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Trust Issues: Investing in the mining sector with BRWM’s Olivia Markham
In this episode of Trust Issues, we speak to Olivia Markham, manager of BlackRock World Mining, about the investment case for the mining sector, including gold’s record-breaking run, demand for copper, M&A and the most compelling opportunities across the sector.
00:00 Introduction
00:36 Drivers of recent performance
02:00 Outlook for gold prices
03:13 Valuations of gold miners
04:21 Long-term drivers of copper demand
06:06 Slowing demand from China
07:10 Benefit of active exposure
08:27 Likely increase in capex
09:57 Outlook for dividends
11:09 Navigating tariffs
12:57 Impact of resource nationalism
13:52 M&A in the sector
15:18 Most compelling opportunities
17:18 Further information
17:36 Risk warning
Our latest note on BRWM - https://www.trustintelligence.co.uk/investor/articles?fund_id=5
BRWM website - https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-world-mining-investment-trust/trust-information
Please note that this podcast was recorded on 10 October 2025.
View all episodes
By Kepler PartnersIn this episode of Trust Issues, we speak to Olivia Markham, manager of BlackRock World Mining, about the investment case for the mining sector, including gold’s record-breaking run, demand for copper, M&A and the most compelling opportunities across the sector.
00:00 Introduction
00:36 Drivers of recent performance
02:00 Outlook for gold prices
03:13 Valuations of gold miners
04:21 Long-term drivers of copper demand
06:06 Slowing demand from China
07:10 Benefit of active exposure
08:27 Likely increase in capex
09:57 Outlook for dividends
11:09 Navigating tariffs
12:57 Impact of resource nationalism
13:52 M&A in the sector
15:18 Most compelling opportunities
17:18 Further information
17:36 Risk warning
Our latest note on BRWM - https://www.trustintelligence.co.uk/investor/articles?fund_id=5
BRWM website - https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-world-mining-investment-trust/trust-information
Please note that this podcast was recorded on 10 October 2025.