DOCSLIB.ORG

Blackrock World Mining Trust Plc

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

BlackRock World Mining Trust plc Mining Trust BlackRock World BlackRock World Mining Trust plc Annual Report and Financial Statements 31 December 2020 Annual Report and Financial Statements 31 December 2020 blackrock.com/uk/brwm Job No: 44037 Proof Event: 4 Black Line Level: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: World Mining Annual Rpt 2020 T: 0207 055 6500 F: 020 7055 6600 Job No: 44037 Proof Event: 13 Black Line Level: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: World Mining Annual Rpt 2020 T: 0207 055 6500 F: 020 7055 6600 Financial highlights 536.34p 522.00p1 NAV per ordinary share Ordinary share price +23.8% +36.3% £930.8m 20.40p Net assets Revenue return per +22.9% ordinary share -9.2% 20.30p 3.9%2,3 Total dividends Yield 7.7% +46.7%2, 4 Decrease in total Share price total return dividends per share MSCI ACWI Metals and Mining CPI5 +0.6% 30% Buffer 10/40 Index +20.6%4 FTSE All-Share Index -9.8%4 FTSE 100 -11.5%4 +31.8%2, 4 NAV total return MSCI ACWI Metals and Mining 30% Buffer 10/40 Index +20.6%4 FTSE All-Share Index -9.8%4 FTSE 100 -11.5%4 Percentage comparisons are year-on-year against 31 December 2019. ¹ Mid-market. 2 Alternative Performance Measures. See Glossary on pages 138 to 141. 3 Based on dividends paid and declared for the year ended 31 December 2020 and share price as at 31 December 2020. 4 Performance figures are calculated in sterling terms with dividends reinvested. 5 Consumer Price Index. Within the gold equity market, the increased focus on shareholder returns continued during the period under review. Newmont Corporation offers the most attractive dividend yield of the senior gold producers, announcing a dividend increase of 79% at the beginning of the year. This was subsequently supplemented by a new gold-linked dividend policy. PHOTO COURTESY OF NEWMONT CORPORATION Section 1: Overview and performance 1 Job No: 44037 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: World Mining Annual Rpt 2020 T: 0207 055 6500 F: 020 7055 6600 Why BlackRock World Mining Trust plc? Investment objective The Company’s investment policy is to provide a diversified investment in mining and metal assets 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 and up to 20% may be invested in unquoted investments. Reasons to invest Conviction Yield Flexibility A conviction-led approach to adding The Company offers an attractive 4.2% The Company provides a diversified value by truly understanding and net dividend yield for the year ended 31 exposure to the mining sector, with a comparing companies in the mining December 2020. Whilst mainly invested total return approach. The Portfolio sector, rather than by betting on the in equities, the Company makes use of Managers have the ability to use short-term direction of commodity fixed income and unquoted instruments investment tools such as option writing prices. Unconstrained by market cap, to enhance revenue. The Company’s and gearing. sub-sector or region, the Portfolio global remit means that the majority Managers can invest in a wide range of of its holdings generate earnings from opportunities. around the world. Opportunity Expertise ESG There is an increased focus on The Company is managed by Environmental, Social and Governance sustainability and, globally, regulation BlackRock’s Sectors and Thematics (ESG) is a key consideration. Due to is stepping up as the world looks to team, one of the largest investors in the high impact that mining has on crack down on pollution and carbon natural resources. The team has the communities, countries and the world emissions. The Company seeks resources to undertake extensive, we live in, as a general approach the opportunities in mining companies that proprietary, on-the-ground research Company will not invest in companies produce materials that will help advance to get to know the management of the which have high ESG risks and no these changes, including the need companies in which they invest. plans to address existing deficiencies. for metals such as nickel, cobalt and lithium to supply the world’s growing demand for batteries in everything from iPads to electric vehicles. A member of the Association of Investment Companies Further details about the Company including the latest annual and half yearly financial reports, fact sheets and stock exchange announcements are available on the website at blackrock.com/uk/brwm 2 BlackRock World Mining Trust plc l Annual Report and Financial Statements 31 December 2020 Job No: 44037 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: World Mining Annual Rpt 2020 T: 0207 055 6500 F: 020 7055 6600 Contents Section 1: Overview and performance Financial highlights 1 Why BlackRock World Mining Trust plc? 2 Performance record 4 Chairman’s statement 5 Investment manager’s report 9 Section 2: Portfolio Ten largest investments 27 Investments 29 Portfolio analysis 32 Section 3: Governance Governance structure 36 Directors’ biographies 37 Strategic report 39 Directors’ report 54 Directors’ remuneration report 63 Directors’ remuneration policy 66 Corporate governance statement 68 Report of the audit & management engagement committee 73 Statement of directors’ responsibilities in respect of the annual report and financial statements 78 Section 4: Financial statements Independent auditors’ report 82 Consolidated statement of comprehensive income 91 Consolidated and parent company statements of changes in equity 92 Consolidated and parent company statements of financial position 94 Consolidated and parent company cash flow statements 95 Notes to the financial statements 96 Section 5: Additional information Shareholder information 130 Analysis of ordinary shareholders 133 Historical record 134 Management and other service providers 135 AIFMD disclosures 136 Information to be disclosed in accordance with Listing Rule 9.8.4 137 Glossary 138 Section 6: Annual general meeting Notice of annual general meeting 144 Rio Tinto’s Pilbara network, the largest privately-owned and operated rail system in Australia. COVER PHOTO COURTESY OF RIO TINTO Section 1: Overview and performance 3 Job No: 44037 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: World Mining Annual Rpt 2020 T: 0207 055 6500 F: 020 7055 6600 Performance record 31 December 31 December 2020 2019 Net assets (£’000)¹ 930,825 757,110 Net asset value per ordinary share (NAV) (pence) 536.34 433.17 Ordinary share price (mid-market) (pence) 522.00 383.00 Reference Index4 – net total return 4,566.93 3,786.17 Discount to net asset value 2, 3 2.7% 11.6% Performance Net asset value per share (with dividends reinvested)3 +31.8% +17.2% Ordinary share price (with dividends reinvested)3 +46.7% +19.4% Reference Index4 +20.6% +15.3% 1 The change in net assets reflects market movements, dividends paid and the buyback of ordinary shares into treasury during the year. 2 This is the difference between the share price and NAV per share with debt at par. Further details of the calculation of the discount are given in the Glossary on page 138. 3 Alternative Performance Measures, see Glossary on pages 138 to 141. Performance figures are calculated in sterling terms with dividends reinvested. 4 MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net total return). Year ended Year ended 31 December 31 December Change 2020 2019 % Revenue Net revenue profit after taxation (£’000) 35,451 39,561 -10.4 Revenue return per ordinary share (pence) 20.40 22.46 -9.2 Dividend per ordinary share (pence) – 1st interim 4.00 4.00 – – 2nd interim 4.00 4.00 – – 3rd interim 4.00 4.00 – – Final 8.30 10.00 -17.0 Total dividends paid and payable 20.30 22.00 -7.7 Long-term capital and dividend returns 1300 1250 1200 1150 1100 1050 1000 950 900 850 800 750 700 650 600 550 500 450 Rebased to 100 400 350 300 250 200 150 100 50 0 2019 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2020 • Capital only share price • Dividend reinvested returns 4 BlackRock World Mining Trust plc l Annual Report and Financial Statements 31 December 2020 Job No: 44037 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: World Mining Annual Rpt 2020 T: 0207 055 6500 F: 020 7055 6600 Chairman’s Statement Dear Shareholder Highlights • NAV per share +31.8%1 (with dividends reinvested) • Share price +46.7%1 (with dividends reinvested) • Dividend -7.7% I am pleased to present the Annual Overview Financial Report for the year ended The year ended 31 December 2020 saw 31 December 2020. enormous disruption brought on by the global pandemic, which led to the Performance partial shutdown of many economies It is very pleasing to report that over the across the world for much of the period. twelve months to 31 December 2020, The nature and scale of the disruption David Cheyne the Company’s net asset value per was unparalleled but the significant Chairman share (NAV) returned +31.8%1 and the fiscal and monetary response was share price +46.7%1.
Recommended publications
  • Sven G. Mickisch

