely rangebound price environment for 
precious metals, with the average annual gold price between 2020 to 2022 within 
1.7% of each other in US dollar terms. This is a remarkable level of stability 
for a commodity, with the gold price driven by two opposing forces over the 
last year. On the positive side we have seen rising inflation, elevated 
geopolitical and market risk, while on the other hand the impact of interest 
rate hikes to combat inflation which has seen real rates for Government bonds 
flip from negative to positive over the course of the year. As we approached 
the year end, we saw the gold price rally and breakthrough US$1800/oz on the 
back of China's reopening news, the knock-on impact from a weaker US dollar and 
the potential for the Federal Reserve (the Fed) to slow the pace of interest 
rate hikes as inflation started to moderate. 
 
With positive real interest rates in the US and most global economies, the 
appeal for non-yielding gold in the short term is limited. The performance of 
gold over the next 12 months is likely to be driven by the Fed's ability to 
tame inflation and whether they can effectively bring down inflation to their 
targeted level, or whether inflation remains at a structurally higher level 
than in the past which should raise inflation expectations supportive of the 
gold price. 
 
An encouraging feature of the gold equity market over recent years has been the 
increased focus on shareholder returns, free cash flow and dividends. However, 
results in 2022 have shown margin compression due to rising labour, energy and 
other input costs. Whilst the portfolio has continued to hold a lower 
allocation (13.0%) to gold companies versus a similar time last year (16.4%) we 
have maintained our strategy of focusing on high quality producers which have 
an attractive operating margin and solid production profile and resource base. 
This includes the Company's exposure to the royalty companies Franco Nevada 
(2.6% of the portfolio) and Wheaton Precious Metals (2.3% of the portfolio) 
which outperformed the gold equities during the year given their stronger 
margins and lack of exposure to cost inflation. In addition, the Company's 
exposure to Endeavour Mining (0.6% of the portfolio) and Northern Star 
Resources (1.2% of the portfolio), both mid-cap growth focused gold companies, 
added to performance as the benefit of volume growth helped offset some of the 
cost inflation in the sector. 
 
Demand for the Platinum Group Metals (PGMs) continues to be impacted by the 
weakness in global auto production and the share gains from electric vehicles 
(over internal combustion engines) which do not use PGMs. While Russia is a 
major producer of PGMs, accounting for 40% of global palladium production, 
there has been minimal impact to Russian PGM supply. During 2022 there was 
mixed performance from the PGMs with the platinum price (+11%) outperforming 
the palladium price (-9%). 
 
We continue to remain positive on the medium-term outlook for the PGMs and 
believe the PGM basket will remain high relative to history given limited new 
supply and increasing PGM loadings for auto catalysts to meet rising emissions 
standards. The Company has reduced its exposure to pure play PGM producers 
during the year which represented 2.0% of the portfolio at the year end. In 
addition, the Company has exposure to PGMs via its holding in Anglo American 
(5.2% the portfolio) which owns 79% of Anglo American Platinum. The standout 
performer among our PGM exposure during the year was our investment in Bravo 
Metals, a PGM exploration company focused on the Luanga project in Brazil which 
they acquired from Vale. As outlined in the unquoted section of the report, the 
company's IPO during the year resulted in a 170% uplift from our pre-IPO 
investment made in early 2022 and finished the year above its IPO price with 
early results from its drilling campaign confirming and, in a number of 
instances, exceeding the historical drilling results from Vale showing 
previously unidentified rhodium and nickel sulphide mineralisation in the assay 
results. 
 
ENERGY TRANSITION METALS 
Growth in battery electric vehicles (BEVs) continued in 2022, creating 
significant demand for the materials that enable that transition. Demand for 
pure battery electric vehicles grew 40% in 2022 to 267,000 units (16% of all 
new car registrations in 2022), with demand for plug-in hybrids also growing. 
This growth has been mainly driven by China, with Europe and the US lagging. We 
expect this structural growth to continue and accelerate particularly in the 
US, driven by increased model launches, strengthening consumer preference due 
to technological advantage and government policy. Of particular note in 2022, 
was the announcement of the US Inflation Reduction Act. As well as other 
climate change related measures, this policy supports EV demand through 
significant subsidies of up to US$7,500 per car. This is expected to support US 
BEV demand in 2023. The Company has exposure to the raw materials that go into 
EV batteries and the e-motor. 
 
Lithium is a critical component of an EV battery and demand for lithium has 
been strong this year with the market firmly in deficit and benchmark Chinese 
prices reaching all-time highs in November, finishing 2022 up by 101.6%. The 
Company added to its lithium holdings in late 2021, establishing a position in 
SQM and Sigma Lithium both of which have performed well in this environment 
returning 78% and 207% respectively (GBP returns). We also added a new position 
in relative underperformer Albemarle in June and Mineral Resources in October, 
as they too stand to benefit from the continued tight demand supply situation 
in lithium, as well as their own volume growth. The Company has a 2.1% position 
across its lithium holdings. 
 
A critical component of the electric car is also the e-motor, which most 
commonly uses a Praseodymium-Neodymium (NdPr) magnet, an alloy of two rare 
earth elements (REE). REE are commonly mined and processed in China and have 
been deemed of strategic importance by both Europe and the US. The Company has 
exposure to REEs through Lynas, a REE miner and processor crucially based in 
Malaysia and Australia. In 2022 Lynas equity fell by 19.1%, but the company 
announced in June that they had won a contract from the US Department of 
Defence to deliver a US rare earth separation facility, underscoring the 
strategic growth opportunity. 
 
EV battery raw materials include cobalt, where LME prices fell by 26.3% as 
supply increased faster than demand; the market is moving to lower cobalt 
intensity cathode materials with higher nickel or lithium iron phosphate 
chemistry (LFP). Supply growth is set to continue with cobalt being a 
by-product of many of the Indonesian nickel projects announced and currently 
ramping. In addition, 2023 may be impacted by the release of 10,000 tonnes of 
stockpiled cobalt from the Tenke mine in the Democratic Republic of the Congo 
(DRC) which has been unable to export in the second half of 2022 due to a 
government dispute. Glencore's Mutanda mine in the DRC ramped-up production in 
2022, supporting circa 50% growth in cobalt production in the first nine months 
of the year. Glencore, in which the Company has a 7.7% position, saw its share 
price rise by 47.3% during 2022. Glencore is a globally significant cobalt 
producer which produced 22% of mine production in 2020 and this is set to 
increase with Mutanda's ramp-up. 
 
ROYALTY AND UNQUOTED INVESTMENTS 
Over the last year the Company has been busy growing the unquoted part of the 
portfolio and we are delighted to report that this has delivered great 
performance through a combination of IPOs, financing valuation uplifts and 
strong income generation. As mentioned in previous reports, the focus of the 
unquoted investments is to seek to generate both capital growth and income to 
deliver the superior total return goal for the portfolio. Ongoing income from 
the royalty investments has continued with the OZ Minerals Brazil Royalty 
starting to benefit from the ramp-up of the Pedra Branca mine, whilst the Vale 
Debentures enjoyed a better period of production despite lower iron ore prices 
year-on-year. 
 
Key highlights in the unquoted equity sleeve include Ivanhoe Electric which 
completed its IPO in June despite the difficult market conditions. This 
resulted in an increase in the value of the holding of over 100% in less than 
10 months since the position was acquired. Elsewhere Bravo Mining completed its 
IPO in July at a valuation 170% higher than the price paid for the shares in 
May 2022. Both positions finished the year at a price higher than IPO and will 
no longer be reported in the unquoted section of the portfolio as they are now 
fully tradeable securities. Jetti Resources completed its Series D financing, 
raising US$100 million at a substantial valuation uplift to our investment made 
at the beginning of 2022. OZ Minerals received a takeover offer from BHP which 
has been recommended by the OZ Minerals board and is expected to complete in Q2 
of 2023 which will see BHP become the operator of the mines linked to our 
royalty. 
 
As at the end of 2022, the unquoted and illiquid investments in the portfolio 
amounted to 6.6% of the portfolio and consist of the OZ Minerals Brazil 
Royalty, the Vale Debentures, Jetti Resources and MCC Mining. These, and any 
future investments, will be managed in line with the guidelines set by the 
Board as outlined to shareholders in the Strategic Report. 
 
We continue to actively look for opportunities to grow royalty exposure given 
it is a key differentiator of the Company and an effective mechanism to lock-in 
long-term income which further diversifies the Company's revenues. 
 
OZ MINERALS BRAZIL ROYALTY CONTRACT 
In July 2014 the Company signed a binding royalty agreement with Avanco 
Minerals. The Company invested US$12 million in return for a Net Smelter Return 
(net revenue after deductions for freight, smelter and refining charges) 
royalty payments comprising 2% on copper, 25% on gold and 2% on all other 
metals produced from mines built on Avanco's Antas North and Pedra Branca 
licences. In addition, there is a flat 2% royalty over all metals produced from 
any other discoveries within Avanco's licence area as at the time of the 
agreement. 
 
In 2018 Avanco was successfully acquired by OZ Minerals, an Australian based 
copper and gold producer for A$418 million, with the royalty now assumed by OZ 
Minerals. Since our initial US$12 million investment was made, we have received 
US$22.1 million in royalty payments, with the royalty achieving full payback on 
the initial investment in 3½ years. As at the end of December 2022, the royalty 
was valued at £21.2 million (1.5% NAV) which equates to a 297.1% return on the 
initial US$12 million invested. 
 
In 2021 OZ Minerals achieved a significant milestone and commenced mining of 
Pedra Branca ore. This year we have seen the ramp-up progress ahead of plan 
with Pedra Branca on track to achieve its 2022 guidance of 10-12kt copper and 
8-10koz gold, with the company targeting production beyond this level in 2023. 
We continue to remain optimistic on the longer-term optionality provided by the 
royalty via the development of Pedra Branca West, as well as greenfield 
exploration over the licence area. 
 
In August 2022, OZ Minerals received an initial indicative proposal from BHP to 
acquire the company in an all-cash deal at A$25 per share. This offer was 
rejected by the OZ Minerals board with BHP submitting a revised offer of 
A$28.25 per share which was unanimously recommended in November 2022. The deal 
remains subject to approval by OZ Minerals shareholders with the deal expected 
to close in Q2 2023. This will see BHP operate the Brazilian assets and assume 
the royalty, consistent with the mechanism used when OZ Minerals acquired 
Avanco in 2018. We believe that BHP's strong operating focus, balance sheet 
strength and ESG credentials leaves the Brazilian operations in a very strong 
set of hands. 
 
VALE DEBENTURES 
At the beginning of 2019, the Company completed a significant transaction to 
increase its holding in Vale Debentures. The Debentures consist of a 1.8% net 
revenue royalty over Vale's Northern System and Southeastern System iron ore 
assets in Brazil, as well as a 1.25% royalty over the Sossego copper mine. We 
consider that the iron ore assets are world class given their grade, cost 
position, infrastructure and resource life which is well in excess of 50 years. 
As at the end of December 2022 the Company's exposure to the Vale Debentures 
was 2.6%. 
 
Dividend payments are expected to grow once royalty payments commence on the 
Southeastern System in 2024 and volumes from S11D and Serra Norte improve into 
2023 where project ramp-ups have been challenged in 2022 by licencing 
requirements. In December, Vale reduced its longer-term iron ore production 
profile in light of licencing challenges and also a greater focus on high grade 
material. This now sees Vale target modest volume growth from the Northern 
System out to 2026, but the improvement in grade, to the extent achieved, will 
aid received pricing that the royalty will benefit from. 
 
Despite the decline in iron ore prices during 2022, the Debentures continue to 
offer an attractive yield of circa 10% based on the 1H-22 annualised dividend. 
This is an attractive yield for a royalty investment, with this value 
opportunity recognised by other listed royalty producers, Franco Nevada and 
Sandstorm royalties, which have both acquired stakes in the Debentures since 
the sell-down occurred in 2021. 
 
Whilst the Vale Debentures are a royalty, they are also a listed security on 
the Brazilian National Debentures System. As we have highlighted in previous 
reports, shareholders should be aware that historically there has been a low 
level of liquidity in the Debentures and price volatility is to be expected. 
However, we expect this progressively to improve following the sell down in 
April 2021. 
 
IVANHOE ELECTRIC 
In early August 2021 the Company made a US$20 million investment (equivalent to 
1.3% of NAV) into Ivanhoe Electric, an exploration and mining business focused 
on identifying and developing "electric metals" (copper, nickel, gold and 
silver) required for the energy transition. The exploration portfolio is 
focused in the US where they have developed a proprietary exploration 
technology that has the ability to identify mineral resources at greater depths 
than existing methods. The team is led by Robert Friedland who has a successful 
track-record of identifying and developing world class mineral deposits such as 
Voisey's Bay, Oyu Tolgoi and Kamoa-Kukula. 
 
In June 2022 Ivanhoe Electric (2.4% of the portfolio) successfully completed an 
IPO at US$11.75 per share. The Company's investment consisted of common shares 
of Ivanhoe Electric, as well as convertible notes which convert at a discount 
to the IPO price into Ivanhoe Electric shares with a total return of 91% on our 
initial investment. During the course of 2022, the company has been focused on 
exploration drilling at their Santa Cruz asset in Arizona which is the 
third-largest undeveloped copper deposit in the US. An updated Santa Cruz 
resource estimate and Preliminary Economic Analysis report is due to be 
released in the first half of 2023 and we expect to see significant growth in 
the size of the resource, based on recent drilling success at the existing 
Santa Cruz deposit, as well as new discoveries at East Ridge and Texaco. 2023 
is set to be an exciting year for Ivanhoe Electric with the company potentially 
offering significant strategic benefit as a future low carbon producer of 
copper in the US. 
 
JETTI RESOURCES 
In early 2022 the Company made an investment into mining technology company 
Jetti Resources which has developed a new catalyst that appears to improve 
copper recovery from primary copper sulphides (specifically copper contained in 
chalcopyrite, which is often uneconomic) under conventional leach conditions. 
Jetti is currently trialling their technology at 35 mines where they will look 
to integrate their catalyst into existing heap leach SX-EW mines to improve 
recoveries at a low capital cost. The technology has been demonstrated to work 
at scale at the Pinto Valley copper mine, with further trials at different 
copper assets planned for this year. If Jetti's technology is proven to work at 
scale we see material valuation upside, with Jetti sharing in the economics of 
additional copper volumes recovered through the application of their catalyst. 
 
During the second half of 2022 we are pleased to report that Jetti completed 
its Series D financing to raise US$100 million at a substantially higher 
valuation than when our investment was made at the beginning of 2022. This sees 
the company fully financed to execute on their expected growth plans in the 
years ahead. As at the end of December, Jetti represented 2.1% of the 
portfolio. 
 
MCC MINING 
MCC Mining (0.4% of the portfolio) operates as a mineral exploration company 
focused on exploring for copper in Columbia. The company has several large 
porphyry targets which we believe could have significant potential. 
Shareholders include other mid to large cap copper miners, which is another 
indication of the strategic value of the company. The valuation of the company 
is based on the US$170.7 million equity value implied by the April 2022 equity 
raise. The money raised will fund a drilling campaign which commenced in Q4 
2022 at their Comita project, a joint venture with Rio Tinto, with drilling on 
two other projects (Urrao and Pantanos) expected to commence in mid-2023. 
Importantly, MCC's three projects are located in the Forestry Reserve in 
Colombia which allows for exploration drilling in the forestry reserve based on 
new regulations introduced in Colombia in early 2022. 
 
BRAVO MINING 
Bravo Mining (0.9% of NAV) is a Brazil-based mineral exploration and 
development company focused on advancing the Luanga platinum group metals/gold/ 
nickel project in the world-class Carajas Mineral Province of Brazil. Due to 
our belief in the asset's potential, the Company participated in a pre-IPO 
round in April 2022, at a $39 million valuation. The proceeds of the raise were 
used to fund drilling and survey work. Since the pre-IPO round the company has 
decided to IPO, which completed in July at C$1.75/share. This represents a 170% 
return since the Company's investment. 
 
During the course of 2022, Bravo has been focused on drilling the historical 
resource at Luanga which has confirmed and, in a number of cases, exceeded the 
expectations of the original resource. With less than half of the phase 1 
drilling analysed and a similar sized drill program scheduled for 2023, we 
expect to see substantial growth in Luanga's resource where recent results show 
rhodium and potential for nickel sulphide which was previously unknown. Bravo 
is still in the early days of its journey and highlights the potential value 
unlock available by backing quality management in attractive geological areas. 
 
DERIVATIVES ACTIVITY 
The Company from time to time enters into derivatives contracts, mostly 
involving the sale of "puts" and "calls". These are taken to revenue and are 
subject to strict Board guidelines which limit their magnitude to an aggregate 
10% of the portfolio. In 2022 income generated from options was £7.3 million in 
line with contributions from prior periods. During the year opportunities 
presented themselves in the first few months and once again during the autumn 
and into winter when volatility was priced at elevated levels. At the end of 
the period the Company had 2.6% of the net assets exposed to derivatives and 
the average exposure to derivatives during the period was less than 5%. 
 
GEARING 
At 31 December 2022, the Company had £125.0 million of net debt, with a gearing 
level of 9.6%. The debt is held principally in US dollar rolling short-term 
loans and managed against the value of the debt securities and the high 
yielding royalty positions in the Company. During the year the Company sought 
to maximise the use of gearing against the equity holdings rather than debt 
securities. This was driven by the risk adjusted relative value available in 
shares where dividend yields were mostly in excess of the coupons being paid on 
the bonds. Since the companies in the portfolio also have strong balance 
sheets, it was opportune to gear up the equity portfolio of the Company since 
we were not adding debt to holdings that were already heavily leveraged 
themselves. 
 
Shareholders should note that the total gearing available to the Company has 
increased during the year due to the rise in assets but remains within the 
percentage limits set by the Board. On the back of this, facilities were 
refreshed with our lenders and stand at £200 million for loans and £30 million 
for the overdraft. The current average cost of debt for the Company remains low 
at 2.82% and is linked to SONIA following the demise of LIBOR. 
 
OUTLOOK 
At the macro level it seems likely that the peak in the pace of interest rate 
increases is behind us and, if anything, the economic background should become 
more supportive for economic activity during the year assuming inflation 
pressures start to fade. On the geo-political front, it is very hard to gauge 
what will happen, but even if there is an end to conflict it will be many years 
before sanctions are lifted and commodity trade routes reopen meaning that 
ongoing disruption to supply will last longer than the conflict. 
 
With the energy transition well under way and the Chinese economy emerging from 
its self-imposed COVID-19 related disruption, the outlook for commodities 
demand is strong. At the same time supply remains constrained by a range of 
issues from permitting, elevated capital expenditure, delays due to ESG factors 
and a scarcity of projects. It is these factors that fuel our ongoing positive 
outlook for commodity prices and the fact that they are not yet priced into 
valuations means there are plenty of opportunities within the mining equity 
market. 
 
At the company levels, despite all of the uncertainties at the start of the new 
year, the mining sector goes forward on a strong footing as corporate balance 
sheets remain some of the strongest of any equity sector. In addition, profit 
margins continue at very healthy levels even after adjusting for the cost 
inflation seen during the last year. However, it is worth pointing out that 
free cash might easily be impacted by capital expenditure and decarbonisation 
projects as the sector transitions to producing "greener" commodities needed 
for the energy transition. The priority to allocate cash flow into these areas 
means that there could be less available for dividends and as such the Company 
might see a lower level of distributions. In the results announced to date in 
2023, dividends from some of our portfolio companies have decreased. 
 
EVY HAMBRO AND OLIVIA MARKHAM 
BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED 
2 March 2023 
 
TEN LARGEST INVESTMENTS 
 
1 + BHP (2021: 2nd) 
Diversified mining group 
Market value: £135,048,000 
Share of investments: 9.5% (2021: 7.7%) 
 
The world's largest diversified mining group by market capitalisation. The 
group is an important global player in a number of commodities including iron 
ore, copper, thermal and metallurgical coal, manganese, nickel, silver and 
diamonds. 
 
2 - Vale1,2 (2021: 1st) 
Diversified mining group 
Market value: £130,476,000 
Share of investments: 9.1% (2021: 8.5%) 
 
One of the largest mining groups in the world, with operations in 30 countries. 
Vale is the world's largest producer of iron ore and iron ore pellets and the 
world's largest producer of nickel. The group also produces manganese ore, 
ferroalloys, metallurgical and thermal coal, copper, platinum group metals, 
gold, silver and cobalt. 
 
3 = Glencore (2021: 3rd) 
Diversified mining group 
Market value: £109,508,000 
Share of investments: 7.7% (2021: 7.7%) 
 
One of the world's largest globally diversified natural resources groups. The 
group's operations include approximately 150 mining and metallurgical sites and 
oil production assets. Glencore's mined commodity exposure includes copper, 
cobalt, nickel, zinc, lead, ferroalloys, aluminium, thermal coal, iron ore, 
gold and silver. 
 
4 = Anglo American3 (2021: 4th) 
Diversified mining group 
Market value: £73,942,000 
Share of investments: 5.2% (2021: 7.5%) 
 
A global mining group. The group's mining portfolio includes bulk commodities 
including iron ore, manganese, metallurgical coal, base metals including copper 
and nickel and precious metals and minerals including platinum and diamonds. 
Anglo American has mining operations globally, with significant assets in 
Africa and South America. 
 
