BlackRock World Mining Trust (LON:BRWM) has already benefited from powerful moves in gold and copper, but Thomas McMahon of Kepler Partners argues the bigger story may only be starting. He explains why the managers have cut gold exposure, added to diversified miners such as Rio Tinto, Glencore and Anglo American, and reduced gearing as they balance market risks against surging long-term demand from AI data centres, electrification, defence spending and reshoring. With commodity supply struggling to keep pace, could mining be entering a structurally different phase?
Key Moments
00:09 — What has driven BlackRock World Mining’s strong 2026 performance
01:33 — Why the managers cut gold exposure from 39% to 32%
02:04 — The shift towards diversified miners and copper
02:49 — Gearing falls as the managers balance risk and opportunity
03:23 — Why commodity diversification matters
05:03 — Copper’s structural demand from AI and electrification
06:03 — Is mining becoming less cyclical
07:34 — AI, defence and reshoring create new sources of demand
08:17 — Why constrained mine supply could support commodity prices
09:30 — Mining’s striking five-year performance against global equities
10:00 — The widening gap between commodity demand and investment
11:26 — Why the strategic importance of mining may still be underappreciated
BlackRock World Mining Trust plc invests globally across mining and metals companies, giving shareholders diversified exposure to precious metals, base metals and bulk commodities. Its portfolio can also include mining royalties and other metal-related assets, allowing the managers to shift exposure as opportunities change across commodity markets.