    Sven G. Mickisch

    Sven G. Mickisch Partner, New York Financial Institutions; Mergers and Acquisitions Sven Mickisch is co-head of Skadden’s Financial Institutions Group. He handles complex transactions and regulatory matters in the financial services industry, with an emphasis on the banking/specialty finance and financial technology sectors. Mr. Mickisch also is co-head of Skadden’s financial services initiative, which oversees coverage of the firm’s financial services clients across all of its practices, and co-leads Skadden’s global financial technology practice. Mr. Mickisch has significant experience representing financial institutions in mergers, acqui- sitions, strategic investments and financing transactions. He also regularly advises private equity firms transacting in the financial services sector. In addition, he has handled numerous restructurings and recapitalizations of financial institutions. He is widely recognized for his work in the financial services space. He has repeatedly been T: 212.735.3554 ranked as a leading attorney in financial institutions M&A byChambers and was named a F: 917.777.3554 Rising Star in Banking and a Fintech MVP by Law360. He was also selected for the Ameri- [email protected] cas Rising Star Award in Banking & Finance by Euromoney. His representations include the following transactions: Education J.D., Columbia University School Banking / Specialty Finance of Law, 2005 (James Kent Scholar; - American Express in the sale of its international banking division to Standard Chartered; Harlan Fiske Stone Scholar) - Anchor BanCorp Wisconsin in its sale to Old National Bancorp, as well as its prior recap- LL.B., London School of Economics italization, which was implemented via a “prepackaged” bankruptcy process; and Political Science, 2004 (Sir Morris Finer Memorial Prize) - Bank of N.T.
  • Old School Large U.S

