Final Results

BLACKROCK WORLD MINING TRUST plc                        
                          ANNUAL RESULTS ANNOUNCEMENT                          
                      for the year ended 31 December 2010                      

Performance to 31 December 2010                   One year  Five years
Net asset value per share:                                            
- capital only                                      +45.3%     +142.3%
- with income and 1⁄5 warrant reinvested **         +46.3%     +156.6%
                                                                      
Ordinary share price:                                                 
- capital only                                      +47.5%     +130.7%
- with income and 1⁄5 warrant reinvested **         +48.6%     +146.6%
                                                                      
HSBC Global Mining Index*:                                            
- capital only                                      +33.6%     +145.5%
- with income reinvested                            +35.6%     +170.4%

* Adjusted for exchange rates relative to sterling.
** 1 warrant for every 5 ordinary shares.
Sources: BlackRock and DataStream.


Chairman's Statement

Overview and performance
As reported in my interim statement, the first half of the Company's financial
year was weak as market volatility continued due to the uncertainties in global
markets. In the second part of the year commodity prices rallied, driven by
improved demand fundamentals, which contributed to stronger company balance
sheets. As a result of this increased cash flow, merger and acquisition
activity returned with vigour, the mining sector accounting for nearly a third
of all deals in 2010.

Against this backdrop, at the end of the financial year, the Company had
recouped the losses that transpired during the global economic downturn. In the
year ended 31 December 2010, the Company's net asset value ("NAV") increased by
46.3% and the share price rose by 48.6% (both percentages calculated in
sterling terms with income reinvested). By comparison your Company's benchmark
index, the HSBC Global Mining Index, grew by 35.6%.

Since the year end, the Company's NAV has fallen by 7.6% compared with a decrease
of 7.0% in the benchmark index.

Earnings and dividends
The earnings per share for the year amounted to 6.57p, compared to 4.90p for
the previous year. The Directors are recommending a final dividend of 6.00p per
share (2009: 4.75p), which represents an increase of 26.3% on the previous year.
The dividend is payable on 11 May 2011 to shareholders on the Company's
register on 1 April 2011.

Discount to net asset value
The Board recognises the importance to investors of the relationship between
the discount of the Company's share price and its underlying NAV. Accordingly,
the Directors monitor the discount closely and regularly consider the 
desirability of share repurchases, taking into account shareholder views. The
Company's current discount is 13.0%.

During the year and up to the date of this report, 225,000 shares were bought
back and subsequently placed in treasury. The Directors have the authority from
shareholders to buy back up to 14.99% of the Company's issued share capital.
This authority will expire on the conclusion of the 2011 Annual General
Meeting, when a resolution will be put to shareholders to renew it.

Subsidiary company
The Company's subsidiary, BlackRock Gold Limited, has not traded for a number
of years. Accordingly, an application has been made to the Registrar of
Companies for the company to be struck off the register and dissolved in due
course.

Alternative Investment Fund Managers ("AIFM") Directive
2010 has seen a number of developments surrounding the AIFM Directive, which
effectively introduces a regulatory framework for investment companies. The sum
total of these developments have broadly reduced many of the potentially
adverse consequences which threatened the investment company structure and the
legislation adopted by the European Parliament represents a much better outcome
than first envisaged. However, the legislative process is still ongoing and the
Association of Investment Companies will be working with the UK authorities
over the next two years to determine precisely how the rules will apply in the
UK.

Outlook
Whilst we anticipate continuing economic difficulties within the peripheral
countries of Europe and political instability, we remain positive longer term.
We expect mining companies to outperform on the back of strong commodity prices
supported by a demand for basic resources from emerging markets. Ratings in the
sector also have the opportunity to improve.

Key risks
The key risks faced by the Company are set out below. The Board regularly
reviews and agrees policies for managing each risk, as summarised below.

