355. Why mining still matters in an increasingly volatile world

Commodities have always been cyclical, but today’s mining sector is facing a unique blend of macroeconomic volatility, geopolitical tension, and structural change. In this episode, we hear from Evy Hambro and Olivia Markham, co-managers of the BlackRock World Mining Trust, as they discuss current disruptions like tariffs and trade rerouting, the surprising disconnect between commodity and equity prices, and the rising importance of critical materials like copper and uranium. We also unpack how unquoted investments, royalty strategies, and income diversification are helping to future-proof the portfolio.

What’s covered in this episode: 

• Initial reactions to Liberation Day and what it means for the portfolio
• The breakdown in commodity prices and share prices of the companies that produce them
• The gold price continues to soar
• Increasing exposure to gold equities
• How you could have underperformed with a gold equity ETF
• The long-term appeal of copper
• What types of companies make up the unquoted part of the portfolio?
• The dividend track record of the trust
• How important is China to the commodities outlook?
• What infrastructure spending in Europe means for the sector
• A renaissance in uranium
• Do you expect M&A activity to continue to grow?

More about the fund: BlackRock World Mining is a specialist trust offering exposure to mining and metals companies globally. Managed by one of the most experienced teams in the market, this trust is ideally positioned to tap into a number of global tailwinds set to benefit the mining sector. The trust has significant flexibility to invest across various metals and mining companies, including unquoted companies.

Learn more on fundcalibre.com

Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.