5 + Rio Tinto (2021: 7th) 
Diversified mining group 
Market value: £63,652,000 
Share of investments: 4.5% (2021: 4.2%) 
 
One of the world's leading mining groups. The group's primary product is iron 
ore, but it also produces aluminium, copper, diamonds, gold, industrial 
minerals and energy products. 
 
6 + First Quantum Minerals1 (2021: 10th) 
Copper producer 
Market value: £58,504,000 
Share of investments: 4.1% (2021: 2.9%) 
 
A Canadian-based mining and metals group with principal activities that include 
mineral exploration, development and mining. Its main product is copper. 
 
7 - ArcelorMittal1 (2021: 6th) 
Steel producer 
Market value: £57,127,000 
Share of investments: 4.0% (2021: 5.2%) 
 
A multinational steel manufacturing group, with a focus on producing safe 
sustainable steel. The group has operations across the globe and is the largest 
steel manufacturer in North America, South America and Europe. 
 
8 - Freeport-McMoRan3 (2021: 5th) 
Copper producer 
Market value: £56,549,000 
Share of investments: 4.0% (2021: 6.2%) 
 
A global mining group which operates large, long-lived, geographically diverse 
assets with significant proven and probable reserves of copper, gold and 
molybdenum. 
 
9 - Teck Resources (2021: 8th) 
Diversified mining group 
Market value: £51,395,000 
Share of investments: 3.6% (2021: 3.6%) 
 
A diversified mining group headquartered in Canada. The company is engaged in 
mining and mineral development with operations and projects in Canada, the US, 
Chile and Peru. The group has exposure to copper, zinc, metallurgical coal and 
energy. 
 
10 + Franco Nevada (2021: 14th) 
Gold royalty 
Market value: £37,460,000 
Share of investments: 2.6% (2021: 2.2%) 
 
A leading gold-focused royalty and streaming group with the largest and most 
diversified portfolio of cash-flow producing assets. Its business model 
provides investors with gold price and exploration optionality while limiting 
exposure to cost inflation. 
 
1     Includes fixed income securities. 
 
2     Includes investments held at Directors' valuation. 
 
3     Includes options. 
 
All percentages reflect the value of the holding as a percentage of total 
investments. For this purpose, where more than one class of securities is held, 
these have been aggregated. 
 
Together, the ten largest investments represented 54.3% of total investments of 
the Company's portfolio as at 31 December 2022 (ten largest investments as at 
31 December 2021: 57.0%). 
 
INVESTMENTS AS AT 31 DECEMBER 2022 
 
                                                         Main           Market 
                                                 geographical            value               % of 
                                                     exposure            £'000        investments 
 
Diversified 
 
BHP                                                    Global          135,048                9.5 
 
Vale                                                   Global           93,137  }             9.1 
 
Vale Debentures*#^                                     Global           37,339 
 
Glencore                                               Global          109,508                7.7 
 
Anglo American                                         Global           74,626  }             5.2 
 
Anglo American Call Option 20/01/23 GBP£31.40          Global             (684) 
 
Rio Tinto                                              Global           63,652                4.5 
 
Teck Resources                                         Global           51,395                3.6 
 
Trident                                                Global            5,793                0.4 
 
                                                               ---------------    --------------- 
 
                                                                       569,814               40.0 
 
                                                                     =========          ========= 
 
Copper 
 
First Quantum Minerals*                                Global           58,504                4.1 
 
Freeport-McMoRan                                       Global           56,848  }             4.0 
 
Freeport-McMoRan Put Option 20/01/23 US$37             Global             (299) 
 
OZ Minerals Brazil Royalty#                             Latin          21,199  }             2.7 
                                                      America 
 
OZ Minerals                                       Australasia           17,320 
 
Ivanhoe Electric                                        United          23,753  }             2.4 
                                                       States 
 
I-Pulse*                                                United          10,727 
                                                       States 
 
Jetti Resources#                                       Global           29,873                2.1 
 
Ivanhoe Mines                                    Other Africa           25,364                1.8 
 
Sociedad Minera Cerro Verde                              Latin          17,171                1.2 
                                                      America 
 
Develop Global                                    Australasia           15,316                1.1 
 
Solaris Resources                                        Latin           8,889                0.6 
                                                      America 
 
Ero Copper                                               Latin           6,316                0.4 
                                                      America 
 
Antofagasta                                              Latin           6,291                0.4 
                                                      America 
 
MCC Mining#                                              Latin           5,819                0.4 
                                                      America 
 
Aurubis                                                Global            5,139                0.4 
 
Lundin Mining                                          Global            3,490                0.2 
 
Hudbay                                                 Global            2,371                0.2 
 
SolGold                                                  Latin             346                  - 
                                                      America 
 
                                                               ---------------    --------------- 
 
                                                                       314,437               22.0 
 
                                                                     =========          ========= 
 
Gold 
 
Franco Nevada                                          Global           37,460                2.6 
 
Barrick Gold                                           Global           32,994                2.3 
 
Wheaton Precious Metals                                Global           32,472                2.3 
 
Newmont Corporation                                    Global           27,014                1.9 
 
Newcrest Mining                                   Australasia           19,719                1.4 
 
Northern Star Resources                           Australasia           17,160                1.2 
 
Endeavour Mining                                 Other Africa            9,119                0.6 
 
Agnico Eagle Mines                                     Canada            6,594                0.5 
 
Polymetal International                                 United           2,306                0.2 
                                                      Kingdom 
 
Polyus                                                 Russia                -                  - 
 
                                                               ---------------    --------------- 
 
                                                                       184,838               13.0 
 
                                                                     =========          ========= 
 
Steel 
 
ArcelorMittal*                                         Global           57,127                4.0 
 
Nucor                                                   United          28,520  }             2.0 
                                                       States 
 
Nucor Call Option 20/01/23 US$136                       United            (244) 
                                                       States 
 
Steel Dynamics                                          United          22,285                1.6 
                                                       States 
 
Stelco Holdings                                        Canada            7,457                0.5 
 
                                                               ---------------    --------------- 
 
                                                                       115,145                8.1 
 
                                                                     =========          ========= 
 
Industrial Minerals 
 
Sigma Lithium                                            Latin          15,728                1.1 
                                                      America 
 
Albemarle                                              Global           13,936                1.0 
 
Mineral Resources                                 Australasia           13,721                1.0 
 
Sociedad Quimica y Minera ADR                            Latin          13,506                1.0 
                                                      America 
 
Iluka Resources                                   Australasia           11,973                0.8 
 
Lynas Rare Earths                                 Australasia           10,191                0.7 
 
Chalice Mining                                    Australasia            7,602                0.5 
 
Sheffield Resources                               Australasia            5,945                0.4 
 
                                                               ---------------    --------------- 
 
                                                                        92,602                6.5 
 
                                                                     =========          ========= 
 
Aluminium 
 
Norsk Hydro                                            Global           30,036                2.1 
 
Alcoa                                                  Global           16,798                1.2 
 
                                                               ---------------    --------------- 
 
                                                                        46,834                3.3 
 
                                                                     =========          ========= 
 
Iron Ore 
 
Labrador Iron                                          Canada           24,172                1.7 
 
Champion Iron                                          Canada           14,546                1.0 
 
Deterra Royalties                                 Australasia            5,202                0.4 
 
Equatorial Resources                             Other Africa              313                  - 
 
                                                               ---------------    --------------- 
 
                                                                        44,233                3.1 
 
                                                                     =========          ========= 
 
Platinum Group Metals 
 
Bravo Mining                                             Latin          11,287                0.9 
                                                      America 
 
Northam Platinum                                       Global            6,050                0.4 
 
Impala Platinum                                  South Africa            6,011                0.4 
 
Sibanye Stillwater                               South Africa            3,768                0.3 
 
                                                               ---------------    --------------- 
 
                                                                        27,656                2.0 
 
                                                                     =========          ========= 
 
Nickel 
 
Nickel Mines                                        Indonesia           10,806                0.8 
 
Bindura Nickel                                         Global               60                  - 
 
Lifezone SPAC PIPE Commitment#                         Global                -                  - 
 
                                                               ---------------    --------------- 
 
                                                                        10,866                0.8 
 
                                                                     =========          ========= 
 
Mining Services 
 
Epiroc                                                 Global            6,184                0.4 
 
                                                               ---------------    --------------- 
 
                                                                         6,184                0.4 
 
                                                                     =========          ========= 
 
Uranium 
 
Cameco                                                 Canada            5,363                0.4 
 
                                                               ---------------    --------------- 
 
                                                                         5,363                0.4 
 
                                                                     =========          ========= 
 
Other 
 
Woodside Energy Group                             Australasia            3,638                0.3 
 
                                                               ---------------    --------------- 
 
                                                                         3,638                0.3 
 
                                                                     =========          ========= 
 
Zinc 
 
Titan Mining                                            United           2,007                0.1 
                                                       States 
 
                                                               ---------------    --------------- 
 
                                                                         2,007                0.1 
 
                                                                     =========          ========= 
 
Comprising:                                                          1,423,617              100.0 
 
                                                                     =========          ========= 
 
- Investments                                                        1,424,844              100.1 
 
- Options                                                               (1,227)              (0.1) 
 
                                                               ---------------    --------------- 
 
                                                                     1,423,617              100.0 
 
                                                                     =========          ========= 
 
*     Includes fixed income securities. 
 
#     Includes investments held at Directors' valuation. 
 
     Mining royalty contract. 
 
^     The investment in the Vale Debentures is illiquid and has been valued 
using secondary market pricing information provided by the Brazilian Financial 
and Capital Markets Association (ANBIMA). 
 
All investments are in equity shares unless otherwise stated. 
 
The total number of investments as at 31 December 2022 (including options 
classified as liabilities on the balance sheet) was 68 (31 December 2021: 56). 
 
As at 31 December 2022 the Company did not hold any equity interests in 
companies comprising more than 3% of a company's share capital. 
 
PORTFOLIO ANALYSIS AS AT 31 DECEMBER 2022 
 
Commodity Exposure1 
 
                     2022 portfolio    2021# portfolio     2022 Reference 
                                                                   Index* 
 
Diversified                                      39.5%              39.4% 
                              40.0% 
 
Copper                        22.0%              21.5%               9.3% 
 
Gold                          13.0%              16.4%              20.6% 
 
Steel                          8.1%               7.7%              16.5% 
 
Industrial                     6.5%               4.1%               2.4% 
Minerals 
 
Aluminium                      3.3%               3.3%               3.8% 
 
Iron Ore                       3.1%               2.8%               3.9% 
 
Platinum Group                 2.0%               3.1%               2.6% 
Metals 
 
Nickel                         0.8%               1.4%               0.1% 
 
Mining Services                0.4%               0.0%               0.1% 
 
Uranium                        0.4%               0.0%               0.0% 
 
Other&                         0.3%               0.0%               0.9% 
 
Zinc                           0.1%               0.2%               0.4% 
 
1     Based on index classifications. 
 
#     Represents exposure at 31 December 2021. 
 
*     MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (net total return). 
 
&     Represents a very small exposure. 
 
Geographic Exposure1 
 
                                                   2022 
 
Global                                            69.2% 
 
Australasia                                        9.0% 
 
Latin America                                      7.5% 
 
Other2                                             7.1% 
 
Canada                                             4.1% 
 
Other Africa (ex South                             2.4% 
Africa) 
 
South Africa                                       0.7% 
 
 
 
                                                   2021 
 
Global                                            69.9% 
 
Latin America                                      8.0% 
 
Other3                                             7.4% 
 
Australasia                                        6.3% 
 
South Africa                                       3.1% 
 
Other Africa (ex South                             3.1% 
Africa) 
 
Canada                                             2.2% 
 
1     Based on the principal commodity exposure and place of operation of each 
investment. 
 
2     Consists of Indonesia, Russia, United Kingdom and United States. 
 
3     Consists of Indonesia, Russia and United States. 
 
STRATEGIC REPORT 
 
The Directors present the Strategic Report of BlackRock World Mining Trust plc 
for the year ended 31 December 2022. The aim of the Strategic Report is to 
provide shareholders with the information to assess how the Directors have 
performed their duty to promote the success of the Company for the collective 
benefit of shareholders. 
 
The Chairman's Statement together with the Investment Manager's Report form 
part of this Strategic Report. The Strategic Report was approved by the Board 
at its meeting on 2 March 2023. 
 
Principal activities 
The Company carries on business as an investment trust and has a premium 
listing on the London Stock Exchange. Its principal activity is portfolio 
investment and that of its subsidiary, BlackRock World Mining Investment 
Company Limited (together the Group), is investment dealing. The Company was 
incorporated in England on 28 October 1993 and this is the 29th Annual Report. 
 
Investment trusts are pooled investment vehicles which allow exposure to a 
diversified range of assets through a single investment, thus spreading 
investment risk. 
 
Objective 
The Company's objective is to maximise total returns to shareholders through a 
worldwide portfolio of mining and metal securities. 
 
The Board recognises the importance of dividends to shareholders in achieving 
that objective, in addition to capital returns. 
 
Strategy, business model and investment policy 
Strategy 
The Company invests in accordance with the objective given above. The Board is 
collectively responsible to shareholders for the long-term success of the 
Company and is its governing body. There is a clear division of responsibility 
between the Board and BlackRock Fund Managers Limited (the Manager). Matters 
reserved for the Board include setting the Company's strategy, including its 
investment objective and policy, setting limits on gearing (both bank 
borrowings and the effect of derivatives), capital structure, governance and 
appointing and monitoring of the performance of service providers, including 
the Manager. 
 
Business model 
The Company's business model follows that of an externally managed investment 
trust. Therefore, the Company does not have any employees and outsources its 
activities to third-party service providers including the Manager who is the 
principal service provider. In accordance with the Alternative Investment Fund 
Managers' Directive (AIFMD), as implemented, retained and onshored in the UK, 
the Company is an Alternative Investment Fund (AIF). BlackRock Fund Managers 
Limited is the Company's Alternative Investment Fund Manager. 
 
The management of the investment portfolio and the administration of the 
Company have been contractually delegated to the Manager who in turn (with the 
permission of the Company) has delegated certain investment management and 
other ancillary services to BlackRock Investment Management (UK) Limited (the 
Investment Manager). The Manager, operating under guidelines determined by the 
Board, has direct responsibility for the decisions relating to the day-to-day 
running of the Company and is accountable to the Board for the investment, 
financial and operating performance of the Company. 
 
The Company delegates fund accounting services to the Manager, which in turn 
sub-delegates these services to The Bank of New York Mellon (International) 
Limited (BNYM) (the Fund Accountant) and also sub-delegates registration 
services to the Registrar, Computershare Investor Services PLC. Other service 
providers include the Depositary (also BNYM). Details of the contractual terms 
with these service providers and more details of sub-delegation arrangements in 
place governing custody services are set out in the Directors' Report in the 
Annual Report and Financial Statements. 
 
Investment policy 
The Company's investment policy is to provide a diversified investment in 
mining and metal securities worldwide actively managed with the objective of 
maximising total returns. While the policy is to invest principally in quoted 
securities, the Company's investment policy includes investing in royalties 
derived from the production of metals and minerals as well as physical metals. 
Up to 10% of gross assets may be held in physical metals. 
 
In order to achieve its objective, it is intended that the Group will normally 
be fully invested, which means at least 90% of the gross assets of the Company 
and its subsidiary will be invested in stocks, shares, royalties and physical 
metals. However, if such investments are deemed to be overvalued, or if the 
Manager finds it difficult to identify attractively priced opportunities for 
investment, then up to 25% of the Group's assets may be held in cash or cash 
equivalents. Risk is spread by investing in a number of holdings, many of which 
themselves are diversified businesses. 
 
The Group may occasionally utilise derivative instruments such as options, 
futures and contracts for difference, if it is deemed that these will, at a 
particular time or for a particular period, enhance the performance of the 
Group in the pursuit of its objectives. The Company is also permitted to enter 
into stock lending arrangements. 
 
As approved by shareholders in August 2013, the Group may invest in any single 
holding of quoted or unquoted investments that would represent up to 20% of 
gross assets at the time of acquisition. Although investments are principally 
in companies listed on recognised stock exchanges, the Company may invest up to 
20% of the Group's gross assets in investments other than quoted securities. 
Such investments include unquoted royalties, equities or bonds. In order to 
afford the Company the flexibility of obtaining exposure to metal and mining 
related royalties, it is possible that, in order to diversify risk, all or part 
of such exposure may be obtained directly or indirectly through a holding 
company, a fund or another investment or special purpose vehicle, which may be 
quoted or unquoted. The Board will seek the prior approval of shareholders to 
any unquoted investment in a single company, fund or special purpose vehicle or 
any single royalty which represents more than 10% of the Group's assets at the 
time of acquisition. 
 
In March 2015 the Board refined the guidelines associated with the Company's 
royalty strategy and proposed to maintain the 20% maximum exposure to royalties 
but the royalty/unquoted portfolio should itself deliver diversification across 
operator, country and commodity. To this end, new investments into individual 
royalties/unquoted investments should not exceed circa 3% of gross assets at 
the time of investment. Total exposure to any single operator, including other 
issued securities such as debt and/or equity, where greater than 30% of that 
operator's revenues come from the mine over which the royalty lies, must also 
not be greater than 3% at the time of investment. In addition, the guidelines 
require that the Investment Manager must, at the time of investment, manage 
total exposure to a single operator, via reducing exposure to listed securities 
if they are also held in the portfolio, in a timely manner where royalties/ 
unquoted investments are revalued upwards. In the jurisdictions where statutory 
royalties are possible (in countries where mineral rights are privately owned) 
these will be preferred and in respect of contractual royalties (a contractual 
obligation entered into by the operator and typically unsecured) the valuation 
must take into account the higher credit risk involved. Board approval will 
continue to be required for all royalty/unquoted investments. 
 
While the Company may hold shares in other listed investment companies 
(including investment trusts), the Company will not invest more than 15% of the 
Group's gross assets in other UK listed investment companies. 
 
The Group's financial statements are maintained in sterling. Although many 
investments are denominated and quoted in currencies other than sterling, the 
Board does not intend to employ a hedging strategy against fluctuations in 
exchange rates. 
 
No material change will be made to the investment policy without shareholder 
approval. 
 
Gearing 
The Investment Manager believes that tactical use of gearing can add value from 
time to time. This gearing is typically in the form of an overdraft or 
short-term loan facility, which can be repaid at any time or matched by cash. 
The level and benefit of gearing is discussed and agreed with the Board 
regularly. The Company may borrow up to 25% of the Group's net assets. The 
maximum level of gearing used during the year was 14.7% and, at the financial 
reporting date, net gearing (calculated as borrowings less cash and cash 
equivalents as a percentage of net assets) stood at 9.6% of shareholders' funds 
(2021: 9.9%). For further details on borrowings refer to note 14 in the 
Financial Statements and the Alternative Performance Measure in the Glossary, 
both contained in the Annual Report and Financial Statements. 
 
Portfolio analysis 
Information regarding the Company's investment exposures is contained within 
Section 2 (Portfolio), with information on the ten largest investments above, 
the investments listed above and portfolio analysis above. Further information 
regarding investment risk and activity throughout the year can be found in the 
Investment Manager's Report above. 
 
As at 31 December 2022, the Level 3 unquoted investments (see note 18 in the 
Financial Statements in the Annual Report and Financial Statements) in the OZ 
Minerals Brazil Royalty and preferred shares and equity shares of Jetti 
Resources and MCC Mining were held at Directors' valuation, representing a 
total of £56,891,000 (US$67,269,000) (2021: £33,412,000 (US$45,255,000)). 
Unquoted investments can prove to be more risky than listed investments. 
 
Continuation vote 
As agreed by shareholders in 1998, an ordinary resolution for the continuation 
of the Company is proposed at each Annual General Meeting. 2022 was another 
solid year with mining companies continuing down the path of capital 
discipline, balance sheets in strong shape and earnings and dividends exceeding 
expectations. The Directors remain confident on the value available in the 
sector and therefore recommend that shareholders vote in support of the 
Company's continuation. 
 
Performance 
Details of the Company's performance for the year are given in the Chairman's 
Statement above. The Investment Manager's Report above includes a review of the 
main developments during the year, together with information on investment 
activity within the Company's portfolio. 
 
Results and dividends 
The results for the Company are set out in the Consolidated Statement of 
Comprehensive Income. The total profit for the year, after taxation, was £ 
202,420,000 (2021: £192,470,000) of which £76,013,000 (2021: £78,910,000) is 
revenue profit. 
 
It is the Board's intention to distribute substantially all of the Company's 
available income. The Directors recommend the payment of a final dividend as 
set out in the Chairman's Statement above. Dividend payments/payable for the 
year ended 31 December 2022 amounted to £75,405,000 (2021: £78,331,000). 
 
Future prospects 
The Board's main focus is to maximise total returns over the longer term 
through investment in mining and metal assets. The outlook for the Company is 
discussed in both the Chairman's Statement and the Investment Manager's Report 
above. 
 
