BlackRock World Mining: when sorry isn’t good enough

BlackRock's mining investment trust suffered a dismal year. And for many investors, the changes will offer scant consolation.

Investors in the BlackRock World Mining investment trust (LSE: BRWM) can't have much positive to say about it after a terrible performance last year. The trust's net asset value (NAV) slumped by 26.4% and its share price by 30.4%, compared to a 13% fall in the benchmark Euromoney Global Mining index over the same period.

A large part of the underperformance was due to the collapse in October of London Mining, a Sierra Leone iron-ore miner, which led to a loss equal to 6.5% of NAV.

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