    Old School Large U.S

    THURSDAY APRIL 1, 2021 VOL. 186 No. 62 AMERICANBANKER.COM Follow us on Twitter @AmerBanker Where Goldman, Citi, 5 JPMorgan are putting fintech investment dollars Old school Large U.S. banks are directing their venture While larger banks have diversified their revenue streams over capital dollars to fintechs in capital the years, community banks still largely rely on loans to make markets, wealth management and “future- money proofing.” Page 5 See story on page 4 Two bankers banned 6 from industry in closely Net interest income, 70.9% watched trade secret case In an enforcement action that could have Net gains from loan sales, 8.9% reverberations across the sector, the Fed imposed tough penalties on a pair of Fiduciary acǎviǎes, 4.3% Wyoming bankers who took confidential Service charges, 3.0% information to their new employer. Page 7 Investment banking, 0.6% Debit’s on a roll. Are small 7 merchants getting rocked? Insurance income, 0.5% The Justice Department’s probe of Visa Trading account gains, 0.1% highlights whether merchants are properly equipped to adapt to the cost of debit spending Other noninterest income, 11.7% as more commerce goes digital. Page 8 Visa, Mastercard face Source: FDIC (2020 data for banks with below $10B of assets) 8 new pushback in $5.5 billion retailer suit Visa and Mastercard are facing fresh opposition from U.S. retailers in a long- dailybriefing Fee income lagging, running legal fight over the fees merchants 3 Louisiana bank makes pay each time consumers swipe their credit bet on wealth management or debit card at checkout.
  • Is Bigger Better? Credit Unions Moved Quickly to Reduce Branch Access As the Coronavirus Crisis Worsened

    Is Bigger Better? Credit Unions Moved Quickly to Reduce Branch Access As the Coronavirus Crisis Worsened

    FRIDAY MAY 8, 2020 VOL. 185 No. 89 AMERICANBANKER.COM Follow us on Twitter @AmerBanker As states reopen, will credit 5 union branches follow suit? Is bigger better? Credit unions moved quickly to reduce branch access as the coronavirus crisis worsened. The Pre-pandemic, customers of the six largest retail banks — Chase, harder decision will be when and how to begin Bank of America, Citi, Wells Fargo, U.S. Bank and PNC — were more lifting those restrictions. Page 7 active users of digital channels than customers of regional and midsize banks N26’s $100M funding spotlights % of customers with high levels of digital engagement 6 a rush to digital models amid coronavirus pandemic See story on page 7 The strength of the post-coronavirus recovery will determine if that’s enough for 50% the digitally focused challenger to battle well-capitalized banks. Page 9 40% Citigroup spins off 30% 7 proxy-voting startup Proxymity, backed by eight major players 20% including JPMorgan and State Street, lets 10% investors vote virtually on corporate matters, a service that has grown more popular 0% during the coronavirus pandemic. Page9 Above $250B $55B to $250B Less than $55B How Fannie Mae’s advance cap of deposits* of deposits of deposits 8 has impacted the market so far Source: J.D. Power (*excludes Truist Financial) Some benefits are materializing from Fannie Mae’s pledge to limit servicers’ exposure to principal-and-interest advances the way Freddie Mac does, dailybriefing Parting words from Beth but counterparties of both GSEs remain 3 Mooney: ‘Rebuild trust exposed to other concerns.
  • The Rise of Wealthtech

    The Rise of Wealthtech

    WWW.DRAKESTAR.COM JULY 2020 Sector Report THE RISE OF WEALTHTECH Julian Ostertag, Managing Partner and Christophe Morvan, Managing Partner Member of the Executive Committee [email protected] [email protected] +33 1700 876 10 +49 89 1490 265 20 Michael Metzger, Partner Antonia Georgieva, Partner [email protected] [email protected] +1 310 696 4011 +1 917 755 5518 Kasper Kruse Petersen, Partner [email protected] +44 203 2057 360 In the USA, all securities transacted through Drake Star Securities LLC. In the USA, Drake Star Securities LLC. Is regulated by FINRA and is a member of SIPC Drake Star Partners is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries and affiliates. In the USA, all securities are transacted through Drake Star Securities LLC. In the USA, Drake Star Securities LLC is regulated by FINRA and is a member of SIPC. © 2020 Drake Star Partners. This report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security. The information herein is based on sources we believe to be reliable but is not guaranteed by us and we assume no liability for its use. Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice. Citations and sources are available upon request through https://www.drakestar.com/contact. Interviews were conducted by Drake Star Partners via email correspondence between March and May 2020.
  • LSEG Notice of Annual General Meeting 2021