Employees, social, community and human rights issues 
As an investment trust, the Company has no direct social or community 
responsibilities or impact on the environment and the Company has not adopted 
an ESG investment strategy or exclusionary screens. However, the Directors 
believe that it is important and in shareholders' interests to consider human 
rights issues and environmental, social and governance factors when selecting 
and retaining investments. Details of the Company's approach to ESG integration 
are set out in the Annual Report and Financial Statements and details of the 
Manager's approach to ESG integration are set out in the Annual Report and 
Financial Statements. 
 
Modern Slavery Act 
As an investment vehicle, the Company does not provide goods or services in the 
normal course of business and does not have customers. The Investment Manager 
considers modern slavery as part of supply chains and labour management within 
the investment process. Accordingly, the Directors consider that the Company is 
not required to make any slavery or human trafficking statement under the 
Modern Slavery Act 2015. In any event, the Board considers the Company's supply 
chains, dealing predominantly with professional advisers and service providers 
in the financial services industry, to be low risk in relation to this matter. 
 
Directors, gender representation and employees 
The Directors of the Company are set out in the Directors' Biographies in the 
Annual Report and Financial Statements. The Board consists of three male 
Directors and two female Directors. The Company's policy on diversity is set 
out in the Annual Report and Financial Statements. The Company does not have 
any executive employees. 
 
Key performance indicators 
At each Board meeting, the Directors consider a number of performance measures 
to assess the Company's success in achieving its objectives. The key 
performance indicators (KPIs) used to measure the progress and performance of 
the Company over time and which are comparable to other investment trusts are 
set out below. As indicated in the footnote to the table, some of these KPIs 
fall within the definition of 'Alternative Performance Measures' under guidance 
issued by the European Securities and Markets Authority (ESMA) and additional 
information explaining how these are calculated is set out in the Glossary in 
the Annual Report and Financial Statements. Additionally, the Board regularly 
reviews the performance of the portfolio, as well as the net asset value and 
share price of the Company and compares this against various companies and 
indices. Information on the Company's performance is given in the Chairman's 
Statement above. 
 
                                                                        Year       Year 
                                                                      ended      ended 
                                                                          31         31 
                                                                   December   December 
                                                                       2022       2021 
 
Net asset value total return1,2                                       17.7%      20.7% 
 
Share price total return1,2                                           26.0%      17.5% 
 
Premium/(discount) to net asset value2                                 1.3%     (5.3)% 
 
Revenue earnings per share                                           40.68p     43.59p 
 
Total dividends per share                                            40.00p     42.50p 
 
Ongoing charges2,3                                                    0.95%      0.95% 
 
Ongoing charges on gross assets2,4                                    0.84%      0.84% 
 
                                                                   ========= ========= 
 
 
1     This measures the Company's NAV and share price total return, which 
assumes dividends paid by the Company have been reinvested. 
 
2     Alternative Performance Measures, see Glossary in the Annual Report and 
Financial Statements. 
 
3     Ongoing charges represent the management fee and all other operating 
expenses, excluding finance costs, direct transaction costs, custody 
transaction charges, VAT recovered, taxation, prior year expenses written back 
and certain non-recurring items, as a % of average daily net assets. 
 
4     Ongoing charges based on gross assets represent the management fee and 
all other operating expenses, excluding finance costs, direct transaction 
costs, custody transaction charges, VAT recovered, taxation, prior year 
expenses written back and certain non-recurring items, as a % of average daily 
gross assets. Gross assets are calculated based on net assets during the year 
before the deduction of the bank overdraft and loans. Ongoing charges based on 
gross assets are considered to be an appropriate performance measure as 
management fees are payable on gross assets (subject to certain adjustments and 
deductions). 
 
Principal risks 
The Company is exposed to a variety of risks and uncertainties. As required by 
the 2018 UK Corporate Governance Code (the UK Code), the Board has put in place 
a robust ongoing process to identify, assess and monitor the principal risks 
and emerging risks facing the Company including those that would threaten its 
business model. A core element of this process is the Company's risk register 
which identifies the risks facing the Company and assesses the likelihood and 
potential impact of each risk and the quality of controls operating to mitigate 
it. A residual risk rating is then calculated for each risk based on the 
outcome of the assessment. 
 
The risk register, its method of preparation and the operation of key controls 
in BlackRock's and third-party service providers' systems of internal control, 
are reviewed on a regular basis by the Audit Committee. In order to gain a more 
comprehensive understanding of BlackRock's and other third-party service 
providers' risk management processes and how these apply to the Company's 
business, BlackRock's internal audit department provides an annual presentation 
to the Audit Committee chairs of the BlackRock investment trusts setting out 
the results of testing performed in relation to BlackRock's internal control 
processes. The Audit Committee also periodically receives and reviews internal 
control reports from BlackRock and the Company's service providers. 
 
The Board has undertaken a robust assessment of both the principal and emerging 
risks facing the Company, including those that would threaten its business 
model, future performance, solvency or liquidity. Over the course of 2020 and 
through to the present time, the COVID-19 pandemic has given rise to 
unprecedented challenges for businesses across the globe. Additionally, the 
risk that unforeseen or unprecedented events including (but not limited to) 
heightened geo-political tensions such as the war in Ukraine, high inflation 
and the current cost of living crisis has had a significant impact on global 
markets. The Board has taken into consideration the risks posed to the Company 
by these events and incorporated these into the Company's risk register. The 
threat of climate change has also reinforced the importance of more sustainable 
practices and environmental responsibility for investee companies. 
 
Emerging risks are considered by the Board as they come into view and are 
incorporated into the existing review of the Company's risk register. They were 
also considered as part of the annual evaluation process. Additionally, the 
Manager considers emerging risks in numerous forums and the BlackRock Risk and 
Quantitative Analysis team produces an annual risk survey. Any material risks 
of relevance to the Company through the annual risk survey will be communicated 
to the Board. 
 
The Board will continue to assess these risks on an ongoing basis. In relation 
to the UK Code, the Board is confident that the procedures that the Company has 
put in place are sufficient to ensure that the necessary monitoring of risks 
and controls has been carried out throughout the reporting period. 
 
The principal risks and uncertainties faced by the Company during the financial 
year, together with the potential effects, controls and mitigating factors, are 
set out in the following table. 
 
Principal Risk                              Mitigation/Control 
 
Counterparty 
The potential loss that the Company could   Due diligence is undertaken before 
incur if a counterparty is unable (or       contracts are entered into and exposures 
unwilling) to perform on its commitments.   are diversified across a number of 
                                            counterparties. 
 
                                            The Depositary is liable for restitution 
                                            for the loss of financial instruments held 
                                            in custody unless able to demonstrate the 
                                            loss was a result of an event beyond its 
                                            reasonable control. 
 
Investment performance 
The returns achieved are reliant primarily  To manage this risk the Board: 
upon the performance of the portfolio. 
                                            ·        regularly reviews the Company's 
The Board is responsible for:               investment mandate and long-term strategy; 
                                            ·        has set investment restrictions 
·        deciding the investment strategy   and guidelines which the Investment Manager 
to fulfil the Company's objective; and      monitors and regularly reports on; 
·        monitoring the performance of the  ·       receives from the Investment 
Investment Manager and the implementation   Manager a regular explanation of stock 
of the investment strategy.                 selection decisions, portfolio exposure, 
                                            gearing and any changes in gearing, and the 
An inappropriate investment policy may lead rationale for the composition of the 
to:                                         investment portfolio; 
                                            ·        oversees the maintenance of an 
·        underperformance compared to the   adequate spread of investments in order to 
reference index;                            minimise the risks associated with 
·        a reduction or permanent loss of   particular countries or factors specific to 
capital; and                                particular sectors, based on the 
·        dissatisfied shareholders and      diversification requirements inherent in 
reputational damage.                        the investment policy; and 
                                            ·        receives and reviews regular 
                                            reports showing an analysis of the 
                                            Company's performance against other 
                                            indices, including the performance of major 
                                            companies in the sector. 
 
The Board is also cognisant of the          ESG analysis is integrated into the 
long-term risk to performance from          Manager's investment process as set out in 
inadequate attention to ESG issues and in   the Annual Report and Financial Statements. 
particular the impact of climate change.    This is overseen by the Board. 
 
Legal and regulatory compliance 
The Company has been approved by HM Revenue The Investment Manager monitors investment 
& Customs as an investment trust, subject   movements, the level and type of forecast 
to continuing to meet the relevant          income and expenditure and the amount of 
eligibility conditions, and operates as an  proposed dividends to ensure that the 
investment trust in accordance with Chapter provisions of Chapter 4 of Part 24 of the 
4 of Part 24 of the Corporation Tax Act     Corporation Tax Act 2010 are not breached. 
2010. As such, the Company is exempt from   The results are reported to the Board at 
corporation tax on capital gains tax on the each meeting. 
profits realised from the sale of its 
investments.                                Compliance with the accounting rules 
                                            affecting investment trusts is also 
Any breach of the relevant eligibility      carefully and regularly monitored. 
conditions could lead to the Company losing 
investment trust status and being subject   The Company Secretary, Manager and the 
to corporation tax on capital gains         Company's professional advisers provide 
realised within the Company's portfolio. In regular reports to the Board in respect of 
such event, the investment returns of the   compliance with all applicable rules and 
Company may be adversely affected.          regulations. The Board and the Manager also 
                                            monitor changes in government policy and 
A serious breach could result in the        legislation which may have an impact on the 
Company and/or the Directors being fined or Company. 
the subject of criminal proceedings or the 
suspension of the Company's shares which    The Company's Investment Manager, 
would in turn lead to a breach of the       BlackRock, at all times complies with the 
Corporation Tax Act 2010.                   sanctions administered by the UK Office of 
                                            Financial Sanctions Implementation, the 
Amongst other relevant laws, the Company is United States Treasury's Office of Foreign 
required to comply with the provisions of   Assets Control, the United Nations, 
the Companies Act 2006, the Alternative     European Union member states and any other 
Investment Fund Managers' Directive as      applicable regimes. 
implemented, retained and onshored in the 
UK (AIFMD), the UK Listing Rules, 
Disclosure Guidance and Transparency Rules 
and the Market Abuse Regulation (as 
retained and onshored in the UK). 
 
Market 
Market risk arises from volatility in the   The Board considers the diversification of 
prices of the Company's investments. It     the portfolio, asset allocation, stock 
represents the potential loss the Company   selection and levels of gearing on a 
might suffer through realising investments  regular basis and has set investment 
in the face of negative market movements.   restrictions and guidelines which are 
                                            monitored and reported on by the Investment 
Changes in general economic and market      Manager. 
conditions, such as currency exchange 
rates, interest rates, rates of inflation,  The Board monitors the implementation and 
industry conditions, tax laws, political    results of the investment process with the 
events and trends, can also substantially   Investment Manager. 
and adversely affect the securities and, as 
a consequence, the Company's prospects and  The Board also recognises the benefits of a 
share price.                                closed-end fund structure in extremely 
                                            volatile markets such as those experienced 
Market risk includes the potential impact   as a consequence of the COVID-19 pandemic 
of events which are outside the Company's   and the Russia/Ukraine conflict. Unlike 
control, including (but not limited to)     open-ended counterparts, closed-end funds 
heightened geo-political tensions and       are not obliged to sell-down portfolio 
military conflict, a global pandemic and    holdings at low valuations to meet 
high inflation.                             liquidity requirements for redemptions. 
                                            During times of elevated volatility and 
Companies operating in the sectors in which market stress, the ability of a closed-end 
the Company invests may be impacted by new  fund structure to remain invested for the 
legislation governing climate change and    long term enables the Investment Manager to 
environmental issues, which may have a      adhere to disciplined fundamental analysis 
negative impact on their valuation and      from a bottom-up perspective and be ready 
share price.                                to respond to dislocations in the market as 
                                            opportunities present themselves. 
 
                                            The Investment Manager seeks to understand 
                                            the Environmental, Social and Governance 
                                            (ESG) risks and opportunities facing 
                                            companies and industries in the portfolio. 
                                            The Company has not adopted an ESG 
                                            investment strategy and does not exclude 
                                            investment in stocks based on ESG criteria, 
                                            but the Investment Manager considers ESG 
                                            information when conducting research and 
                                            due diligence on new investments and again 
                                            when monitoring investments in the 
                                            portfolio. Further information on 
                                            BlackRock's approach to ESG integration can 
                                            be found in the Annual Report and Financial 
                                            Statements. 
 
Operational 
In common with most other investment trust  Due diligence is undertaken before 
companies, the Company has no employees.    contracts are entered into with third-party 
The Company therefore relies on the         service providers. Thereafter, the 
services provided by third-parties and is   performance of the provider is subject to 
dependent on the control systems of the     regular review and reported to the Board. 
Manager, the Depositary and Fund Accountant 
which maintain the Company's assets,        The Board reviews on a regular basis an 
dealing procedures and accounting records.  assessment of the fraud risks that the 
                                            Company could potentially be exposed to and 
The security of the Company's assets,       also a summary of the controls put in place 
dealing procedures, accounting records and  by the Manager, Depositary, Custodian, Fund 
adherence to regulatory and legal           Accountant and Registrar specifically to 
requirements depend on the effective        mitigate these risks. 
operation of the systems of these 
third-party service providers. There is a   Most third-party service providers produce 
risk that a major disaster, such as floods, Service Organisation Control (SOC 1) 
fire, a global pandemic, or terrorist       reports to provide assurance regarding the 
activity, renders the Company's service     effective operation of internal controls as 
providers unable to conduct business at     reported on by their reporting accountants. 
normal operating effectiveness.             These reports are provided to the Audit 
                                            Committee for review. The Committee would 
Failure by any service provider to carry    seek further representations from service 
out its obligations to the Company could    providers if not satisfied with the 
have a material adverse effect on the       effectiveness of their control environment. 
Company's performance. Disruption to the 
accounting, payment systems or custody      The Company's financial instruments held in 
records (including cyber security risk)     custody are subject to a strict liability 
could prevent the accurate reporting and    regime and, in the event of a loss of such 
monitoring of the Company's financial       financial instruments, the Depositary must 
position.                                   return financial assets of an identical 
                                            type or the corresponding amount, unless 
                                            able to demonstrate the loss was a result 
                                            of an event beyond its reasonable control. 
 
                                            The Board reviews the overall performance 
                                            of the Manager, Investment Manager and all 
                                            other third-party service providers on a 
                                            regular basis and compliance with the 
                                            Investment Management Agreement annually. 
 
                                            The Board also considers the business 
                                            continuity arrangements of the Company's 
                                            key service providers on an ongoing basis 
                                            and reviews these as part of its review of 
                                            the Company's risk register. In respect of 
                                            the risks which were posed by the COVID-19 
                                            pandemic in terms of the ability of service 
                                            providers to function effectively, the 
                                            Board received reports from key service 
                                            providers setting out the measures that 
                                            they had put in place to address the 
                                            crisis, in addition to their existing 
                                            business continuity framework. Having 
                                            considered these arrangements and reviewed 
                                            service levels, the Board is confident that 
                                            a good level of service has been and will 
                                            be maintained. 
 
Financial 
The Company's investment activities expose  Details of these risks are disclosed in 
it to a variety of financial risks which    note 18 to the Financial Statements in the 
include market risk, counterparty credit    Annual Report and Financial Statements, 
risk, liquidity risk and the valuation of   together with a summary of the policies for 
financial instruments.                      managing these risks. 
 
In the view of the Board, there have not been any changes to the fundamental 
nature of these risks and these principal risks and uncertainties are equally 
applicable for the current financial year. 
 
Viability statement 
In accordance with provision 31 of the 2018 UK Corporate Governance Code, the 
Directors have assessed the prospects of the Company over a longer period than 
the twelve months referred to by the 'Going Concern' guidelines. The Company is 
an investment trust with the objective of providing an attractive level of 
income return together with capital appreciation over the long term. 
 
The Directors expect the Company to continue for the foreseeable future and 
have therefore conducted this review for a period up to the Annual General 
Meeting in 2026. The Directors assess viability over a rolling three-year 
period as they believe it best balances the Company's long-term objective, its 
financial flexibility and scope, with the difficulty in forecasting economic 
conditions which could affect both the Company and its shareholders. The 
Company also undertakes a continuation vote every year with the next one taking 
place at the forthcoming Annual General Meeting. 
 
In making an assessment on the viability of the Company, the Board has 
considered the following: 
 
·        the impact of a significant fall in commodity markets on the value of 
the Company's investment portfolio; 
 
·        the ongoing relevance of the Company's investment objective, business 
model and investment policy in the prevailing market; 
 
·        the principal and emerging risks and uncertainties, as set out above, 
and their potential impact; 
 
·        the level of ongoing demand for the Company's shares; 
 
·        the Company's share price discount/premium to NAV; 
 
·        the liquidity of the Company's portfolio; and 
 
·        the level of income generated by the Company and future income and 
expenditure forecasts. 
 
The Directors have concluded that there is a reasonable expectation that the 
Company will continue in operation and meet its liabilities as they fall due 
over the period of their assessment based on the following considerations: 
 
·        the Investment Manager's compliance with the investment objective and 
policy, its investment strategy and asset allocation; 
 
·        the portfolio is liquid and mainly comprises readily realisable assets 
which continue to offer a range of investment opportunities for shareholders as 
part of a balanced investment portfolio; 
 
·        the operational resilience of the Company and its key service 
providers and their ability to continue to provide a good level of service for 
the foreseeable future; 
 
·        the effectiveness of business continuity plans in place for the 
Company and its key service providers; 
 
·        the ongoing processes for monitoring operating costs and income which 
are considered to be reasonable in comparison to the Company's total assets; 
 
·        the Board's discount management policy; and 
 
·        the Company is a closed-end investment company and therefore does not 
suffer from the liquidity issues arising from unexpected redemptions. 
 
In addition, the Board's assessment of the Company's ability to operate in the 
foreseeable future is included in the Going Concern Statement which can be 
found in the Directors' Report in the Annual Report and Financial Statements. 
 
Section 172 statement: Promoting the success of the Company 
The Companies (Miscellaneous Reporting) Regulations 2018 require directors of 
large companies to explain more fully how they have discharged their duties 
under Section 172(1) of the Companies Act 2006 in promoting the success of 
their companies for the benefit of members as a whole. This includes the likely 
consequences of their decisions in the longer term and how they have taken 
wider stakeholders' needs into account. 
 
The disclosure that follows covers how the Board has engaged with and 
understands the views of stakeholders and how stakeholders' needs have been 
taken into account, the outcome of this engagement and the impact that it has 
had on the Board's decisions. The Board considers the main stakeholders in the 
Company to be the Manager, Investment Manager and the shareholders. In addition 
to this, the Board considers investee companies and key service providers of 
the Company to be stakeholders; the latter comprise the Company's Depositary, 
Registrar, Fund Accountants and Brokers. 
 
                                     Stakeholders 
 
Shareholders          Manager and           Other key service     Investee companies 
                      Investment Manager    providers 
 
Continued shareholder The Board's main      In order for the      Portfolio holdings 
support and           working relationship  Company to function   are ultimately 
engagement are        is with the Manager,  as an investment      shareholders' assets 
critical to the       who is responsible    trust with a listing  and the Board 
continued existence   for the Company's     on the premium        recognises the 
of the Company and    portfolio management  segment of the        importance of good 
the successful        (including asset      official list of the  stewardship and 
delivery of its       allocation, stock and Financial Conduct     communication with 
long-term strategy.   sector selection) and Authority (FCA) and   investee companies in 
The Board is focused  risk management, as   trade on the London   meeting the Company's 
on fostering good     well as ancillary     Stock Exchange's      investment objective 
working relationships functions such as     (LSE) main market for and strategy. The 
with shareholders and administration,       listed securities,    Board monitors the 
on understanding the  secretarial,          the Board relies on a Manager's stewardship 
views of shareholders accounting and        diverse range of      arrangements and 
in order to           marketing services.   advisors for support  receives regular 
incorporate them into The Manager has       in meeting relevant   feedback from the 
the Board's strategy  sub-delegated         obligations and       Manager in respect of 
and objective in      portfolio management  safeguarding the      meetings with the 
maximising total      to the Investment     Company's assets. For management of 
returns to            Manager. Successful   this reason, the      investee companies. 
shareholders through  management of         Board considers the 
a worldwide portfolio shareholders' assets  Company's Depositary, 
of mining and metal   by the Investment     Registrar, Fund 
securities.           Manager is critical   Accountants and 
                      for the Company to    Brokers to be 
                      successfully deliver  stakeholders. The 
                      its investment        Board maintains 
                      strategy and meet its regular contact with 
                      objective. The        its key external 
                      Company is also       service providers and 
                      reliant on the        receives regular 
                      Manager as AIFM to    reporting from them 
                      provide support in    through the Board and 
                      meeting relevant      Committee meetings, 
                      regulatory            as well as outside of 
                      obligations under the the regular meeting 
                      AIFMD and other       cycle. 
                      relevant legislation. 
 
A summary of the key areas of engagement undertaken by the Board with its key 
stakeholders in the year under review and how Directors have acted upon this to 
promote the long-term success of the Company are set out in the table below. 
 
