Around the time when black metal was being birthed I grew bored with the sound and drifted into post-punk. I still don't listen to BM for pleasure, but I find the whole subculture fascinating, as I do with any group of ex-metal kids who warped into other things.
Without getting into the sticky realm of race theory, Lords of Chaos looked at a small part of the much larger black metal scene, a bunch of kids who were basically like well-off D&D geeks who took it too seriously. A lot of them are into Nordic nationalism, which in itself is not inherently racist, though there are certainly many who take it that far. I didn't do a BM newsletter, but I did a bunch of art for various zines and was deep into the tape trading scene back then (mid-late '80s), so got all the early records and demos. Sold 'em all off.
To say black metal is inherently racist just cos of the Lords of Chaos book is way off the mark. I was there at the birth of Scandinavian black metal (I did art for the zines). The book is good (I just reread it) but is just one side of the story.