- Performance risk - The Board is responsible for deciding the investment
strategy to fulfil the Company's objectives and monitoring the performance of
the Investment Manager. An inappropriate strategy may lead to underperformance
against the benchmark index. To manage this risk the Investment Manager
provides an explanation of significant stock selection decisions and the
rationale for the composition of the investment portfolio. The Board monitors
and mandates an adequate spread of investments, in order to minimise the risks
associated with particular countries or factors specific to particular sectors,
based on the diversification requirements inherent in the Company's investment
policy. The Board also receives and reviews regular reports showing an analysis
of the Company's performance against the HSBC Global Mining Index and other
similar indices, including the performance of major companies in the sector.

- Income/dividend risk - The amount of dividends and future dividend growth
will depend on the Company's underlying portfolio. Any change in the tax
treatment of the dividends or interest received by the Company (including as a
result of withholding taxes or exchange controls imposed by jurisdictions in
which the Company invests) may reduce the level of dividends received by
shareholders. The Board monitors this risk through the receipt of detailed
income forecasts and considers the level of income at each meeting.

- Regulatory risk - The Company operates as an investment trust in accordance
with Chapter 4 of Part 24 of the Corporation Tax Act 2010. As such, the Company
is exempt from capital gains tax on the sale of its investments. The Investment
Manager monitors investment movements, the level and type of forecast income
and expenditure and the amount of proposed dividends to ensure that the
provisions of Chapter 4 of Part 24 of the Corporation Tax Act 2010 are not
breached and the results are reported to the Board.

- Operational risk - In common with most other investment trust companies, the
Company has no employees. The Company therefore relies upon the services
provided by third parties and is dependent on the control systems of the
Investment Manager and the Company's service providers. The security, for
example, of the Company's assets, dealing procedures, accounting records and
maintenance of regulatory and legal requirements, depend on the effective
operation of these systems. These are regularly tested and monitored and an
internal control report, which includes an assessment of risks together with
procedures to mitigate such risks, is prepared by the Investment Manager and
reviewed by the Audit & Management Engagement Committee twice a year. The
custodian, (The Bank of New York Mellon (International) Ltd ("BNYM"), a
subsidiary of The Bank of New York Mellon) and the Investment Manager also
produce annual internal control reports which are reviewed by their respective
auditors and give assurance regarding the effective operation of controls and
are also reviewed by the Audit & Management Engagement Committee.

- Resource risk - The quality of the investment management team employed by
BlackRock Investment Management (UK) Limited is a crucial factor in delivering
good performance and the loss by the management of key staff could affect
investment returns. The Investment Manager has training and development
programs in place for its employees and its recruitment and remuneration
packages are developed in order to retain key staff.

- Market risk - Market risk arises from volatility in the prices of the
Company's investments. It represents the potential loss the Company might
suffer through holding investments in the face of negative market movements. In
addition, it should be noted that the location of the companies in which the
Company invests and shares in the mining sector can prove to be volatile and
therefore present a greater degree of risk. The Board considers asset
allocation, stock selection and levels of gearing on a regular basis and has
set investment restrictions and guidelines which are monitored and reported on
by the Investment Manager. The Board monitors the implementation and results of
the investment process with the Investment Manager.

- Financial risks - The Company's investment activities expose it to a variety
of financial risks that include market price risk, foreign currency risk,
interest rate risk and liquidity and credit risk.

Related party transactions
The Investment Manager is regarded as a related party and details of the
investment management fees payable are set out in note 4.

Statement of Directors' Responsibilities
In accordance with Disclosure and Transparency Rule 4.1.12, the Directors
confirm to the best of their knowledge and belief that:

- the financial statements, prepared in accordance with IFRS as adopted by the
European Union, give a true and fair view of the assets, liabilities, financial
position and net return of the Company and Group; and

- the annual report includes a fair review of the development and performance
of the business and the position of the Company and the Group, together with a
description of the principal risks and uncertainties that it faces.