Area of      Issue                      Engagement                 Impact 
Engagement 
 
Investment   The Board is committed to  The Board worked closely   The portfolio activities 
mandate and  promoting the role and     with the Investment        undertaken by the 
objective    success of the Company in  Manager throughout the     Investment Manager can be 
             delivering on its          year in further developing found in their Report 
             investment mandate to      investment strategy and    above. The Investment 
             shareholders over the long underlying policies, not   Manager continues to 
             term.                      simply for the purpose of  actively look for 
                                        achieving the Company's    opportunities to grow 
             The Board also has         investment objective but   royalty exposure given it 
             responsibility to          in the interests of        is a key differentiator of 
             shareholders to ensure     shareholders and future    the Company and an 
             that the Company's         investors. In addition the effective mechanism to 
             portfolio of assets is     Company continues to seek  lock-in long-term income 
             invested in line with the  out new unquoted           which further diversifies 
             stated investment          investments which could    the Company's revenues. 
             objective and in a way     add long-term value. 
             that ensures an                                       Details regarding the 
             appropriate balance                                   Company's NAV and share 
             between spread of risk and                            price performance can be 
             portfolio returns.                                    found in the Chairman's 
                                                                   Statement above and in 
                                                                   this Strategic Report. 
 
Responsible  More than ever, the        The Board works closely    The Board and the 
investing    importance of good         with the Investment        Investment Manager believe 
             governance and             Manager to regularly       there is likely to be a 
             sustainability practices   review the Company's       positive correlation 
             are key factors in making  performance, investment    between strong ESG 
             investment decisions.      policy and strategy to     practices and investment 
             Climate change is becoming seek to ensure that the    performance over time. 
             a defining factor in       Company's investment       This is especially 
             companies' long-term       objective continues to be  important in mining given 
             prospects across the       met in an effective and    the long investment cycle 
             investment spectrum with   responsible way in the     and the impact of ESG 
             significant and lasting    interests of shareholders  practices on the ability 
             implications for economic  and future investors. The  of a mining company to 
             growth and prosperity. The Company has not adopted an maintain its social 
             mining industries in which ESG investment strategy    licence to operate. ESG is 
             the Company's investment   and does not exclude       one of the many factors 
             universe operate are       investment in stocks based that we look at and site 
             facing ethical and         on ESG criteria, but the   visits to companies' 
             sustainability issues that Board believes that        operations (when 
             cannot be ignored by asset responsible investment and circumstances permit) 
             managers and investment    sustainability are         provide valuable insights 
             companies alike.           integral to the            into their ESG practices. 
                                        longer-term delivery of    The Investment Manager has 
                                        the Company's success.     continued to engage with 
                                                                   investee companies 
                                        The Investment Manager's   virtually and has, where 
                                        approach to the            necessary, conducted 
                                        consideration of ESG       virtual site visits. 
                                        factors in respect of the 
                                        Company's portfolio, as    In 2020, BlackRock exited 
                                        well as the Investment     its active public debt and 
                                        Manager's engagement with  equity investment in 
                                        investee companies to      businesses generating 
                                        encourage sound corporate  greater than 25% of their 
                                        governance practices, are  revenue from thermal coal 
                                        kept under review by the   production due to the 
                                        Board. The Board also      heightened risks 
                                        expects to be informed by  associated with their 
                                        the Investment Manager of  economic activity. During 
                                        any sensitive voting       the year under review, the 
                                        issues involving the       Company has had no 
                                        Company's investments.     exposure to companies 
                                                                   whose principal activity 
                                        The Investment Manager     is the extraction of 
                                        reports to the Board in    thermal coal. 
                                        respect of its approach to 
                                        ESG integration; a summary Within the parameters of 
                                        of BlackRock's approach to the Company's existing 
                                        ESG integration is set out investment policy, the 
                                        in the Annual Report and   Investment Manager is 
                                        Financial Statements. The  continuing to look for 
                                        Investment Manager's       opportunities to deploy 
                                        approach to engagement     capital in growth 
                                        with investee companies    investments that should 
                                        and voting guidelines is   benefit from the energy 
                                        summarised in the Annual   transition. It is likely 
                                        Report and Financial       that this area will become 
                                        Statements and further     a more significant part of 
                                        detail is available on the the portfolio. 
                                        BlackRock website. 
 
Shareholders Continued shareholder      The Board is committed to  The Board values any 
             support and engagement are maintaining open channels  feedback and questions 
             critical to the continued  of communication and to    from shareholders ahead of 
             existence of the Company   engage with shareholders.  and during Annual General 
             and the successful         The Company welcomes and   Meetings in order to gain 
             delivery of its long-term  encourages attendance and  an understanding of their 
             strategy.                  participation from         views and will take action 
                                        shareholders at its Annual when and as appropriate. 
                                        General Meetings.          Feedback and questions 
                                        Shareholders will have the will also help the Company 
                                        opportunity to meet the    evolve its reporting, 
                                        Directors and Investment   aiming to make reports 
                                        Manager and to address     more transparent and 
                                        questions to them          understandable. 
                                        directly. The Investment 
                                        Manager will also provide  Feedback from all 
                                        a presentation on the      substantive meetings 
                                        Company's performance and  between the Investment 
                                        the outlook for the mining Manager and shareholders 
                                        sector.                    will be shared with the 
                                                                   Board. The Directors will 
                                        The Annual Report and Half also receive updates from 
                                        Yearly Financial Report    the Company's broker and 
                                        are available on the       Kepler, marketing 
                                        BlackRock website and are  consultants, on any 
                                        also circulated to         feedback from 
                                        shareholders either in     shareholders, as well as 
                                        printed copy or via        share trading activity, 
                                        electronic communications. share price performance 
                                        In addition, regular       and an update from the 
                                        updates on performance,    Investment Manager. 
                                        monthly factsheets, the 
                                        daily NAV and other        The portfolio management 
                                        information are also       team attended a number of 
                                        published on the website   professional investor 
                                        at www.blackrock.com/uk/   meetings (many by video 
                                        brwm.                      conference) and held 
                                                                   discussions with a number 
                                        The Board also works       of wealth management desks 
                                        closely with the Manager   and offices in respect of 
                                        to develop the Company's   the Company during the 
                                        marketing strategy with    year under review. 
                                        the aim of ensuring 
                                        effective communication    Portfolio holdings are 
                                        with shareholders.         ultimately shareholders' 
                                                                   assets and the Board 
                                        Unlike trading companies,  recognises the importance 
                                        one-to-one shareholder     of good stewardship and 
                                        meetings normally take the communication with 
                                        form of a meeting with the investee companies in 
                                        Investment Manager as      meeting the Company's 
                                        opposed to members of the  investment objective and 
                                        Board. The Company's       strategy. The Board 
                                        willingness to enter into  monitors the Manager's 
                                        discussions with           stewardship arrangements 
                                        institutional shareholders and receives regular 
                                        is also demonstrated by    feedback from the 
                                        the programmes of          Investment Manager in 
                                        institutional              respect of meetings with 
                                        presentations by the       the management of 
                                        Investment Manager.        portfolio companies. 
 
                                        If shareholders wish to 
                                        raise issues or concerns 
                                        with the Board, they are 
                                        welcome to do so at any 
                                        time. The Chairman is 
                                        available to meet directly 
                                        with shareholders 
                                        periodically to understand 
                                        their views on governance 
                                        and the Company's 
                                        performance where they 
                                        wish to do so. He may be 
                                        contacted via the Company 
                                        Secretary whose details 
                                        are given in the Annual 
                                        Report and Financial 
                                        Statements. 
 
Management   The Board recognises the   The Board monitors the     The Board continues to 
for share    importance to shareholders Company's discount on an   monitor the Company's 
rating       that the market price of   ongoing basis and receives premium/discount to NAV 
             the Company's shares       regular updates from the   and will look to issue or 
             should not trade at either Manager and the Company's  buy back shares if it is 
             a significant discount or  Brokers regarding the      deemed to be in the 
             premium to their           level of discount. The     interests of shareholders 
             prevailing NAV. The Board  Board believes that the    as a whole. The Company 
             believes this may be       best way of maintaining    participates in a focused 
             achieved by the use of     the share rating at an     investment trust sales and 
             share buyback powers and   optimal level over the     marketing initiative 
             the issue of shares.       long term is to create     operated by the Manager on 
                                        demand for the shares in   behalf of the investment 
                                        the secondary market. To   trusts under its 
                                        this end, the Investment   management. Further 
                                        Manager is devoting        details are set out in the 
                                        considerable effort to     Annual Report and 
                                        broadening the awareness   Financial Statements. 
                                        of the Company, 
                                        particularly to wealth     During the financial year 
                                        managers and to the wider  the Company reissued 
                                        retail market.             5,071,920 shares from 
                                                                   treasury. A further 
                                        In addition, the Board has 150,000 shares have been 
                                        worked closely with the    reissued from treasury 
                                        Manager to develop the     since the year end. As at 
                                        Company's marketing        28 February 2023 the 
                                        strategy, with the aim of  Company's shares were 
                                        ensuring effective         trading at a discount of 
                                        communication with         0.2% to the cum income 
                                        existing shareholders and  NAV. 
                                        to attract new 
                                        shareholders to the 
                                        Company in order to 
                                        improve liquidity in the 
                                        Company's shares and to 
                                        sustain the share rating 
                                        of the Company. 
 
Service      The Board acknowledges the The Manager reports to the All performance 
levels of    importance of ensuring     Board on the Company's     evaluations were performed 
third-party  that the Company's         performance on a regular   on a timely basis and the 
providers    principal suppliers are    basis. The Board carries   Board concluded that all 
             providing a suitable level out a robust annual        third-party service 
             of service, including the  evaluation of the          providers, including the 
             Investment Manager in      Manager's performance,     Manager and Investment 
             respect of investment      their commitment and       Manager, were operating 
             performance and delivering available resources.       effectively and providing 
             on the Company's                                      a good level of service. 
             investment mandate; the    The Board performs an 
             Custodian and Depositary   annual review of the       The Board has received 
             in respect of their duties service levels of all      updates in respect of 
             towards safeguarding the   third-party service        business continuity 
             Company's assets; the      providers and concludes on planning from the 
             Registrar in its           their suitability to       Company's Manager, 
             maintenance of the         continue in their role.    Custodian, Depositary, 
             Company's share register   The Board receives regular Fund Accountant, Registrar 
             and dealing with investor  updates from the AIFM,     and Printer and is 
             queries; and the Company's Depositary, Registrar and  confident that 
             Brokers in respect of the  Brokers on an ongoing      arrangements are in place 
             provision of advice and    basis.                     to ensure a good level of 
             acting as a market maker                              service will continue to 
             for the Company's shares.  The Board has also worked  be provided and that 
                                        closely with the Manager   measures are in place so 
                                        to gain comfort that       that working remotely, 
                                        relevant business          which occurred during the 
                                        continuity plans are       COVID-19 pandemic, can be 
                                        operating effectively for  reinstated. 
                                        all of the Company's key 
                                        service providers. 
 
Board        The Board is committed to  All Directors are subject  As at the date of this 
composition  ensuring that its own      to a formal evaluation     report, the Board was 
             composition brings an      process on an annual basis comprised of three men and 
             appropriate balance of     (more details and the      two women. Under the AIC 
             knowledge, experience and  conclusions of the 2022    Code the tenure of a 
             skills, and that it is     evaluation process are     director who is elevated 
             compliant with best        given in the Annual Report to Chairman may be 
             corporate governance       and Financial Statements). extended by three years. 
             practice under the UK      All Directors stand for    The Board has decided that 
             Code, including guidance   re-election by             this extension should 
             on tenure and the          shareholders annually.     apply to Mr Cheyne's 
             composition of the Board's                            tenure which will 
             committees.                Shareholders may attend    therefore be extended 
                                        the Annual General Meeting until the Annual General 
                                        and raise any queries in   Meeting in the Spring of 
                                        respect of Board           2024. Mr Edey, who will be 
                                        composition or individual  reaching his nine year 
                                        Directors in person or may tenure in May, will not be 
                                        contact the Company        seeking re-election at the 
                                        Secretary or the Chairman  forthcoming Annual General 
                                        using the details provided Meeting. The Board is 
                                        in the Annual Report and   currently undertaking a 
                                        Financial Statements with  review of succession 
                                        any issues.                planning arrangements 
                                                                   having identified the need 
                                                                   for a new Director when Mr 
                                                                   Edey retires. Details of 
                                                                   each Director's 
                                                                   contribution to the 
                                                                   success and promotion of 
                                                                   the Company are set out in 
                                                                   the Directors' Report in 
                                                                   the Annual Report and 
                                                                   Financial Statements and 
                                                                   details of the Directors' 
                                                                   biographies can be found 
                                                                   in the Annual Report and 
                                                                   Financial Statements. 
 
                                                                   The Directors are not 
                                                                   aware of any issues that 
                                                                   have been raised directly 
                                                                   by shareholders in respect 
                                                                   of Board composition in 
                                                                   the year under review. 
                                                                   Details for the proxy 
                                                                   voting results in favour 
                                                                   and against individual 
                                                                   Directors' re-election at 
                                                                   the 2022 Annual General 
                                                                   Meeting are given on the 
                                                                   Manager's website at 
                                                                   www.blackrock.com/uk/brwm. 
 
ENVIRONMENTAL, SOCIAL AND GOVERNANCE ISSUES AND APPROACH 
The Board's approach 
Environmental, Social and Governance (ESG) issues can present both 
opportunities and threats to long term investment performance. The Company's 
investment universe comprises sectors that are undergoing significant 
structural change and are likely to be highly impacted by increasing regulation 
as a result of climate change and other social and governance factors. Your 
Board is committed to ensuring that we have appointed a Manager that integrates 
ESG considerations into its investment process, and has the skill to navigate 
the structural transition that the Company's investment universe is undergoing. 
The Board believes effective engagement with company management is, in most 
cases, the most effective way of driving meaningful change in the behaviour of 
investee company management. While the Company does not have an ESG or impact 
focused investment strategy or apply exclusionary screens, as a general 
approach the Company will not invest in companies which have high ESG risks and 
no plans to address existing deficiencies. Where the Board is not satisfied 
that an investee company is taking steps to address matters of an ESG nature, 
it may discuss with the Manager how this situation might be resolved, including 
potentially by a full disposal of shares. 
 
ESG integration does not change the Company's investment objective or constrain 
the Investment Manager's investable universe, and does not mean that an ESG or 
impact focused investment strategy or any exclusionary screens have been or 
will be adopted by the Company. Similarly, ESG integration does not determine 
the extent to which the Company may be impacted by sustainability risks. More 
information on BlackRock's global approach to ESG integration, as well as 
activity specific to the BlackRock World Mining Trust plc portfolio is set out 
below. 
 
The Company does not meet the criteria for Article 8 or 9 products under the EU 
Sustainable Finance Disclosure Regulation (SFDR) and the investments underlying 
this financial product do not take into account the EU criteria for 
environmentally sustainable economic activities. The Investment Manager has 
access to a range of data sources, including principal adverse indicator (PAI) 
data, when making decisions on the selection of investments. However, whilst 
BlackRock considers ESG risks for all portfolios and these risks may coincide 
with environmental or social themes associated with the PAIs, the Company does 
not commit to considering PAIs in driving the selection of its investments. 
Additional information on ESG integration, sustainability risk and SFDR is set 
out in the AIFMD Fund Disclosures available on the Company's website. 
 
BlackRock World Mining Trust plc - BlackRock Investment Stewardship engagement 
with portfolio companies in 2022 
Given the Board's belief in the importance of engagement and communication with 
portfolio companies, they receive regular updates from the Investment Manager 
in respect of activity undertaken for the year under review. The Investment 
Manager engages with company management teams and undertakes company meetings 
to identify the best management teams with the ability to create value for 
shareholders over the long term. In addition, BlackRock also has a separate 
BlackRock Investment Stewardship (BIS) team. Consistent with BlackRock's 
fiduciary duty as an asset manager, BIS seeks to support investee companies in 
their efforts to deliver long-term durable financial performance on behalf of 
BlackRock's clients. BIS engages with investee companies to build its 
understanding of these companies' approach to addressing material risks and 
opportunities. The Board notes that over the year to 31 December 2022, 58 total 
company engagements were held with the management teams of 37 portfolio 
companies representing 55% of the portfolio by value at 31 December 2022. To 
put this into context, there were 69 companies in the BlackRock World Mining 
Trust plc portfolio at 31 December 2022. Additional information is set out in 
the table below and charts in the Annual Report and Financial Statements as 
well as the key engagement themes for the meetings held in respect of the 
Company's portfolio holdings. 
 
                                                                            Year ended 
                                                                           31 December 
                                                                                  2022 
 
Number of engagements held                                                          58 
 
Number of companies met                                                             37 
 
% of equity investments covered                                                     55 
 
Shareholder meetings voted at                                                       61 
 
Number of proposals voted on                                                       648 
 
Number of votes against management                                                  36 
 
% of total votes represented by votes against management                           5.2 
 
                                                                             ========= 
 
Source: Institutional Shareholder Services as at 31 December 2022. 
 
The importance and challenges of considering ESG when investing in the Natural 
Resources Sector and Blackrock's approach to ESG integration 
 
         Environmental              Social                     Corporate Governance 
 
Impact   As well as the longer-term BlackRock believes it is   As with all companies, 
         contribution to carbon     vital that natural         good corporate governance 
         emissions and the impact   resources companies        is especially critical for 
         on the environment, the    maintain their social      natural resources 
         activities undertaken by   licence to operate. BIS'   companies. The performance 
         many companies in the      Global Principles          and effectiveness of the 
         portfolio such as digging  underscore our belief that board is critical to the 
         mines will inevitably have companies are best placed  success of a company, the 
         an impact on local         to deliver value for       protection of 
         surroundings. It is        long-term shareholders     shareholders' interests, 
         important how companies    like BlackRock's clients   and long-term shareholder 
         manage this process and    when they also consider    value creation. Governance 
         ensure that an appropriate the interests of their     issues, including the 
         risk oversight framework   other key stakeholders,    management of material 
         is in place, with          which generally will       sustainability issues that 
         consideration given to all include workers, business  have a significant impact 
         stakeholders. The          partners (such as          for natural resources 
         significant fall in the    suppliers and              companies, all require 
         market cap of companies    distributors), clients and effective leadership and 
         like Vale, after the       consumers, government and  oversight from a company's 
         Brumadinho dam collapse,   the communities in which   board. 
         highlights the key role    they operate.              We believe companies with 
         that ESG has on share      In our experience,         experienced, engaged and 
         price performance.         companies that build       diverse directors, who are 
         BlackRock's approach to    strong relationships with  effective in actively 
         climate risk and           their stakeholders are     advising and overseeing 
         opportunities and the      more likely to meet their  management as a board, are 
         global energy transition   own strategic objectives,  well-positioned to deliver 
         is based on our role as a  while poor relationships   long-term value creation. 
         fiduciary to our clients.  may create adverse impacts 
         As the world works toward  that expose a company to 
         a transition to a          legal, regulatory, 
         low-carbon economy, we are operational and 
         interested in hearing from reputational risks and 
         companies about their      jeopardise their ability 
         strategies and plans for   to deliver sustainable, 
         responding to the          long-term financial 
         challenges and capturing   performance. 
         the opportunities that 
         this transition creates. 
         When companies consider 
         climate-related risks, it 
         is likely that they will 
         also assess their impact 
         and dependence on natural 
         capital. 
 
BIS held 3,693 engagements with 2,464 unique companies globally between 1 July 
2021 and 30 June 2022. Globally, BIS voted on behalf of those clients who 
authorised us to do so, at more than 18,000 shareholder meetings on more than 
173,000 proposals. Similar to previous years, shareholder proposals represented 
less than 1% of the total proposals BIS voted on during in the year to 30 June 
2022. More detail can be found at: www.blackrock.com/corporate/literature/ 
publication/2022-investment-stewardship-voting-spotlight.pdf 
 
           Environmental                   Social                     Corporate Governance 
 
BIS -      BIS held 2,058 engagements on   BIS held 1,283 engagements BIS centers our 
Examples   climate and natural capital     related to company impacts stewardship work in 
of         topics.                         on people.                 corporate governance. That 
approach   BIS voted to signal concerns    In the year to 30 June     is why board quality and 
to voting  about climate action or         2022, BIS voted on 200     effectiveness remain a top 
and        disclosure at 234 companies     shareholder proposals      engagement priority, and a 
engagement (321 last year). BIS did not    related to social issues.  key factor in the majority 
across ESG support the election of 176     BIS supported 38           of votes cast on behalf of 
categories directors for climate-related   shareholder proposals      clients. 
(year      concerns (254 last year).       relating to company        BIS held 2,326 engagements 
ended 30   In the year to 30 June 2022,    impacts on people          on board quality and 
June 2022) BIS continued to focus its      (social-related proposals) effectiveness; 2,115 
1          stewardship efforts where the   out of 200, i.e.,          focused on strategy, 
           energy transition is likely to  approximately 19%.         purpose and financial 
           materially impact a company's                              resilience; and 1,352 on 
           performance. To that end, the                              incentives aligned with 
           BIS Climate Focus Universe,                                value creation. 
           which includes over 1,000                                  Like last year, the 
           carbon-intensive public                                    leading reasons for BIS 
           companies, represents nearly                               not supporting director 
           90% of the global scope 1 and 2                            elections in the year to 
           GHG emissions of the companies                             30 June 2022 - and 
           in which BlackRock invests on                              management proposals more 
           behalf of our clients. More                                broadly - were 
           detail can be found at                                     governance-related: 1) 
           www.blackrock.com/corporate/                               lack of board 
           literature/publication/                                    independence, 2) lack of 
           blk-climate-focus-universe.pdf.                            board diversity, 3) 
                                                                      directors having too many 
                                                                      board commitments and 4) 
                                                                      executive compensation 
                                                                      that was not aligned with 
                                                                      company strategy or 
                                                                      long-term performance. 
                                                                      BIS did not support 1,521 
                                                                      companies globally over 
                                                                      concerns about board 
                                                                      independence. 
                                                                      BIS did not support 936 
                                                                      companies globally for 
                                                                      concerns related to board 
                                                                      diversity. 
                                                                      BIS did not support 661 
                                                                      companies globally for 
                                                                      concerns related to 
                                                                      overcommitment. 
                                                                      BIS did not support 576 
                                                                      companies due to concerns 
                                                                      over compensation. 
 
