Hambro's World Mining trust makes 80% on Glencore stake

BlackRock's £1.6bn World Mining Trust, run by Evy Hambro, has made around 80% on its investment in Glencore's convertible debt, Oriel Securities has said.

The trust, an early investor in Glencore convertible debt 18 months ago, wrote up its investment in Glencore following strong results from the group, Oriel said. It said: "We calculate that BlackRock World Mining has made around an 80% gain on this investment since purchase, in addition to the 5% annual yield on the convertible debt." The broker added the trust is poised to benefit further from a significant gain on its investment following Glencore's listing yesterday. Oriel said: "We do expect a further increase in the valuation of this investment to take into account the IPO pri...