BlackRock World Mining: H1 NAV return beats the benchmark as the discount narrows
BlackRock World Mining Trust released its half-year report on 7 September 2026, covering the six months to 30 June.
The reported numbers
| Measure | H1 2026 |
|---|---|
| NAV total return | 7.2% |
| Share-price total return | 13.7% |
| Reference-index total return | 4.7% |
| Net assets | £1.696bn |
| Revenue return per share | 12.24p |
| Dividends paid/payable | 11.00p |
Returns include reinvested dividends. Revenue profit rose 7.1% to £22.84m. The reported discount narrowed from 6.1% at year-end to 0.4%, using the cum-dividend share price.
What the difference means
The portfolio outperformed its benchmark, while discount narrowing amplified the shareholder return. Those are separate contributors: future returns cannot depend on the same discount contraction recurring.
The second quarterly dividend is 5.50p, payable 9 October to shareholders registered on 18 September. Since June, NAV had gained another 17.6% through 3 September, versus 18.3% for the benchmark.
The next questions are whether portfolio income sustains the distribution and whether commodity exposure continues to justify the much smaller discount.
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