1     The data in this table applies to BIS' engagements globally. Most 
engagement conversations cover multiple topics. BIS' engagement statistics 
reflect the primary topics discussed during the meeting. More detail can be 
found at: www.blackrock.com/corporate/literature/publication/ 
2022-investment-stewardship-voting-spotlight.pdf 
 
BlackRock's approach to ESG integration 
BlackRock believes that sustainability risk - and climate risk in particular - 
now equates to investment risk, and this will drive a profound reassessment of 
risk and asset values as investors seek to react to the impact of climate 
policy changes. This in turn (in BlackRock's view) is likely to drive a 
significant reallocation of capital away from traditional carbon intensive 
industries over the next decade. BlackRock believes that carbon-intensive 
companies will play an integral role in unlocking the full potential of the 
energy transition, and to do this, they must be prepared to adapt, innovate and 
pivot their strategies towards a low carbon economy. 
 
As part of BlackRock's structured investment process, ESG risks and 
opportunities (including sustainability/climate risk) are considered within the 
portfolio management team's fundamental analysis of companies and industries. 
ESG factors are an important consideration of the BlackRock Natural Resources 
Team's investment process and the Company's portfolio managers work closely 
with BIS to assess the governance quality of companies and understand any 
potential issues, risks or opportunities. 
 
As part of their approach to ESG integration, the portfolio managers use ESG 
information when conducting research and due diligence on new investments and 
again when monitoring investments in the portfolio. In particular, portfolio 
managers now have access to 1,200 key ESG performance indicators in Aladdin 
(BlackRock's proprietary trading system) from third-party data providers. 
BlackRock's internal sustainability research framework scoring is also 
available alongside third-party ESG scores in core portfolio management tools. 
BlackRock's analysts' sector expertise and local market knowledge allows it to 
engage with companies through direct interaction with management teams and 
conducting site visits. In conjunction with the portfolio management team, BIS 
meets with boards of companies frequently to evaluate how they are 
strategically managing their longer-term issues, including those surrounding 
ESG and the potential impact these may have on company financials. BIS's and 
the portfolio management team's understanding of ESG issues is further 
supported by BlackRock's Sustainable and Transition Solutions (STS) function. 
STS looks to advance ESG research and integration, active engagement and the 
development of sustainable investment solutions across the firm. 
 
Investment stewardship 
Consistent with BlackRock's fiduciary duty as an asset manager, BIS seeks to 
support investee companies in their efforts to deliver long-term durable 
financial performance on behalf of our clients. These clients include public 
and private pension plans, governments, insurance companies, endowments, 
universities, charities and, ultimately, individual investors, among others. 
BIS serves as an important link between BlackRock's clients and the companies 
they invest in. Clients depend on BlackRock to help them meet their investment 
goals; the business and governance decisions that companies make will have a 
direct impact on BlackRock's clients' long-term investment outcomes and 
financial well-being. 
 
Global principles 
BlackRock's approach to corporate governance and stewardship is comprised in 
BIS' Global Principles and market-specific voting guidelines. BIS' policies set 
out the core elements of corporate governance that guide its investment 
stewardship activities globally and within each regional market, including when 
voting at shareholder meetings for those clients who have authorised BIS to 
vote on their behalf. Each year, BIS reviews its policies and updates them as 
necessary to reflect changes in market standards and regulations, insights 
gained over the year through third-party and its own research, and feedback 
from clients and companies. BIS' Global Principles are available on its website 
at www.blackrock.com/corporate/literature/fact-sheet/ 
blk-responsible-investment-engprinciples-global.pdf 
 
Market-specific proxy voting guidelines 
BIS' voting guidelines are intended to help clients and companies understand 
its thinking on key governance matters. They are the benchmark against which it 
assesses a company's approach to corporate governance and the items on the 
agenda to be voted on at a shareholder meeting. BIS applies its guidelines 
pragmatically, taking into account a company's unique circumstances where 
relevant. BlackRock informs voting decisions through research and engages as 
necessary. BIS reviews its voting guidelines annually and updates them as 
necessary to reflect changes in market standards, evolving governance practice 
and insights gained from engagement over the prior year. 
 
BIS' market-specific voting guidelines are available on its website at 
www.blackrock.com/corporate/about-us/investment-stewardship# 
stewardship-policies 
 
BlackRock is committed to transparency in terms of disclosure on its 
stewardship activities on behalf of clients. BIS publishes its stewardship 
policies - such as the Global Principles, engagement priorities, and voting 
guidelines - to help BlackRock's clients understand its work to advance their 
interests as long-term investors in public companies. Additionally, BIS 
published both annual and quarterly reports detailing its stewardship 
activities, as well as vote bulletins that describe its rationale for certain 
votes at high profile shareholder meetings. 
 
More detail in respect of BIS reporting can be found at www.blackrock.com/ 
corporate/about-us/investment-stewardship 
 
BlackRock's reporting and disclosures 
In terms of its own reporting, BlackRock believes that the Sustainability 
Accounting Standards Board provides a clear set of standards for reporting 
sustainability information across a wide range of issues, from labour practices 
to data privacy to business ethics. For evaluating and reporting 
climate-related risks, as well as the related governance issues that are 
essential to managing them, the Task Force on Climate-related Financial 
Disclosures (TCFD) provides a valuable framework. BlackRock recognises that 
reporting to these standards requires significant time, analysis, and effort. 
BlackRock's 2021 TCFD report can be found at www.blackrock.com/corporate/ 
literature/continuous-disclosure-and-important-information/ 
tcfd-report-2021-blkinc.pdf 
 
BY ORDER OF THE BOARD 
CAROLINE DRISCOLL 
FOR AND ON BEHALF OF 
BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED 
Company Secretary 
2 March 2023 
 
RELATED PARTY TRANSACTIONS 
 
The Board currently consists of five non-executive Directors all of whom are 
considered to be independent by the Board. None of the Directors has a service 
contract with the Company. The Chairman receives an annual fee of £49,350, the 
Chairman of the Audit Committee/Senior Independent Director receives an annual 
fee of £41,475, and each other Director receives an annual fee of £33,600. All 
five members of the Board hold shares in the Company. Mr Cheyne holds 35,000 
ordinary shares, Mr Edey holds 20,000 ordinary shares, Ms Lewis holds 5,362 
ordinary shares, Ms Mosely holds 7,400 ordinary shares and Mr Venkatakrishnan 
holds 1,000 ordinary shares. The amount of Directors' fees outstanding at 31 
December 2022 was £16,000 (2021: £14,375). 
 
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE ANNUAL REPORT AND 
FINANCIAL STATEMENTS 
 
The Directors are responsible for preparing the Annual Report and Financial 
Statements in accordance with applicable law and regulations. Company law 
requires the Directors to prepare financial statements for each financial year. 
Under that law, the Directors are required to prepare the financial statements 
in accordance with UK-adopted International Accounting Standards (IAS). 
 
Under Company law, the Directors must not approve the financial statements 
unless they are satisfied that they give a true and fair view of the state of 
affairs of the Group and Company and of the profit or loss of the Group for 
that period. In preparing those financial statements, the Directors are 
required to: 
 
·        present fairly the financial position, financial performance and cash 
flows of the Group and Company; 
 
·        select suitable accounting policies in accordance with IAS 8: 
Accounting Policies, Changes in Accounting Estimates and Errors and then apply 
them consistently; 
 
·        present information, including accounting policies, in a manner that 
provides relevant, reliable, comparable and understandable information; 
 
·        make judgements and estimates that are reasonable and prudent; 
 
·        state whether the financial statements have been prepared in 
accordance with UK-adopted IAS, subject to any material departures disclosed 
and explained in the financial statements; 
 
·        provide additional disclosures when compliance with the specific 
requirements in accordance with UK-adopted IAS is insufficient to enable users 
to understand the impact of particular transactions, other events and 
conditions on the Group's and Company's financial position and financial 
performance; and 
 
·        prepare the financial statements on the going concern basis unless it 
is inappropriate to presume that the Group and Company will continue in 
business. 
 
The Directors are responsible for keeping adequate accounting records that are 
sufficient to show and explain the Group's and Company's transactions and 
disclose with reasonable accuracy at any time the financial position of the 
Group and Company and enable them to ensure that the financial statements 
comply with the Companies Act 2006. 
 
They are also responsible for safeguarding the assets of the Company and hence 
for taking reasonable steps for the prevention and detection of fraud and other 
irregularities. 
 
The Directors are also responsible for preparing the Strategic Report, 
Directors' Report, the Directors' Remuneration Report, the Corporate Governance 
Statement and the Report of the Audit Committee in accordance with the 
Companies Act 2006 and applicable regulations, including the requirements of 
the Listing Rules and the Disclosure Guidance and Transparency Rules. The 
Directors have delegated responsibility to the Manager for the maintenance and 
integrity of the Company's corporate and financial information included on the 
BlackRock website. Legislation in the United Kingdom governing the preparation 
and dissemination of financial statements may differ from legislation in other 
jurisdictions. 
 
Each of the Directors, whose names are listed in the Annual Report and 
Financial Statements, confirm to the best of their knowledge that: 
 
·        the financial statements, which have been prepared in accordance with 
UK-adopted IAS, give a true and fair view of the assets, liabilities, financial 
position and net return of the Group and Company; and 
 
·        the Strategic Report contained in the Annual Report and Financial 
Statements includes a fair review of the development and performance of the 
business and the position of the Group and Company, together with a description 
of the principal risks and uncertainties that it faces. 
 
The 2018 UK Corporate Governance Code also requires Directors to ensure that 
the Annual Report and Financial Statements are fair, balanced and 
understandable. In order to reach a conclusion on this matter, the Board has 
requested that the Audit Committee advise on whether it considers that the 
Annual Report and Financial Statements fulfil these requirements. The process 
by which the Committee has reached these conclusions is set out in the Audit 
Committee's Report in the Annual Report and Financial Statements. As a result, 
the Board has concluded that the Annual Report and Financial Statements for the 
year ended 31 December 2022, taken as a whole, are fair, balanced and 
understandable and provide the information necessary for shareholders to assess 
the Group's and Company's position, performance, business model and strategy. 
 
FOR AND ON BEHALF OF THE BOARD 
DAVID CHEYNE 
Chairman 
2 March 2023 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARED 31 
DECEMBER 2022 
 
                                                           2022                                               2021 
 
                                            Revenue          Capital            Total          Revenue          Capital            Total 
                             Notes            £'000            £'000            £'000            £'000            £'000            £'000 
 
Income from investments          3           78,087              811           78,898           80,558                 -          80,558 
held at fair value through 
profit or loss 
 
Other income                     3            7,909                -            7,909            7,118                -            7,118 
 
                                    ---------------  ---------------  ---------------  ---------------  ---------------  --------------- 
 
Total revenue                                85,996              811           86,807           87,676                -           87,676 
 
                                          =========        =========        =========        =========        =========        ========= 
 
Net profit on investments                         -          152,937          152,937                -          122,374          122,374 
held at fair value through 
profit or loss 
 
Net loss on foreign                               -          (17,645)         (17,645)               -           (1,696)          (1,696) 
exchange 
 
                                    ---------------  ---------------  ---------------  ---------------  ---------------  --------------- 
 
Total                                        85,996          136,103          222,099           87,676          120,678          208,354 
 
                                          =========        =========        =========        =========        =========        ========= 
 
Expenses 
 
Investment management fee        4           (2,615)          (8,031)         (10,646)          (2,252)          (6,978)          (9,230) 
 
Other operating expenses         5           (1,037)             (28)          (1,065)          (1,034)              (9)          (1,043) 
 
                                    ---------------  ---------------  ---------------  ---------------  ---------------  --------------- 
 
Total operating expenses                     (3,652)          (8,059)         (11,711)          (3,286)          (6,987)         (10,273) 
 
                                          =========        =========        =========        =========        =========        ========= 
 
Net profit on ordinary                       82,344          128,044          210,388           84,390          113,691          198,081 
activities before finance 
costs and taxation 
 
Finance costs                    6           (1,182)          (3,520)          (4,702)            (374)          (1,117)          (1,491) 
 
                                    ---------------  ---------------  ---------------  ---------------  ---------------  --------------- 
 
Net profit on ordinary                       81,162          124,524          205,686           84,016          112,574          196,590 
activities before taxation 
 
Taxation (charge)/credit                     (5,149)           1,883           (3,266)          (5,106)             986           (4,120) 
 
                                    ---------------  ---------------  ---------------  ---------------  ---------------  --------------- 
 
Net profit on ordinary                       76,013          126,407          202,420           78,910          113,560          192,470 
activities after taxation 
 
                                          =========        =========        =========        =========        =========        ========= 
 
Earnings per ordinary            8            40.68            67.64           108.32            43.59            62.73           106.32 
share (pence) - basic and 
diluted 
 
                                          =========        =========        =========        =========        =========        ========= 
 
The total column of this statement represents the Group's Statement of 
Comprehensive Income, prepared in accordance with UK-adopted International 
Accounting Standards (IASs). The supplementary revenue and capital accounts are 
both prepared under guidance published by the Association of Investment 
Companies (AIC). All items in the above statement derive from continuing 
operations. No operations were acquired or discontinued during the year. All 
income is attributable to the equity holders of the Group. 
 
The Group does not have any other comprehensive income (2021: £nil). The net 
profit for the year disclosed above represents the Group's total comprehensive 
income. 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 31 DECEMBER 2022 
 
                                    Called            Share          Capital 
                                  up share          premium       redemption          Special          Capital          Revenue 
                                   capital          account          reserve          reserve         reserves          reserve            Total 
Group               Notes            £'000            £'000            £'000            £'000            £'000            £'000            £'000 
 
For the year 
ended 31 December 
2022 
 
At 31 December                       9,651          138,818           22,779           155,123          742,430           74,073        1,142,874 
2021 
 
Total 
comprehensive 
income: 
 
Net profit for                           -                -                -                -          126,407           76,013          202,420 
the year 
 
Transactions with 
owners, recorded 
directly to 
equity: 
 
Ordinary shares      9,10                -            9,289                -           25,683                -                -           34,972 
reissued from 
treasury 
 
Share reissue        9,10                -                -                -              (70)               -                -              (70) 
costs 
 
Dividends paid1         7                -                -                -                -                -          (80,911)         (80,911) 
 
                           ---------------  ---------------  ---------------  ---------------  ---------------  ---------------  --------------- 
 
At 31 December                       9,651          148,107           22,779          180,736          868,837           69,175        1,299,285 
2022 
 
                                 =========        =========        =========        =========        =========        =========        ========= 
 
For the year 
ended 31 December 
2021 
 
At 31 December                       9,651          127,155           22,779          103,992          628,870           38,378          930,825 
2020 
 
Total 
comprehensive 
income: 
 
Net profit for                           -                -                -                -          113,560           78,910          192,470 
the year 
 
Transactions with 
owners, recorded 
directly to 
equity: 
 
Ordinary shares                          -           11,663                -           51,651                -                -           63,314 
reissued from 
treasury 
 
Share reissue                            -                -                -             (127)               -                -             (127) 
costs 
 
Ordinary shares                          -                -                -             (390)               -                -             (390) 
purchased into 
treasury 
 
Share purchase                           -                -                -               (3)               -                -               (3) 
costs 
 
Dividends paid2         7                -                -                -                -                -          (43,215)         (43,215) 
 
                           ---------------  ---------------  ---------------  ---------------  ---------------  ---------------  --------------- 
 
At 31 December                       9,651          138,818           22,779          155,123          742,430           74,073        1,142,874 
2021 
 
                                 =========        =========        =========        =========        =========        =========        ========= 
 
1     The final dividend of 27.00p per share for the year ended 31 December 
2021, declared on 8 March 2022 and paid on 19 May 2022; 1st interim dividend of 
5.50p per share for the year ended 31 December 2022, declared on 6 May 2022 and 
paid on 30 June 2022; 2nd interim dividend of 5.50p per share for the year 
ended 31 December 2022, declared on 23 August 2022 and paid on 30 September 
2022 and 3rd interim dividend of 5.50p per share for the year ended 31 December 
2022, declared on 16 November 2022 and paid on 22 December 2022. 
 
2     The final dividend of 8.30p per share for the year ended 31 December 
2020, declared on 4 March 2021 and paid on 6 May 2021; 1st interim dividend of 
4.50p per share for the year ended 31 December 2021, declared on 29 April 2021 
and paid on 25 June 2021; 2nd interim dividend of 5.50p per share for the year 
ended 31 December 2021, declared on 19 August 2021 and paid on 24 September 
2021 and 3rd interim dividend of 5.50p per share for the year ended 31 December 
2021, declared on 18 November 2021 and paid on 24 December 2021. 
 
For information on the Company's distributable reserves please refer to note 10 
below. 
 
PARENT COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 31 
DECEMBER 2022 
 
                                    Called            Share          Capital 
                                  up share          premium       redemption          Special          Capital          Revenue 
                                   capital          account          reserve          reserve         reserves          reserve            Total 
Company             Notes            £'000            £'000            £'000            £'000            £'000            £'000            £'000 
 
For the year 
ended 31 December 
2022 
 
At 31 December                       9,651          138,818           22,779          155,123          748,107           68,396        1,142,874 
2021 
 
Total 
comprehensive 
income: 
 
Net profit for                           -                -                -                -          126,460           75,960          202,420 
the year 
 
Transactions with 
owners, recorded 
directly to 
equity: 
 
Ordinary shares      9,10                -            9,289                -           25,683                -                -           34,972 
reissued from 
treasury 
 
Share reissue        9,10                -                -                -              (70)               -                -              (70) 
costs 
 
Dividends paid1         7                -                -                -                -                -          (80,911)         (80,911) 
 
                           ---------------  ---------------  ---------------  ---------------  ---------------  ---------------  --------------- 
 
At 31 December                       9,651          148,107           22,779          180,736          874,567           63,445        1,299,285 
2022 
 
                                 =========        =========        =========        =========        =========        =========        ========= 
 
For the year 
ended 31 December 
2021 
 
At 31 December                       9,651          127,155           22,779          103,992          634,547           32,701          930,825 
2020 
 
Total 
comprehensive 
income: 
 
Net profit for                           -                -                -                -          113,560           78,910          192,470 
the year 
 
Transactions with 
owners, recorded 
directly to 
equity: 
 
Ordinary shares                          -           11,663                -           51,651                -                -           63,314 
reissued from 
treasury 
 
Share reissue                            -                -                -             (127)               -                -             (127) 
costs 
 
Ordinary shares                          -                -                -             (390)               -                -             (390) 
purchased into 
treasury 
 
Share purchase                           -                -                -               (3)               -                -               (3) 
costs 
 
Dividends paid2         7                -                -                -                -                -          (43,215)         (43,215) 
 
                           ---------------  ---------------  ---------------  ---------------  ---------------  ---------------  --------------- 
 
At 31 December                       9,651          138,818           22,779          155,123          748,107           68,396        1,142,874 
2021 
 
                                 =========        =========        =========        =========        =========        =========        ========= 
 
1     The final dividend of 27.00p per share for the year ended 31 December 
2021, declared on 8 March 2022 and paid on 19 May 2022; 1st interim dividend of 
5.50p per share for the year ended 31 December 2022, declared on 6 May 2022 and 
paid on 30 June 2022; 2nd interim dividend of 5.50p per share for the year 
ended 31 December 2022, declared on 23 August 2022 and paid on 30 September 
2022 and 3rd interim dividend of 5.50p per share for the year ended 31 December 
2022, declared on 16 November 2022 and paid on 22 December 2022. 
 
2     The final dividend of 8.30p per share for the year ended 31 December 
2020, declared on 4 March 2021 and paid on 6 May 2021; 1st interim dividend of 
4.50p per share for the year ended 31 December 2021, declared on 29 April 2021 
and paid on 25 June 2021; 2nd interim dividend of 5.50p per share for the year 
ended 31 December 2021, declared on 19 August 2021 and paid on 24 September 
2021 and 3rd interim dividend of 5.50p per share for the year ended 31 December 
2021, declared on 18 November 2021 and paid on 24 December 2021. 
 
For information on the Company's distributable reserves please refer to note 10 
below. 
 