For and on behalf of the Board of Directors
A W Lea
Chairman
24 February 2011


Investment Manager's Report

Portfolio performance
After a difficult first six months, impacted by macro events such as the 
Australian Resources Tax and fears of a Chinese hard landing, we are
happy to report a strong finish to 2010. In fact it would be remiss of us not
to highlight that at the end of 2010 the share price had recovered all of the
ground lost during the financial crisis. For the year to 31 December 2010, the
Company's net asset value ("NAV") and share price rose by 46.3% and 48.6%
respectively (both percentages calculated in sterling terms with income
reinvested). In "capital" only terms, the NAV rose by 45.3% and the share price
by 47.5%. By comparison, the HSBC Global Mining Index, in sterling terms, rose
by 33.6% (capital only) and 35.6% (total return).

Mining share overview
After the massive rebound in valuations seen in 2009, we started this year
confident of further recovery in commodity demand and company valuations but
nonetheless cautious given how fresh the memories were of the rollercoaster
moves of the previous two years. As such, the portfolio started 2010 with only
£42 million of gearing, which was offset against the high yield resource debt
portfolio accumulated during the mining company re-financings of the previous
year, and commodity exposure was focused on copper, precious metals and the
bulks. In hindsight this strategy served the Company well, as it was not long
before the unbroken run of six consecutive months of positive gains for the
sector ended in the first month of the year.

January was marked by fears that Chinese financial tightening would result in a
hard landing for the economy. This prompted a rapid sell off in metal prices
and a de-rating of equity valuations. However, confidence soon returned and by
the end of April the sector was back into positive territory for the year. What
happened next can only be described as one of the most ill considered political
adventures to impact the mining sector in recent times.

In April, the Australian Government revealed plans to place a new heavy tax
burden on the domestic mining sector via a proposed Resource Super Profit Tax
("RSPT"). This levy was filled with many contentious points and would have 
penalised efficient operations that had already paid back the original capital 
investment. This would have made Australia one of the least attractive places in 
the world for mining companies to operate and invest notwithstanding the fact 
that it has one of the greatest mineral endowments!

The prospect of this tax coming into effect caused significant falls in the
valuations of all mining assets. The Company was caught up in this move due to
the high exposure to growth orientated companies, especially in the iron ore
and coal sectors in Australia. However, as a result of combined pressure from
the voting public and the mining sector, an amended proposal was eventually
agreed between the industry and the new Prime Minister. The revised version of
this tax, the Mineral Resources Rent Tax ("MRRT"), overcomes most of the
controversial aspects of the RSPT and results in a more manageable increase in
taxation. Nevertheless, the spectre of the original proposal is fresh in
investors' minds and there remains some uncertainty around the ability of
companies to offset State level royalties against the Federal MRRT. We hope for
clarity on this as soon as possible.

Despite the volatility in share prices, supply and demand fundamentals in the
sector were robust. Commodity demand remained strong throughout the year driven
by continued growth in the emerging nations. In addition, the actions to cut
supply taken by the producers during 2008/2009, accelerated inventory depletion
and in return helped markets back into balance (or deficits in some cases)
sooner than most anticipated. Metal prices started to reflect this early on in
the year but it was not until the second half that prices really started to
make new ground on the back of the second phase of quantitative easing. The
price of copper reached the previous all time high, set in 2008, at the end of
September and then promptly surged higher finishing the year up 31.4% and some
8% higher than the level reached in 2008.

Merger & acquisition ("M&A") activity
As forecast in last year's annual report, M&A took centre stage in 2010.
According to analysis by Citigroup, it was a record year for M&A in the mining
sector with over 186 successful deals worth a total of US$134 billion. This
number does not include deals that failed but only those which were either
completed or still in progress at the year end. The gold sector topped the
leader-board with over US$40 billion of deals announced, followed by coal and
iron ore. What these sectors have in common is a strong commodity price that is
translating into robust cash flows today, coupled with a supply/demand outlook
that should support elevated prices for a number of years hence. It would
therefore not surprise us to see further M&A in these sectors in 2011. Other
sectors with similar characteristics and where we would also expect to see
further corporate activity would be copper, platinum (although opportunities
are limited due to the high level of consolidation) and possibly mineral sands
where demand has significantly improved in recent months.