    LSEG Notice of Annual General Meeting 2021

    THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about its contents or the action you should take, you are recommended to seek your own personal financial advice from your stockbroker or other independent professional adviser who, if you are taking advice in the United Kingdom, is authorised under the Financial Services and Markets Act 2000. If you have sold or otherwise transferred all your shares in London Stock Exchange Group plc, please forward this document, together with the accompanying documents, to the purchaser or transferee, or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. London Stock Exchange Group plc 10 Paternoster Square London EC4M 7LS Telephone +44 (0)20 7797 1000 www.lseg.com 22 March 2021 Dear Shareholder, Annual General Meeting 2021 I am pleased to send you details of the annual general meeting (the ‘‘AGM’’) of London Stock Exchange Group plc (the ‘‘Company’’), together with the annual report and accounts for the year ended 31 December 2020 (the ‘‘Report and Accounts’’). Although our preference had been to welcome shareholders to our 2021 AGM, in light of the ongoing COVID-19 pandemic and the UK Government’s current restrictions on public gatherings, the format of the AGM has been altered this year to protect the health and safety of our shareholders, directors and people. Therefore, the AGM will be held on 28 April 2021 at 10 Paternoster Square, London, EC4M 7LS and will start at 12 p.m.
  • Matthew H. Nemeroff

    Matthew H. Nemeroff

    Matthew H. Nemeroff Counsel, New York Financial Institutions; Mergers and Acquisitions Matthew H. Nemeroff focuses on mergers and acquisitions, divestitures, joint ventures and financing transactions. He advises clients on complex U.S. and cross-border transactions involving financial institutions in the banking, financial technology, specialty finance and insurance sectors. Mr. Nemeroff also has an active practice advising private equity firms transacting in the financial services sector. In addition, he regularly advises clients on corporate governance, securities laws and general corporate matters. Representative transactions include: Banking / Specialty Finance - AloStar Bank of Commerce in its $196 million sale to State Bank and Trust Company; T: 212.735.2989 - Flagstar Bancorp, Inc. in its pending $2.6 billion merger with New York Community F: 917.777.2989 Bancorp, Inc.; [email protected] - OceanFirst Financial Corp. in its separate acquisitions of six publicly traded and privately held community bank and thrift organizations; Education - OFG Bancorp in its $550 million acquisition of Scotiabank’s Puerto Rico and U.S. Virgin J.D., University of Florida Islands banking operations; School of Law, 2013 - Green Bancorp, Inc. in its acquisition of Patriot Bancshares, Inc.; B.S.B.A., University of Central Florida, - Greentech Capital Advisors in its sale to Nomura; 2009 - Springleaf Holdings, Inc. in its $4.25 billion acquisition of OneMain Financial, Inc.; Bar Admissions - Sumitomo Mitsui Trust Bank in its investment in GreensLedge
  • 2020 ANNUAL REPORT Citi’S Value Proposition

    2020 ANNUAL REPORT Citi’S Value Proposition

    2020 ANNUAL REPORT Citi’s Value Proposition We work with companies to optimize their daily operations, A Mission of Enabling whether they need working capital, to make payroll or export their goods overseas. By lending to companies large and Growth and Progress small, we help them grow, creating jobs and real economic value at home and in communities around the world. We provide financing and support to governments at all levels, What You Can Expect From Us and so they can build sustainable infrastructure, such as housing, What We Expect From Ourselves transportation, schools and other vital public works. Citi’s mission is to serve as a trusted partner to our clients by These capabilities create an obligation to act responsibly, responsibly providing financial services that enable growth do everything possible to create the best outcomes, and and economic progress. Our core activities are safeguarding prudently manage risk. If we fall short, we will take decisive assets, lending money, making payments and accessing the action and learn from our experience. capital markets on behalf of our clients. We have 200 years of experience helping our clients meet the world’s toughest We strive to earn and maintain the public’s trust by constantly challenges and embrace its greatest opportunities. We are Citi, adhering to the highest ethical standards. We ask our the global bank — an institution connecting millions of people colleagues to ensure that their decisions pass three tests: across hundreds of countries and cities. they are in our clients’ interests, create economic value, and are always systemically responsible. When we do these things We protect people’s savings and help them make the purchases — well, we make a positive financial and social impact in the from everyday transactions to buying a home — that improve the communities we serve and show what a global bank can do.