CONSOLIDATED AND PARENT COMPANY STATEMENTS OF FINANCIAL POSITION AS AT 31 
DECEMBER 2022 
 
                                                             31 December 2022                  31 December 2021 
 
                                                               Group          Company            Group          Company 
                                              Notes            £'000            £'000            £'000            £'000 
 
Non current assets 
 
Investments held at fair value through                     1,424,844        1,432,075        1,256,801        1,263,979 
profit or loss 
 
Current assets 
 
Current tax asset                                                821              821               85               85 
 
Other receivables                                              4,431            4,431            5,209            5,209 
 
Cash collateral held with brokers                              6,795            6,795              580              580 
 
Cash and cash equivalents                                     29,492           23,317           26,332           20,222 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
Total current assets                                          41,539           35,364           32,206           26,096 
 
                                                           =========        =========        =========        ========= 
 
Total assets                                               1,466,383        1,467,439        1,289,007        1,290,075 
 
                                                           =========        =========        =========        ========= 
 
Current liabilities 
 
Current tax liability                                           (373)            (361)            (427)            (427) 
 
Other payables                                                (6,155)          (7,223)          (5,183)          (6,251) 
 
Derivative financial liabilities held at                      (1,227)          (1,227)            (667)            (667) 
fair value through profit or loss 
 
Bank overdraft                                                     -                -             (356)            (356) 
 
Bank loans                                                  (158,783)        (158,783)        (138,867)        (138,867) 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
Total current liabilities                                   (166,538)        (167,594)        (145,500)        (146,568) 
 
                                                           =========        =========        =========        ========= 
 
Total assets less current liabilities                      1,299,845        1,299,845        1,143,507        1,143,507 
 
                                                           =========        =========        =========        ========= 
 
Non current liabilities 
 
Deferred taxation liability                                     (560)            (560)            (633)            (633) 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
Net assets                                                 1,299,285        1,299,285        1,142,874        1,142,874 
 
                                                           =========        =========        =========        ========= 
 
Equity attributable to equity holders 
 
Called up share capital                           9            9,651            9,651            9,651            9,651 
 
Share premium account                            10          148,107          148,107          138,818          138,818 
 
Capital redemption reserve                       10           22,779           22,779           22,779           22,779 
 
Special reserve                                  10          180,736          180,736          155,123          155,123 
 
Capital reserves: 
 
At 1 January                                                 742,430          748,107          628,870          634,547 
 
Net profit for the year                                      126,407          126,460          113,560          113,560 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
At 31 December                                   10          868,837          874,567          742,430          748,107 
 
Revenue reserve: 
 
At 1 January                                                  74,073           68,396           38,378           32,701 
 
Net profit for the year                                       76,013           75,960           78,910           78,910 
 
Dividends paid                                               (80,911)         (80,911)         (43,215)         (43,215) 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
At 31 December                                   10           69,175           63,445           74,073           68,396 
 
Total equity                                               1,299,285        1,299,285        1,142,874        1,142,874 
 
                                                           =========        =========        =========        ========= 
 
Net asset value per ordinary share (pence)        8           688.35           688.35           622.21           622.21 
 
                                                           =========        =========        =========        ========= 
 
CONSOLIDATED AND PARENT COMPANY CASH FLOW STATEMENTS FOR THE YEARED 31 
DECEMBER 2022 
 
                                                             31 December 2022                  31 December 2021 
 
                                                               Group          Company            Group          Company 
                                                               £'000            £'000            £'000            £'000 
 
Operating activities 
 
Net profit before taxation                                   205,686          205,686          196,590          196,590 
 
Add back finance costs                                         4,702            4,702            1,491            1,491 
 
Net profit on investments held at fair value through        (152,937)        (152,990)        (122,374)        (122,374) 
profit or loss (including transaction costs) 
 
Net loss on foreign exchange                                  17,645           17,645            1,696            1,696 
 
Sales of investments held at fair value through              489,236          489,236          354,182          354,182 
profit or loss 
 
Purchases of investments held at fair value through         (503,782)        (503,782)        (442,711)        (442,711) 
profit or loss 
 
Decrease/(increase) in other receivables                          13               13           (1,233)          (1,233) 
 
Increase in other payables                                     1,025            1,013            2,571            2,571 
 
Decrease in amounts due from brokers                             243              243            2,776            2,776 
 
Decrease in amounts due to brokers                                 -                -           (2,473)          (2,473) 
 
Net movement in cash collateral held with brokers             (6,215)          (6,215)           2,363            2,363 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
Net cash inflow/(outflow) from operating activities           55,616           55,551           (7,122)          (7,122) 
before taxation 
 
                                                           =========        =========        =========        ========= 
 
Taxation paid                                                   (432)            (432)            (484)            (484) 
 
Taxation on investment income included within gross           (3,210)          (3,210)          (3,303)          (3,303) 
income 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
Net cash inflow/(outflow) from operating activities           51,974           51,909          (10,909)         (10,909) 
 
                                                           =========        =========        =========        ========= 
 
Financing activities 
 
Drawdown of loans                                              2,359            2,359           35,020           35,020 
 
Interest paid                                                 (4,720)          (4,720)          (1,439)          (1,439) 
 
Shares purchased into treasury                                     -                -             (390)            (390) 
 
Share purchase costs paid                                          -                -               (3)              (3) 
 
Net proceeds from ordinary shares reissued from               34,902           34,902           63,187           63,187 
treasury 
 
Dividends paid                                               (80,911)         (80,911)         (43,215)         (43,215) 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
Net cash (outflow)/inflow from financing activities          (48,370)         (48,370)          53,160           53,160 
 
                                                           =========        =========        =========        ========= 
 
Increase in cash and cash equivalents                          3,604            3,539           42,251           42,251 
 
Cash and cash equivalents at start of the year                25,976           19,866          (16,008)         (22,118) 
 
Effect of foreign exchange rate changes                          (88)             (88)            (267)            (267) 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
Cash and cash equivalents at end of year                      29,492           23,317           25,976           19,866 
 
                                                           =========        =========        =========        ========= 
 
Comprised of: 
 
Cash and cash equivalents                                     29,492           23,317           26,332           20,222 
 
Bank overdraft                                                     -                -             (356)            (356) 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
                                                              29,492           23,317           25,976           19,866 
 
                                                           =========        =========        =========        ========= 
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARED 31 DECEMBER 2022 
 
1. Principal activity 
The principal activity of the Company is that of an investment trust company 
within the meaning of Section 1158 of the Corporation Tax Act 2010. The Company 
was incorporated in England on 28 October 1993 and this is the 29th Annual 
Report. 
 
The principal activity of the subsidiary, BlackRock World Mining Investment 
Company Limited, is investment dealing. 
 
2. Accounting policies 
The principal accounting policies adopted by the Group and Company have been 
applied consistently, other than where new policies have been adopted and are 
set out below. 
 
(a) Basis of preparation 
On 31 December 2020, International Financial Reporting Standards (IFRS) as 
adopted by the European Union at that date was brought into UK law and became 
UK-adopted International Accounting Standards (IASs), with future changes being 
subject to endorsement by the UK Endorsement Board and with the requirements of 
the Companies Act 2006 as applicable to companies reporting under those 
standards. The Company transitioned to IASs in its consolidated financial 
statements with effect from 1 January 2021. There was no impact or changes in 
accounting policies from the transition. 
 
The Group and Company financial statements have been prepared under the 
historic cost convention modified by the revaluation of certain financial 
assets and financial liabilities held at fair value through profit or loss and 
in accordance with IASs. The Company has taken advantage of the exemption 
provided under Section 408 of the Companies Act 2006 not to publish its 
individual Statement of Comprehensive Income and related notes. All of the 
Group's operations are of a continuing nature. 
 
Insofar as the Statement of Recommended Practice (SORP) for investment trust 
companies and venture capital trusts, issued by the Association of Investment 
Companies (AIC) in October 2019 and updated in July 2022, is compatible with 
IASs, the financial statements have been prepared in accordance with guidance 
set out in the SORP. 
 
Substantially all of the assets of the Group consist of securities that are 
readily realisable and, accordingly, the Directors believe that the Group has 
adequate resources to continue in operational existence for the foreseeable 
future for the period to 31 March 2024, being a period of at least twelve 
months from the date of approval of the financial statements and therefore 
consider the going concern assumption to be appropriate. The Directors have 
reviewed compliance with the covenants associated with the bank overdraft 
facility, loan facility, income and expense projections and the liquidity of 
the investment portfolio in making their assessment. 
 
The Directors have considered the impact of climate change on the value of the 
investments included in the Financial Statements and have concluded that: 
 
·        there was no further impact of climate change to be considered as the 
investments are valued based on market pricing as required by IFRS 13; and 
 
·        the risk is adequately captured in the assumptions and inputs used in 
measurement of Level 3 assets, as noted in note 18 of the Financial Statements 
in the Annual Report and Financial Statements. 
 
None of the Group's other assets and liabilities were considered to be 
potentially impacted by climate change. 
 
The Group's financial statements are presented in sterling, which is the 
currency of the primary economic environment in which the Group operates. All 
values are rounded to the nearest thousand pounds (£'000) except where 
otherwise indicated. 
 
Relevant International Accounting Standards that have yet to be adopted: 
IFRS 17 - Insurance contracts (effective 1 January 2023). This standard 
replaces IFRS 4, which currently permits a wide range of accounting practices 
in accounting for insurance contracts. IFRS 17 will fundamentally change the 
accounting by all entities that issue insurance contracts and investment 
contracts with discretionary participation features. 
 
This standard is unlikely to have any impact on the Company as it has no 
insurance contracts. 
 
IAS 12 - Deferred tax related to assets and liabilities arising from a single 
transaction (effective 1 January 2023). The International Accounting Standards 
Board (IASB) has amended IAS 12 Income Taxes to require companies to recognise 
deferred tax on particular transactions that, on initial recognition, give rise 
to equal amounts of taxable and deductible temporary differences. According to 
the amended guidance, a temporary difference that arises on initial recognition 
of an asset or liability is not subject to the initial recognition exemption if 
that transaction gave rise to equal amounts of taxable and deductible temporary 
differences. These amendments might have a significant impact on the 
preparation of financial statements by companies that have substantial balances 
of right-of-use assets, lease liabilities, decommissioning, restoration and 
similar liabilities. The impact for those affected would be the recognition of 
additional deferred tax assets and liabilities. 
 
The amendment of this standard is unlikely to have any significant impact on 
the Group. 
 
None of the standards that have been issued, but are not yet effective, are 
expected to have a material impact on the Company. 
 
(b) Basis of consolidation 
The Group's financial statements are made up to 31 December each year and 
consolidate the financial statements of the Company and its wholly owned 
subsidiary, which is registered and operates in England and Wales, BlackRock 
World Mining Investment Company Limited (together 'the Group'). The subsidiary 
company is not considered an investment entity. In the financial statements of 
the Parent Company, the investment in the subsidiary company is held at fair 
value. 
 
Subsidiaries are consolidated from the date of their acquisition, being the 
date on which the Company obtains control, and continue to be consolidated 
until the date that such control ceases. The financial statements of 
subsidiaries used in the preparation of the consolidated financial statements 
are based on consistent accounting policies. All intra-group balances and 
transactions, including unrealised profits arising therefrom, are eliminated. 
 
(c) Presentation of the Statement of Comprehensive Income 
In order to better reflect the activities of an investment trust company and in 
accordance with guidance issued by the AIC, supplementary information which 
analyses the Consolidated Statement of Comprehensive Income between items of a 
revenue and a capital nature has been presented alongside the Consolidated 
Statement of Comprehensive Income. 
 
(d) Segmental reporting 
The Directors are of the opinion that the Group is engaged in a single segment 
of business being investment business. 
 
(e) Income 
Dividends receivable on equity shares are recognised as revenue for the year on 
an ex-dividend basis. Where no ex-dividend date is available, dividends 
receivable on or before the year end are treated as revenue for the year. 
Provision is made for any dividends and interest income not expected to be 
received. Special dividends, if any, are treated as a capital or a revenue 
receipt depending on the facts or circumstances of each particular case. The 
return on a debt security is recognised on a time apportionment basis so as to 
reflect the effective yield on the debt security. Interest income and deposit 
interest is accounted for on an accruals basis. 
 
Options may be purchased or written over securities held in the portfolio for 
generating or protecting capital returns, or for generating or maintaining 
revenue returns. Where the purpose of the option is the generation of income, 
the premium is treated as a revenue item. Where the purpose of the option is 
the maintenance of capital, the premium is treated as a capital item. 
 
Option premium income is recognised as revenue evenly over the life of the 
option contract and included in the revenue account of the Consolidated 
Statement of Comprehensive Income unless the option has been written for the 
maintenance and enhancement of the Group's investment portfolio and represents 
an incidental part of a larger capital transaction, in which case any premia 
arising are allocated to the capital account of the Consolidated Statement of 
Comprehensive Income. 
 
Royalty income from contractual rights is measured at the fair value of the 
consideration received or receivable where the Investment Manager can reliably 
estimate the amount, pursuant to the terms of the agreement. Royalty income 
from contractual rights received comprises of a return of income and a return 
of capital based on the underlying cost of the contract and, accordingly, the 
return of income element is taken to the revenue account and the return of 
capital element is taken to the capital account. These amounts are disclosed in 
the Consolidated Statement of Comprehensive Income within income from 
investments and net profit on investments held at fair value through profit or 
loss, respectively. 
 
The useful life of the contractual rights will be determined by reference to 
the contractual arrangements, the planned mine life on commencement of mining 
and the underlying cost of the contractual rights will be revalued on a 
systematic basis using the units of production method over the life of the 
contractual rights which is estimated using available estimated proved and 
probable reserves specifically associated with the mine. The Investment Manager 
relies on public disclosures for information on proven and probable reserves 
from the operators of the mine. Amortisation rates are adjusted on a 
prospective basis for all changes to estimates of the life of contractual 
rights and iron ore reserves. These are disclosed in the Consolidated Statement 
of Comprehensive Income within net profit on investments held at fair value 
through profit or loss. 
 
Where the Group has elected to receive its dividends in the form of additional 
shares rather than in cash, the cash equivalent of the dividend is recognised 
as income. Any excess in the value of the shares received over the amount of 
the cash dividend is recognised in capital. 
 
Underwriting commission receivable is taken into account on an accruals basis. 
 
(f) Expenses 
All expenses, including finance costs, are accounted for on an accruals basis. 
Expenses have been charged wholly to the revenue account of the Consolidated 
Statement of Comprehensive Income, except as follows: 
 
·        expenses which are incidental to the acquisition or sale of an 
investment are charged to the capital account of the Consolidated Statement of 
Comprehensive Income. Details of transaction costs on the purchases and sales 
of investments are disclosed within note 10 to the financial statements in the 
Annual Report and Financial Statements; 
 
·        expenses are treated as capital where a connection with the 
maintenance or enhancement of the value of the investments can be demonstrated; 
and 
 
·        the investment management fee and finance costs have been allocated 
75% to the capital account and 25% to the revenue account of the Consolidated 
Statement of Comprehensive Income in line with the Board's expectations of the 
long-term split of returns, in the form of capital gains and income, 
respectively, from the investment portfolio. 
 
(g) Taxation 
The tax expense represents the sum of the tax currently payable and deferred 
tax. The tax currently payable is based on the taxable profit for the year. 
Taxable profit differs from net profit as reported in the Consolidated 
Statement of Comprehensive Income because it excludes items of income or 
expenses that are taxable or deductible in other years and it further excludes 
items that are never taxable or deductible. The Group's liability for current 
tax is calculated using tax rates that were applicable at the balance sheet 
date. 
 
Where expenses are allocated between capital and revenue accounts, any tax 
relief in respect of the expenses is allocated between capital and revenue 
returns on the marginal basis using the Company's effective rate of corporation 
tax for the accounting period. 
 
Deferred taxation is recognised in respect of all temporary differences that 
have originated but not reversed at the financial reporting date, where 
transactions or events that result in an obligation to pay more taxation in the 
future or right to pay less taxation in the future have occurred at the 
financial reporting date. This is subject to deferred taxation assets only 
being recognised if it is considered more likely than not that there will be 
suitable profits from which the future reversal of the temporary differences 
can be deducted. Deferred taxation assets and liabilities are measured at the 
rates applicable to the legal jurisdictions in which they arise. 
 
(h) Investments held at fair value through profit or loss 
In accordance with IFRS 9, the Group classifies its investments at initial 
recognition as held at fair value through profit or loss and are managed and 
evaluated on a fair value basis in accordance with its investment strategy and 
business model. 
 
All investments, including contractual rights, are measured initially and 
subsequently at fair value through profit or loss. Purchases of investments are 
recognised on a trade date basis. Contractual rights are recognised on the 
completion date, where a purchase of the rights is under a contract, and are 
initially measured at fair value excluding transaction costs. Sales of 
investments are recognised at the trade date of the disposal. 
 
The fair value of the financial investments is based on their quoted bid price 
at the financial reporting date, without deduction for the estimated future 
selling costs. This policy applies to all current and non-current asset 
investments held by the Group. 
 
The gains and losses from changes in fair value of contractual rights are taken 
to the Consolidated Statement of Comprehensive Income and arise as a result of 
the revaluation of the underlying cost of the contractual rights, changes in 
commodity prices and changes in estimates of proven and probable reserves 
specifically associated with the mine. 
 
Under IASs, the investment in the subsidiary in the Company's Statement of 
Financial Position is fair valued which is deemed to be the net asset value of 
the subsidiary. 
 
Changes in the value of investments held at fair value through profit or loss 
and gains and losses on disposal are recognised in the Consolidated Statement 
of Comprehensive Income as 'Net profit on investments held at fair value 
through profit or loss'. Also included within the heading are transaction costs 
in relation to the purchase or sale of investments. 
 
For all financial instruments not traded in an active market, the fair value is 
determined by using various valuation techniques. Valuation techniques include 
market approach (i.e., using recent arm's length market transactions adjusted 
as necessary and reference to the current market value of another instrument 
that is substantially the same) and the income approach (i.e., discounted cash 
flow analysis and option pricing models making as much use of available and 
supportable market data where possible). See note 2(q) below. 
 
(i) Options 
Options are held at fair value through profit or loss based on the bid/offer 
prices of the options written to which the Group is exposed. The value of the 
option is subsequently marked-to-market to reflect the fair value through 
profit or loss of the option based on traded prices. Where the premium is taken 
to the revenue account, an appropriate amount is shown as capital return such 
that the total return reflects the overall change in the fair value of the 
option. When an option is exercised, the gain or loss is accounted for as a 
capital gain or loss. Any cost on closing out an option is transferred to the 
revenue account along with any remaining unamortised premium. 
 
(j) Other receivables and other payables 
Other receivables and other payables do not carry any interest and are 
short-term in nature and are accordingly stated on an amortised cost basis. 
 
(k) Dividends payable 
Under IASs, final dividends should not be accrued in the financial statements 
unless they have been approved by shareholders before the financial reporting 
date. Interim dividends should not be recognised in the financial statements 
unless they have been paid. 
 
Dividends payable to equity shareholders are recognised in the Consolidated and 
Parent Company Statements of Changes in Equity. 
 
(l) Foreign currency translation 
Transactions involving foreign currencies are converted at the rate ruling at 
the date of the transaction. Foreign currency monetary assets and liabilities 
and non-monetary assets held at fair value are translated into sterling at the 
rate ruling on the financial reporting date. Foreign exchange differences 
arising on translation are recognised in the Consolidated Statement of 
Comprehensive Income as a revenue or capital item depending on the income or 
expense to which they relate. For investment transactions and investments held 
at the year end, denominated in a foreign currency, the resulting gains or 
losses are included in the profit/(loss) on investments held at fair value 
through profit or loss in the Consolidated Statement of Comprehensive Income. 
 
(m) Cash and cash equivalents 
Cash comprises cash in hand, bank overdrafts and on demand deposits. Cash 
equivalents are short-term, highly liquid investments that are readily 
convertible to known amounts of cash and that are subject to an insignificant 
risk of changes in value. Bank overdrafts are shown separately on the 
Consolidated and Parent Company Statements of Financial Position. 
 
(n) Bank borrowings 
Bank overdrafts and loans are recorded at the net proceeds received. Finance 
charges, including any premium payable on settlement or redemption and direct 
issue costs, are accounted for on an accruals basis in the Consolidated 
Statement of Comprehensive Income using the effective interest rate method and 
are added to the carrying amount of the instrument to the extent that they are 
not settled in the period in which they arise. 
 
(o) Offsetting 
Financial assets and financial liabilities are offset and the net amount 
reported in the Consolidated and Parent Company Statements of Financial 
Position if there is a currently enforceable legal right to offset the 
recognised amounts and there is an intention to settle on a net basis, or to 
realise the asset and settle the liability simultaneously. 
 
(p) Share repurchases and share reissues 
Shares repurchased and subsequently cancelled - share capital is reduced by the 
nominal value of the shares repurchased and the capital redemption reserve is 
correspondingly increased in accordance with Section 733 of the Companies Act 
2006. The full cost of the repurchase is charged to the special reserve. 
 
Shares repurchased and held in treasury - the full cost of the repurchase is 
charged to the special reserve. 
 
Where treasury shares are subsequently reissued: 
 
-       amounts received to the extent of the repurchase price are credited to 
the special reserve and capital reserves based on a weighted average basis of 
amounts utilised from these reserves on repurchases; and 
 
-       any surplus received in excess of the repurchase price is taken to the 
share premium account. 
 
Where new shares are issued, amounts received to the extent of any surplus 
received in excess of the par value are taken to the share premium account. 
 
Share issue costs are charged to the share premium account. Costs on share 
reissues are charged to the special reserve and capital reserves. 
 
(q) Critical accounting estimates and judgements 
The Group makes estimates and assumptions concerning the future. The resulting 
accounting estimates and assumptions will, by definition, seldom equal the 
related actual results. Estimates and judgements are regularly evaluated and 
are based on historical experience and other factors, including expectations of 
future events that are believed to be reasonable under the circumstances. The 
estimates and assumptions that have a significant risk of causing a material 
adjustment to the carrying amounts of assets and liabilities within the next 
financial year are addressed below. 
 
Fair value of unquoted financial instruments 
When the fair values of financial assets and financial liabilities recorded in 
the Consolidated and Parent Company Statements of Financial Position cannot be 
derived from active markets, their fair value is determined using a variety of 
valuation techniques that include the use of valuation models. 
 
(a)     The fair value of the OZ Minerals contractual rights was assessed by an 
independent valuer with a recognised and relevant professional qualification. 
The inputs to these models are taken from observable markets where possible, 
but where this is not feasible, estimation is required in establishing fair 
values. The estimates include considerations of production profiles, commodity 
prices, cash flows and discount rates. Changes in assumptions about these 
factors could affect the reported fair value of financial instruments in the 
Consolidated and Parent Company Statements of Financial Position and the level 
where the instruments are disclosed in the fair value hierarchy. To assess the 
significance of a particular input to the entire measurement, the external 
valuer performs sensitivity analysis. 
 
(b)     The fair value of the investment in equity shares of Jetti Resources 
and MCC Mining were assessed by an independent valuer with a recognised and 
relevant professional qualification. 
 
The valuation is carried out based on market approach using earnings multiple 
and price of recent transactions. Changes in assumptions about these factors 
could affect the reported fair value of financial instruments in the 
Consolidated and Parent Company Statements of Financial Position and the level 
where the instruments are disclosed in the fair value hierarchy. To assess the 
significance of a particular input to the entire measurement, the external 
valuer performs sensitivity analysis. 
 
(c)     The investment in the subsidiary company was valued based on the net 
assets of the subsidiary company, which is considered appropriate based on the 
nature and volume of transactions in the subsidiary company. 
 
The key assumptions used to determine the fair value of the unquoted financial 
instruments and sensitivity analyses are provided in note 18(d) in the Annual 
Report and Financial Statements. 
 
3. Income 
 
                                                                                  2022             2021 
                                                                                 £'000            £'000 
 
Investment income: 
 
UK dividends                                                                    17,536           25,681 
 
UK special dividends                                                             2,167            5,507 
 
Overseas dividends                                                              45,094           36,624 
 
Overseas special dividends                                                       3,808            1,250 
 
Income from contractual rights (OZ Minerals Royalty)                             3,096            2,562 
 
Income from Vale debentures                                                      3,863            6,971 
 
Income from fixed income investments                                             2,523            1,963 
 
                                                                       ---------------  --------------- 
 
Total investment income                                                         78,087           80,558 
 
                                                                             =========        ========= 
 
Other income: 
 
Option premium income                                                            7,297            7,065 
 
Deposit interest                                                                   513                - 
 
Broker interest received                                                            18                - 
 
Stock lending income                                                                81               53 
 
                                                                       ---------------  --------------- 
 
                                                                                 7,909            7,118 
 
                                                                             =========        ========= 
 
Total income                                                                    85,996           87,676 
 
                                                                             =========        ========= 
 
During the year, the Group received option premium income in cash totalling £ 
7,541,000 (2021: £6,745,000) for writing put and covered call options for the 
purposes of revenue generation. 
 
Option premium income is amortised evenly over the life of the option contract 
and, accordingly, during the year, option premiums of £7,297,000 (2021: £ 
7,065,000) were amortised to revenue. 
 
At 31 December 2022, there were three open positions (2021: two) with an 
associated liability of £1,227,000 (2021: £667,000). 
 
Dividends and interest received in cash during the year amounted to £68,630,000 
and £5,918,000 (2021: £68,199,000 and £5,186,000). 
 
Special dividends of £811,000 have been recognised in capital during the year 
(2021: £nil). 
 
4. Investment management fee 
 
                                                           2022                                               2021 
 
                                            Revenue          Capital            Total          Revenue          Capital            Total 
                                              £'000            £'000            £'000            £'000            £'000            £'000 
 
Investment management fee                     2,615            8,031           10,646            2,252            6,978            9,230 
 
                                    ---------------  ---------------  ---------------  ---------------  ---------------  --------------- 
 
Total                                         2,615            8,031           10,646            2,252            6,978            9,230 
 
                                          =========        =========        =========        =========        =========        ========= 
 
The investment management fee (which includes all services provided by 
BlackRock) is 0.8% of the Company's gross assets (subject to certain 
adjustments). During the year, £9,848,000 (2021: £8,537,000) of the investment 
management fee was generated from net assets and £798,000 (2021: £693,000) from 
the gearing effect on gross assets due to the quarter-on- quarter increase in 
the NAV per share for the year as set out below: 
 
                                                 Cum income   Quarterly       Gearing 
                                              NAV per share   increase/       effect 
Quarter end                                          (pence)  (decrease)           on 
                                                                      %   management 
                                                                         fees (£'000) 
 
31 December 2021                                     622.21           -            - 
 
31 March 2022                                        769.58       +23.7          267 
 
30 June 2022                                         584.86       -24.0            - 
 
30 September 2022                                    602.56        +3.0          294 
 
31 December 2022                                     688.35       +14.2          237 
 
                                                  =========   =========    ========= 
 
 
 
                                                Cum income   Quarterly        Gearing 
                                             NAV per share   increase/        effect 
Quarter end                                         (pence)  (decrease)            on 
                                                                     %    management 
                                                                         fees (£'000) 
 
31 December 2020                                    536.34           -             - 
 
31 March 2021                                       566.62        +5.6           243 
 
30 June 2021                                        616.20        +8.8           224 
 
30 September 2021                                   554.49       -10.0             - 
 
31 December 2021                                    622.21       +12.2           226 
 
                                                 =========   =========     ========= 
 
The daily average of the net assets under management during the year ended 31 
December 2022 was £1,232,043,000 (2021: £1,085,438,000). 
 
The fee is allocated 25% to the revenue account and 75% to the capital account 
of the Consolidated Statement of Comprehensive Income. 
 
There is no additional fee for company secretarial and administration services. 
 
5. Other operating expenses 
 
                                                                                  2022             2021 
                                                                                 £'000            £'000 
 
Allocated to revenue: 
 
Custody fee                                                                        101              103 
 
Auditors' remuneration: 
 
- audit services                                                                    51               41 
 
- non-audit services1                                                                9                9 
 
Registrar's fee                                                                     86               91 
 
Directors' emoluments2                                                             197              176 
 
AIC fees                                                                            21               21 
 
Broker fees                                                                         24               25 
 
Depositary fees                                                                    116              101 
 
FCA fee                                                                             30               24 
 
Directors' insurance                                                                23               19 
 
Marketing fees                                                                     132              140 
 
Stock exchange fees                                                                 37               26 
 
Legal and professional fees                                                         35               52 
 
Bank facility fees3                                                                 97               73 
 
Printing and postage fees                                                           47               37 
 
Write back of prior year expenses4                                                 (55)               - 
 
Other administrative costs                                                          86               96 
 
                                                                       ---------------  --------------- 
 
                                                                                 1,037            1,034 
 
                                                                             =========        ========= 
 
Allocated to capital: 
 
Transaction charges5                                                                28                9 
 
                                                                       ---------------  --------------- 
 
                                                                                 1,065            1,043 
 
                                                                             =========        ========= 
 
 
 
                                                                          2022     2021 
 
The Company's ongoing charges6, calculated as a percentage of average    0.95%    0.95% 
daily net assets and using the management fee and all other operating 
expenses, excluding finance costs, direct transaction costs, 
transaction charges, VAT recovered, taxation, prior year expenses 
written back and certain non-recurring items were: 
 
The Company's ongoing charges6, calculated as a percentage of average    0.84%    0.84% 
daily gross assets and using the management fee and all other 
operating expenses, excluding finance costs, direct transaction costs, 
transaction charges, VAT recovered, taxation, prior year expenses 
written back and certain non-recurring items were: 
 
                                                                       ======== ======== 
                                                                             =        = 
 
1     Fees paid to the auditor for non-audit services of £8,925 excluding VAT 
(2021: £8,500) relate to the review of the Condensed Half Yearly Financial 
Report. 
 
2     Details of the Directors' emoluments can be found in the Directors' 
Remuneration Report in the Annual Report and Financial Statements. The Company 
has no employees. 
 
3     There is a 4 basis point facility fee chargeable on the full loan 
facility whether drawn or undrawn. 
 
4     Relates to Directors' expenses, miscellaneous fees, legal fees and 
professional services fees written back during the year (2021: no accruals 
written back). 
 
5     For the year ended 31 December 2022, expenses of £28,000 (2021: £9,000) 
were charged to the capital account of the Consolidated Statement of 
Comprehensive Income. These include transaction costs charged by the custodian 
on sale and purchase trades. 
 
6     Alternative Performance Measures, see Glossary in the Annual Report and 
Financial Statements. 
 
6. Finance costs 
 
                                                           2022                                               2021 
 
                                            Revenue          Capital            Total          Revenue          Capital            Total 
                                              £'000            £'000            £'000            £'000            £'000            £'000 
 
Interest payable - bank loans                 1,177            3,505            4,682              365            1,097            1,462 
 
Interest payable - bank overdraft                 5               15               20                9               20               29 
 
                                    ---------------  ---------------  ---------------  ---------------  ---------------  --------------- 
 
Total                                         1,182            3,520            4,702              374            1,117            1,491 
 
                                          =========        =========        =========        =========        =========        ========= 
 
7. Dividends 
Dividends paid on equity shares: 
 
                                                                            2022             2021 
                                      Record date  Payment date            £'000            £'000 
 
Final dividend of 27.00p per share        18 March  19 May 2022           49,898           14,782 
for the year ended 31 December 2021          2022 
(2020: 8.30p) 
 
1st interim dividend of 5.50p per     27 May 2022  30 June 2022           10,251            8,224 
share for the year ended 31 December 
2022 (2021: 4.50p) 
 
2nd interim dividend of 5.50p per      2 September  30 September          10,381           10,106 
share for the year ended 31 December         2022          2022 
2022 (2021: 5.50p) 
 
3rd interim dividend of 5.50p per      25 November   22 December          10,381           10,103 
share for the year ended 31 December         2022          2022 
2022 (2021: 5.50p) 
 
                                                                 ---------------  --------------- 
 
                                                                          80,911           43,215 
 
                                                                       =========        ========= 
 
The total dividends payable in respect of the year ended 31 December 2022 which 
form the basis of Section 1158 of the Corporation Tax Act 2010 and Section 833 
of the Companies Act 2006, and the amounts declared, meet the relevant 
requirements as set out in this legislation. 
 
Dividends paid, or declared on equity shares: 
 
                                                                                  2022             2021 
                                                                                 £'000            £'000 
 
1st quarterly interim dividend of 5.50p per share for the year ended            10,251            8,224 
31 December 2022 (2021: 4.50p) 
 
2nd quarterly interim dividend of 5.50p per share for the year ended            10,381           10,106 
31 December 2022 (2021: 5.50p) 
 
3rd quarterly interim dividend of 5.50p per share for the year ended            10,381           10,103 
31 December 2022 (2021: 5.50p) 
 
Final dividend of 23.50p per share for the year ended 31 December 2022          44,392           49,898 
(2021: final dividend 27.00p)1 
 
                                                                       ---------------  --------------- 
 
                                                                                75,405           78,331 
 
                                                                             =========        ========= 
 
1     Based on 188,903,036 ordinary shares in issue on 2 March 2023. 
 
8. Consolidated earnings and net asset value per ordinary share 
Total revenue, capital earnings and net asset value per ordinary share are 
shown below and have been calculated using the following: 
 
                                                                                  2022             2021 
 
Net revenue profit attributable to ordinary shareholders (£'000)                76,013           78,910 
 
Net capital profit attributable to ordinary shareholders (£'000)               126,407          113,560 
 
                                                                       ---------------  --------------- 
 
Total profit attributable to ordinary shareholders (£'000)                     202,420          192,470 
 
                                                                             =========        ========= 
 
Equity shareholders' funds (£'000)                                           1,299,285        1,142,874 
 
The weighted average number of ordinary shares in issue during the         186,868,187      181,037,188 
year on which the earnings per ordinary share was calculated was: 
 
The actual number of ordinary shares in issue at the year end on which     188,753,036      183,681,116 
the net asset value per ordinary share was calculated was: 
 
Earnings per ordinary share 
 
Revenue earnings per share (pence) - basic and diluted                           40.68            43.59 
 
Capital earnings per share (pence) - basic and diluted                           67.64            62.73 
 
                                                                       ---------------  --------------- 
 
Total earnings per share (pence) - basic and diluted                            108.32           106.32 
 
                                                                             =========        ========= 
 
 
 
                                                                     As at      As at 
                                                                         31         31 
                                                                  December   December 
                                                                      2022       2021 
 
Net asset value per ordinary share (pence)                          688.35     622.21 
 
Ordinary share price (pence)                                        697.00     589.00 
 
                                                                 =========  ========= 
 
There were no dilutive securities at the year end. 
 
9. Called up share capital 
 
                                                      Ordinary shares 
                                                             in issue   Treasury shares                              Nominal 
                                                               number            number      Total shares             value 
                                                                                                   number             £'000 
 
Allotted, called up and fully paid share capital 
comprised: 
 
Ordinary shares of 5p each 
 
At 31 December 2021                                       183,681,116         9,330,726       193,011,842             9,651 
 
Ordinary shares reissued from treasury                      5,071,920        (5,071,920)                 -                - 
 
                                                     ----------------  ----------------  ----------------  ---------------- 
 
At 31 December 2022                                       188,753,036         4,258,806       193,011,842             9,651 
 
                                                           ==========        ==========        ==========        ========== 
 
During the year ended 31 December 2022 the Company: 
 
-       did not buy back shares into treasury (2021: 69,698 shares bought back 
for a net consideration after costs of £393,000); 
 
-       reissued 5,071,920 shares (2021: 10,200,000 shares) from treasury for a 
net consideration after costs of £34,902,000 (2021: £63,187,000). 
 
Since the year end and up to 2 March 2023, the Company has reissued 150,000 
ordinary shares from treasury for a total consideration net of costs of £ 
1,084,000. 
 
10. Reserves 
 
                                                                                                                Capital 
                                                                                                                reserve 
                                                                                               Capital       arising on 
                                                                                               reserve      revaluation 
                                              Share          Capital                        arising on               of 
                                            premium       redemption          Special      investments      investments          Revenue 
                                            account          reserve          reserve             sold             held          reserve 
Group                                         £'000            £'000            £'000            £'000            £'000            £'000 
 
At 31 December 2021                         138,818           22,779          155,123          345,594          396,836           74,073 
 
Movement during the year: 
 
Total comprehensive income: 
 
Net profit for the year                           -                -                -           82,729           43,678           76,013 
 
Transactions with owners, recorded 
directly to equity: 
 
Ordinary shares reissued from                 9,289                -           25,683                -                -                - 
treasury 
 
Share reissue costs                               -                -              (70)               -                -                - 
 
Dividends paid                                    -                -                -                -                -          (80,911) 
 
                                    ---------------  ---------------  ---------------  ---------------  ---------------  --------------- 
 
At 31 December 2022                         148,107           22,779          180,736          428,323          440,514           69,175 
 
                                          =========        =========        =========        =========        =========        ========= 
 
 
 
                                                                                            Distributable reserves 
 
                                                                                                                Capital 
                                                                                                                reserve 
                                                                                               Capital       arising on 
                                                                                               reserve      revaluation 
                                              Share          Capital                        arising on               of 
                                            premium       redemption          Special      investments      investments          Revenue 
                                            account          reserve          reserve             sold             held          reserve 
Company                                       £'000            £'000            £'000            £'000            £'000            £'000 
 
At 31 December 2021                         138,818           22,779          155,123          344,093          404,014           68,396 
 
Movement during the year: 
 
Total comprehensive income: 
 
Net profit for the year                           -                -                -           82,729           43,731           75,960 
 
Transactions with owners, recorded 
directly to equity: 
 
Ordinary shares reissued from                 9,289                -           25,683                -                -                - 
treasury 
 
Share reissue costs                               -                -              (70)               -                -                - 
 
Dividends paid                                    -                -                -                -                -          (80,911) 
 
                                    ---------------  ---------------  ---------------  ---------------  ---------------  --------------- 
 
At 31 December 2022                         148,107           22,779          180,736          426,822          447,745           63,445 
 
                                          =========        =========        =========        =========        =========        ========= 
 
 
 
                                                                                                               Capital 
                                                                                                               reserve 
                                                                                              Capital       arising on 
                                                                                              reserve      revaluation 
                                             Share          Capital                        arising on               of 
                                           premium       redemption          Special      investments      investments          Revenue 
                                           account          reserve          reserve             sold             held          reserve 
Group                                        £'000            £'000            £'000            £'000            £'000            £'000 
 
At 31 December 2020                        127,155           22,779          103,992          277,389          351,481           38,378 
 
Movement during the year: 
 
Total comprehensive income: 
 
Net profit for the year                          -                -                -           68,205           45,355           78,910 
 
Transactions with owners, recorded 
directly to equity: 
 
Ordinary shares reissued from               11,663                -           51,651                -                -                - 
treasury 
 
Share reissue costs                              -                -             (127)               -                -                - 
 
Ordinary shares purchased into                   -                -             (390)               -                -                - 
treasury 
 
Share purchase costs                             -                -               (3)               -                -                - 
 
Dividends paid                                   -                -                -                -                -          (43,215) 
 
                                   ---------------  ---------------  ---------------  ---------------  ---------------  --------------- 
 
At 31 December 2021                        138,818           22,779          155,123          345,594          396,836           74,073 
 
                                         =========        =========        =========        =========        =========        ========= 
 
 
 
                                                                                           Distributable reserves 
 
                                                                                                               Capital 
                                                                                                               reserve 
                                                                                              Capital       arising on 
                                                                                              reserve      revaluation 
                                             Share          Capital                        arising on               of 
                                           premium       redemption          Special      investments      investments          Revenue 
                                           account          reserve          reserve             sold             held          reserve 
Company                                      £'000            £'000            £'000            £'000            £'000            £'000 
 
At 31 December 2020                        127,155           22,779          103,992          275,888          358,659           32,701 
 
Movement during the year: 
 
Total comprehensive income: 
 
Net profit for the year                          -                -                -           68,205           45,355           78,910 
 
Transactions with owners, recorded 
directly to equity: 
 
Ordinary shares reissued from               11,663                -           51,651                -                -                - 
treasury 
 
Share reissue costs                              -                -             (127)               -                -                - 
 
Ordinary shares purchased into                   -                -             (390)               -                -                - 
treasury 
 
Share purchase costs                             -                -               (3)               -                -                - 
 
Dividends paid                                   -                -                -                -                -          (43,215) 
 
                                   ---------------  ---------------  ---------------  ---------------  ---------------  --------------- 
 
At 31 December 2021                        138,818           22,779          155,123          344,093          404,014           68,396 
 
                                         =========        =========        =========        =========        =========        ========= 
 
Pursuant to a resolution of the Company passed at an Extraordinary General 
Meeting on 13 January 1998 and following the Company's application to the Court 
for cancellation of its share premium account, the Court approval was received 
on 27 January 1999 and £157,633,000 was transferred from the share premium 
account to a special reserve which is a distributable reserve. 
 
The share premium and capital redemption reserve are not distributable profits 
under the Companies Act 2006. In accordance with ICAEW Technical Release 02/ 
17BL on Guidance on Realised and Distributable Profits under the Companies Act 
2006, the special reserve and capital reserves of the Parent Company may be 
used as distributable reserves for all purposes and, in particular, the 
repurchase by the Parent Company of its ordinary shares and for payments as 
dividends. In accordance with the Company's Articles of Association, the 
special reserve, capital reserves and the revenue reserve may be distributed by 
way of dividend. The Parent Company's capital gains of £874,567,000 (2021: 
capital gain of £748,107,000) comprise a gain on capital reserve arising on 
investments sold of £426,822,000 (2021: gain of £344,093,000), a gain on 
capital reserve arising on revaluation of listed investments of £409,037,000 
(2021: gain of £387,997,000) revaluation gains on unquoted investments of £ 
31,477,000 (2021: £8,839,000) and a revaluation gain on the investment in the 
subsidiary of £7,231,000 (2021: gain of £7,178,000). The capital reserve 
arising on the revaluation of listed investments of £391,896,000 (2021: £ 
387,997,000) is subject to fair value movements and may not be readily 
realisable at short notice; as such it may not be entirely distributable. The 
investments are subject to financial risks, as such capital reserves (arising 
on investments sold) and the revenue reserve may not be entirely distributable 
if a loss occurred during the realisation of these investments. The reserves of 
the subsidiary company are not distributable until distributed as a dividend to 
the Parent Company. 
 
11. Valuation of financial instruments 
Financial assets and financial liabilities are either carried in the 
Consolidated and Parent Company Statements of Financial Position at their fair 
value (investment and derivatives) or at amortised cost (due from brokers, 
dividends and interest receivable, due to brokers, accruals, cash at bank and 
bank overdrafts). IFRS 13 requires the Group to classify fair value 
measurements using a fair value hierarchy that reflects the significance of 
inputs used in making the measurements. The valuation techniques used by the 
Group are explained in the accounting policies note 2(h) to the Financial 
Statements above. 
 
Categorisation within the hierarchy has been determined on the basis of the 
lowest level input that is significant to the fair value measurement of the 
relevant asset. 
 
The fair value hierarchy has the following levels: 
 
Level 1 - Quoted market price for identical instruments in active markets 
A financial instrument is regarded as quoted in an active market if quoted 
prices are readily and regularly available from an exchange, dealer, broker, 
industry group, pricing service or regulatory agency and those prices represent 
actual and regularly occurring market transactions on an arm's length basis. 
The Group does not adjust the quoted price for these instruments. 
 
Level 2 - Valuation techniques using observable inputs 
This category includes instruments valued using quoted prices for similar 
instruments in markets that are considered less than active, or other valuation 
techniques where all significant inputs are directly or indirectly observable 
from market data. 
 
Valuation techniques used for non-standardised financial instruments such as 
options, currency swaps and other over-the-counter derivatives include the use 
of comparable recent arm's length transactions, reference to other instruments 
that are substantially the same, discounted cash flow analysis, option pricing 
models and other valuation techniques commonly used by market participants 
making the maximum use of market inputs and relying as little as possible on 
entity specific inputs. 
 
Over-the-counter derivative option contracts have been classified as Level 2 
investments as their valuation has been based on market observable inputs 
represented by the underlying quoted securities to which these contracts expose 
the Group. 
 
Level 3 - Valuation techniques using significant unobservable inputs 
This category includes all instruments where the valuation technique includes 
inputs not based on market data and these inputs could have a significant 
impact on the instrument's valuation. 
 
This category also includes instruments that are valued based on quoted prices 
for similar instruments where significant entity determined adjustments or 
assumptions are required to reflect differences between the instruments and 
instruments for which there is no active market. The Investment Manager 
considers observable data to be that market data that is readily available, 
regularly distributed or updated, reliable and verifiable, not proprietary, and 
provided by independent sources that are actively involved in the relevant 
market. 
 
The level in the fair value hierarchy within which the fair value measurement 
is categorised in its entirety is determined on the basis of the lowest level 
input that is significant to the fair value measurement. If a fair value 
measurement uses observable inputs that require significant adjustment based on 
unobservable inputs, that measurement is a Level 3 measurement. 
 
Assessing the significance of a particular input to the fair value measurement 
requires judgement, considering factors specific to the asset or liability. The 
determination of what constitutes 'observable' inputs requires significant 
judgement by the Investment Manager. 
 
Valuation process and techniques for Level 3 valuations 
(a) OZ Minerals Royalty 
The Directors engage a mining consultant, an independent valuer with a 
recognised and relevant professional qualification, to conduct a periodic 
valuation of the contractual rights and the fair value of the contractual 
rights is assessed with reference to relevant factors. At the reporting date 
the income streams from contractual rights have been valued on the net present 
value of the pre-tax cash flows discounted at a rate the external valuer 
considers reflects the risk associated with the project. The valuation model 
uses discounted cash flow analysis which incorporates both observable and 
non-observable data. Observable inputs include assumptions regarding current 
rates of interest and commodity prices. Unobservable inputs include assumptions 
regarding production profiles, price realisations, cost of capital and discount 
rates. In determining the discount rate to be applied, the external valuer 
considers the country and sovereign risk associated with the project, together 
with the time horizon to the commencement of production and the success or 
failure of projects of a similar nature. To assess the significance of a 
particular input to the entire measurement, the external valuer performs a 
sensitivity analysis. The external valuer has undertaken an analysis of the 
impact of using alternative discount rates on the fair value of contractual 
rights. 
 
This investment in contractual rights is reviewed regularly to ensure that the 
initial classification remains correct given the asset's characteristics and 
the Group's investment policies. The contractual rights are initially 
recognised using the transaction price as it was indicative of the best 
evidence of fair value at acquisition and are subsequently measured at fair 
value, taking into consideration the relevant IFRS 13 requirements. In arriving 
at their estimates of market values, the valuers have used their market 
knowledge and professional judgement. The Group classifies the fair value of 
this investment as Level 3. 
 
Valuations are the responsibility of the Directors of the Company. In arriving 
at a final valuation, the Directors consider the independent valuer's report, 
the significant assumptions used in the fair valuation and the review process 
undertaken by BlackRock's Pricing Committee. The valuation of unquoted 
investments is performed on a quarterly basis by the Investment Manager and 
reviewed by the Pricing Committee of the Manager. On a quarterly basis the 
Investment Manager will review the valuation of the contractual rights and 
inputs for significant changes. A valuation of contractual rights is performed 
annually by an external valuer, SRK Consulting (UK) Limited, and reviewed by 
the Pricing Committee of the Manager. The valuations are also subject to 
quality assurance procedures performed within the Pricing Committee. On a 
semi-annual basis, after the checks above have been performed, the Investment 
Manager presents the valuation results to the Directors. This includes a 
discussion of the major assumptions used in the valuations. There were no 
changes in valuation techniques during the year. 
 
(b) Jetti Resources and MCC Mining equity shares 
The fair value of the investment equity shares of Jetti Resources and MCC 
Mining were assessed by an independent valuer with a recognised and relevant 
professional qualification. The valuation is carried out based on market 
approach using earnings multiple and price of recent transactions. Changes in 
assumptions about these factors could affect the reported fair value of 
financial instruments in the Consolidated and Parent Company Statements of 
Financial Position and the level where the instruments are disclosed in the 
fair value hierarchy. To assess the significance of a particular input to the 
entire measurement, the external valuer performs a sensitivity analysis. 
 
Fair values of financial assets and financial liabilities 
The table below sets out fair value measurements using the IFRS 13 fair value 
hierarchy. 
 
Financial assets/(liabilities) at fair value through         Level 1          Level 2          Level 3            Total 
profit or loss at                                              £'000            £'000            £'000            £'000 
31 December 2022 - Group 
 
Assets: 
 
Equity investments                                         1,250,984                9           35,692        1,286,685 
 
Fixed income securities                                       68,894           48,066                -          116,960 
 
Investment in contractual rights                                   -                -           21,199           21,199 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
Total assets                                               1,319,878           48,075           56,891        1,424,844 
 
                                                           =========        =========        =========        ========= 
 
Liabilities: 
 
Derivative financial instruments - written options                 -           (1,227)               -           (1,227) 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
Total                                                      1,319,878           46,848           56,891        1,423,617 
 
                                                           =========        =========        =========        ========= 
 
 
 
Financial assets/(liabilities) at fair value through         Level 1          Level 2          Level 3            Total 
profit or loss at                                              £'000            £'000            £'000            £'000 
31 December 2021 - Group 
 
Assets: 
 
Equity investments                                         1,114,430            8,955            1,846        1,125,231 
 
Fixed income securities                                       59,108           40,895           13,405          113,408 
 
Investment in contractual rights                                   -                -           18,162           18,162 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
Total assets                                               1,173,538           49,850           33,413        1,256,801 
 
                                                           =========        =========        =========        ========= 
 
Liabilities: 
 
Derivative financial instruments - written options                 -             (667)               -             (667) 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
Total                                                      1,173,538           49,183           33,413        1,256,134 
 
                                                           =========        =========        =========        ========= 
 
 
 
Financial assets/(liabilities) at fair value through         Level 1          Level 2          Level 3            Total 
profit or loss at                                              £'000            £'000            £'000            £'000 
31 December 2022 - Company 
 
Assets: 
 
Equity investments                                         1,250,984                9           42,923        1,293,916 
 
Fixed income securities                                       68,894           48,066                -          116,960 
 
Investment in contractual rights                                   -                -           21,199           21,199 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
Total assets                                               1,319,878           48,075           64,122        1,432,075 
 
                                                           =========        =========        =========        ========= 
 
Liabilities: 
 
Derivative financial instruments - written options                 -           (1,227)               -           (1,227) 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
Total                                                      1,319,878           46,848           64,122        1,430,848 
 
                                                           =========        =========        =========        ========= 
 
 
 
Financial assets/(liabilities) at fair value through         Level 1          Level 2          Level 3            Total 
profit or loss at                                              £'000            £'000            £'000            £'000 
31 December 2021 - Company 
 
Assets: 
 
Equity investments                                         1,114,430            8,955            9,024        1,132,409 
 
Fixed income securities                                       59,108           40,895           13,405          113,408 
 
Investment in contractual rights                                   -                -           18,162           18,162 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
Total assets                                               1,173,538           49,850           40,591        1,263,979 
 
                                                           =========        =========        =========        ========= 
 
Liabilities: 
 
Derivative financial instruments - written options                 -             (667)               -             (667) 
 
                                                     ---------------  ---------------  ---------------  --------------- 
 
Total                                                      1,173,538           49,183           40,591        1,263,312 
 
                                                           =========        =========        =========        ========= 
 
A reconciliation of fair value measurement in Level 3 is set out below. 
 
                                                                                  2022             2021 
Level 3 Financial assets at fair value through profit or loss at 31              £'000            £'000 
December - Group 
 
Opening fair value                                                              33,413           19,753 
 
Return of capital - royalty                                                       (267)            (267) 
 
Additions at cost                                                               20,106           14,390 
 
Transfer of equities from Level 1 to Level 3                                         2                - 
 
Conversion of equity and transfer to Level 1                                    (2,546)               - 
 
Conversion of convertible bond to equity and transfer to Level 2               (10,160)               - 
 
Transfer of equities and convertible bonds to Level 2                          (19,305)               - 
 
Total profit or loss included in net profit on investments in the 
Consolidated Statement of Comprehensive Income: 
 
- assets transferred to Level 1 during the period                                  169                - 
 
- assets transferred to Level 2 during the period                               14,212                - 
 
- assets held at the end of the period                                          21,267             (463) 
 
                                                                       ---------------  --------------- 
 
Closing balance                                                                 56,891           33,413 
 
                                                                             =========        ========= 
 
 
 
                                                                                  2022             2021 
Level 3 Financial assets at fair value through profit or loss at 31              £'000            £'000 
December - Company 
 
Opening fair value                                                              40,591           26,931 
 
Return of capital - royalty                                                       (267)            (267) 
 
Additions at cost                                                               20,106           14,390 
 
Transfer of equities from Level 1 to Level 3                                         2                - 
 
Conversion of equity and transfer to Level 1                                    (2,546)               - 
 
Conversion of convertible bond to equity and transfer to Level 2               (10,160)               - 
 
Transfer of equities and convertible bonds to Level 2                          (19,305)               - 
 
Total profit or loss included in net profit on investments in the 
Consolidated Statement of Comprehensive Income: 
 
- assets transferred to Level 1 during the period                                  169                - 
 
- assets transferred to Level 2 during the period                               14,212                - 
 
- assets held at the end of the period                                          21,320             (463) 
 
                                                                       ---------------  --------------- 
 
Closing balance                                                                 64,122           40,591 
 
                                                                             =========        ========= 
 
The Level 3 valuation process and techniques used are explained in the 
accounting policies in note 2(h) above. A more detailed description of the 
techniques is found in the Annual Report and Financial Statements under 
'Valuation process and techniques'. 
 
The Level 3 investments as at 31 December 2022 in the table below relate to the 
OZ Minerals Brazil Royalty, convertible bonds and equity shares of Jetti 
Resources, MCC Mining and Lifezone SPAC PIPE. In accordance with IFRS 13, these 
investments were categorised as Level 3. 
 
In arriving at the fair value of the OZ Minerals Brazil Royalty, the key inputs 
are the underlying commodity prices and illiquidity discount. In arriving at 
the fair value of Jetti Resources and MCC Mining securities, the key inputs are 
shown below. 
 
The Level 3 valuation process and techniques used by the Company are explained 
in the accounting policies in notes 2(h) and 2(q) above and a detailed 
explanation of the techniques is also available in the Annual Report and 
Financial Statements under 'Valuation process and techniques'. 
 
Quantitative information of significant unobservable inputs - Level 3 - Group 
and Company 
The significant unobservable inputs used in the fair value measurement 
categorised within Level 3 of the fair value hierarchy, together with an 
estimated quantitative sensitivity analysis, as at 31 December 2022 and 31 
December 2021 are as shown below. 
 
                                    As at                             Range of 
                              31 December                             weighted  Reasonable 
                                     2022   Valuation  Unobservable    average    possible    Impact 
Description                         £'000   technique         input     inputs  shift¹ +/-       on 
                                                                                                fair 
                                                                                              value 
 
                                                         Discounted 
                                                              rate- 
                                                           weighted 
                                           Discounted  average cost 
OZ Minerals Brazil                 21,199  cash flows    of capital      5.0% -       1.0%    £1.0m 
Royalty                                                                   8.0% 
 
                                                                     US$1,400- 
                                                            Average   US$1,600 
                                                        gold prices  per ounce       10.0%    £1.5m 
 
                                                                     US$7,209- 
                                                            Average   US$8,510 
                                                              copper per tonne       10.0%    £1.0m 
                                                             prices 
 
                                               Market      Earnings 
Jetti Resources                    29,873    approach      multiple      5.93x        5.0%    £0.6m 
 
                                                            Price of 
                                               Market        recent 
MCC Mining                          5,819    approach   transaction                   5.0%    £0.3m 
 
Lifezone commitment (see                - 
Note 14) 
 
                                              Listing 
                                            suspended 
                                             - valued 
                                           at nominal 
Polyus                                  -     US$0.01 
 
                          --------------- 
 
Total                              56,891 
 
                                ========= 
 
1     The sensitivity analysis refers to a percentage amount added or deducted 
from the input and the effect this has on the fair value. 
 
                                   As at                              Range of 
                             31 December                              weighted  Reasonable 
                                    2021    Valuation  Unobservable    average    possible   Impact 
Description                        £'000    technique         input     inputs  shift¹ +/-      on 
                                                                                               fair 
                                                                                             value 
 
                                                         Discounted 
                                                              rate- 
                                                           weighted 
                                           Discounted  average cost 
OZ Minerals Brazil                18,162   cash flows    of capital      5.0% -       1.0%   £1.0m 
Royalty                                                                   8.0% 
 
                                                                     US$1,400- 
                                                            Average   US$1,600 
                                                        gold prices  per ounce       10.0%   £1.5m 
 
                                                                     US$7,209- 
                                                            Average   US$8,510 
                                                              copper per tonne       10.0%   £1.0m 
                                                             prices 
 
                                               Market 
                                             approach 
                                                   and 
                                             scenario 
Invanhoe Electric and                         analysis         Asset 
I-Pulse securities                15,251          for      multiple     0.75x -      25.0%   £0.5m 
                                          convertible                    1.25x 
                                                notes 
 
                         --------------- 
 
Total                             33,413 
 
                               ========= 
 
1     The sensitivity analysis refers to a percentage amount added or deducted 
from the input and the effect this has on the fair value. 
 
The sensitivity impact on fair value is calculated based on the sensitivity 
estimates set out by the independent valuer in its report on the valuation of 
contractual rights. Significant increases/(decreases) in estimated commodity 
prices and discount rates in isolation would result in a significantly higher/ 
(lower) fair value measurement. Generally, a change in the assumption made for 
the estimated value is accompanied by a directionally similar change in the 
commodity prices and discount rates. 
 
For exchange listed equity investments, the quoted price is the bid price. 
Substantially, all investments are valued based on unadjusted quoted market 
prices. Where such quoted prices are readily available in an active market, 
such prices are not required to be assessed or adjusted for any business risks, 
including climate change risk, in accordance with the fair value related 
requirements of the Company's financial reporting framework. 
 
12. Transactions with the Investment Manager and AIFM 
BlackRock Fund Managers Limited (BFM) provides management and administration 
services to the Company under a contract which is terminable on six months' 
notice. BFM has (with the Group's consent) delegated certain portfolio and risk 
management services, and other ancillary services to BlackRock Investment 
Management (UK) Limited (BIM (UK)). Further details of the investment 
management contract are disclosed in the Directors' Report in the Annual Report 
and Financial Statements. 
 
The investment management fee due for the year ended 31 December 2022 amounted 
to £10,646,000 (2021: £9,230,000). At the year end, £5,443,000 was outstanding 
in respect of the management fee (2021: £4,587,000). 
 
In addition to the above services, BIM (UK) has provided the Group with 
marketing services. The total fees paid or payable for these services for the 
year ended 31 December 2022 amounted to £132,000 excluding VAT (2021: £ 
140,000). Marketing fees of £62,000 were outstanding as at 31 December 2022 
(2021: £55,000). 
 
The ultimate holding company of the Manager and the Investment Manager is 
BlackRock, Inc., a company incorporated in Delaware, USA. 
 
13. Related party disclosure 
Directors' emoluments 
At the date of this report, the Board consists of five non-executive Directors, 
all of whom are considered to be independent of the Manager by the Board. 
 
Disclosures of the Directors' interests in the ordinary shares of the Company 
and fees and expenses payable to the Directors are set out in the Directors' 
Remuneration Report in the Annual Report and Financial Statements. As at 31 
December 2022, £16,000 (2021: £14,375) was outstanding in respect of Directors' 
fees. 
 
Significant holdings 
The following investors are: 
 
a.      funds managed by the BlackRock Group or are affiliates of BlackRock 
Inc. (Related BlackRock Funds); or 
 
b.      investors (other than those listed in (a) above) who held more than 20% 
of the voting shares in issue in the Company and are as a result, considered to 
be related parties to the Company (Significant Investors). 
 
As at 31 December 2022 
 
                            Total % of shares held by     Number of Significant 
Total % of shares held by   Significant                   Investors who 
Related                     Investors who are not         are not affiliates of 
BlackRock Funds             affiliates of                 BlackRock Group or 
                            BlackRock Group or BlackRock, BlackRock, Inc. 
                            Inc. 
 
2.27                        n/a                           n/a 
 
As at 31 December 2021 
 
                           Total % of shares held by    Number of Significant Investors 
Total % of shares held by  Significant                  who 
Related                    Investors who are not        are not affiliates of BlackRock 
BlackRock Funds            affiliates of                Group or 
                           BlackRock Group or           BlackRock, Inc. 
                           BlackRock, Inc. 
 
1.77                       n/a                          n/a 
 
14. Capital commitment 
There was one capital commitment at 31 December 2022 (2021: nil). This was a 
US$10,000,000 commitment in relation to the SPAC PIPE commitment for investment 
in Lifezone SPAC. 
 
15. Publication of non statutory accounts 
The financial information contained in this announcement does not constitute 
statutory accounts as defined in the Companies Act 2006. The Annual Report and 
Financial Statements for the year ended 31 December 2022 will be filed with the 
Registrar of Companies after the Annual General Meeting. 
 
The figures set out above have been reported upon by the auditor, whose report 
for the year ended 31 December 2022 contains no qualification or statement 
under Section 498(2) or (3) of the Companies Act 2006. 
 
The comparative figures are extracts from the audited financial statements of 
BlackRock World Mining Trust plc and its subsidiary for the year ended 31 
December 2021, which have been filed with the Registrar of Companies. The 
report of the auditor on those financial statements contained no qualification 
or statement under Section 498 of the Companies Act 2006. 
 
16. Annual Report and Financial Statements 
Copies of the Annual Report and Financial Statements will be published shortly 
and will be available from the registered office, c/o The Secretary, BlackRock 
World Mining Trust plc, 12 Throgmorton Avenue, London EC2N 2DL. 
 
17. Annual General Meeting 
The Annual General Meeting of the Company will be held at 12 Throgmorton 
Avenue, London EC2N 2DL on Tuesday, 18 April 2023 at 11.30 a.m. 
 
ENDS 
 
The Annual Report and Financial Statements will also be available on the 
BlackRock website at www.blackrock.com/uk/brwm. Neither the contents of the 
website nor the contents of any website accessible from hyperlinks on the 
website (or any other website) is incorporated into, or forms part of, this 
announcement. 
 
For further information, please contact: 
 
Melissa Gallagher, Managing Director, Closed End Funds, BlackRock Investment 
Management (UK) Limited - Tel:  020 7743 3000 
 
Evy Hambro, Fund Manager, BlackRock Investment Management (UK) Limited - Tel: 
020 7743 3000 
 
Emma Phillips, Media & Communications, BlackRock Investment Management (UK) 
Limited - Tel:  020 7743 2922 
 
Press enquires: 
 
Ed Hooper, Lansons Communications 
 
Tel:  020 7294 3616 
 
E-mail:  BlackRockInvestmentTrusts@lansons.com or EdH@lansons.com 
 
2 March 2023 
 
 
12 Throgmorton Avenue 
London EC2N 2DL 
 
 
 
END 
 
 

(END) Dow Jones Newswires

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