One of the larger transactions in the gold sector and the one that impacted the
portfolio most significantly was Newcrest Mining's takeover of Lihir Gold for
US$8.8 billion in May 2010. The combined entity is the largest gold producer in
the Asia-Pacific region and the third largest gold company by market
capitalisation. Newcrest, as it now stands, has the benefit of strong, high
quality growth from its existing production assets, as well as significant
upside potential at its exploration/development projects in Papua New Guinea.
Whilst the market did not initially recognise the value creation in the
takeover, Newcrest outperformed the gold sector in the second half of 2010 as
the transaction became better understood and the potential of its key
exploration asset (Wafi Golpu) was outlined.

The one company that was conspicuous in its failure to acquire assets was BHP
Billiton and the irony of this is that throughout the financial crisis BHP was
the best positioned to conduct M&A activity as it had the strongest balance
sheet! It was not for want of effort however; BHP Billiton saw both its
proposed iron ore joint venture with Rio Tinto and its US$40 billion hostile
bid for PotashCorp thwarted by the regulators. In the case of the joint venture
with Rio, it seems that the European regulators could not be persuaded that the
two companies would not exert undue pricing-power in the iron ore market even
with separate marketing divisions. The effective rejection of the Potash bid in
November by the Canadian Government appeared to have more to do with the
groundswell of nationalistic sentiment towards natural resources that is
occurring globally, albeit in different forms. In this case, the Canadian
Minister of Industry declared it would not be in the country's interest for BHP
Billiton to acquire PotashCorp, premised on the potential loss of tax revenue
to the state of Saskatchewan; however, it was clear from the rhetoric that the
loss of a "strategic" world-class resource to a foreign company was a major
issue for the Canadian Government.

BHP, probably more than others, has what some would call a quality problem -
what to do with the cash. As cash generation more than covers spending on
growth projects, dividends and share buyback plans, and with recent M&A plans
thwarted, maybe it is time for the company to further increase the level of
cash returned to shareholders and broaden the narrow focus of its M&A strategy.

Other major diversified mining companies have also been active in the M&A space
although on a smaller scale. Having rebuilt its balance sheet through 2009, Rio
Tinto switched attention to its organic growth pipeline announcing a US$13
billion capital expenditure spend for 2010 and 2011. By the second half of
2010, as cash flow generation returned to pre-crisis levels, M&A moved back
onto its radar. In December, Rio Tinto announced it had reached a new financial
agreement with Ivanhoe under which Rio Tinto will assume management control of
the Oyu Tolgoi copper-gold development project and which secures the right for
Rio Tinto to take its ownership of Ivanhoe up to 49% by 2012. Also in December,
Rio Tinto announced a US$3.9 billion cash offer for Riversdale Mining, a junior
coal developer with coking coal assets in Mozambique. Whilst we recognise the
logic of increasing exposure to coking coal, a commodity where growth in supply
is severely constrained and new projects are limited, we are keen to understand
how Rio Tinto propose to overcome the significant infrastructure issues within
Mozambique and also how it will deal with the other parties that hold minority
stakes in Riversdale's assets.

Xstrata have been quietly building an iron ore division through M&A. Having
hogged the limelight for much of the last commodity cycle through its M&A
activity, Xstrata has put considerably more emphasis on its organic growth in
2010. However, behind the scenes it has been building a portfolio of early
stage iron ore assets in Africa. The Company has benefited directly from this
through its stake in Jumelles, which has an iron ore joint venture with Xstrata
in the Republic of Congo (Congo-Brazzaville). Jumelles successfully listed at
almost a 300% premium to our initial investment in December 2010 under the name
Zanaga Iron Ore (1.2% of the portfolio at the year end). In August, Xstrata
announced a takeover offer for Sphere Minerals, a junior iron ore developer
with iron ore assets in Mauritania.

Base metals
The year started positively for base metals, but the advance was hindered first
by fears over Chinese monetary tightening and the impact this would have on
commodity demand, and then by fears over a double-dip recession hitting the
OECD countries. As the northern hemisphere summer drew to a close, it became
clear that commodity consumption from China, the largest single consumer of
base metals globally, was not as severely impacted by a tighter monetary policy
as some had predicted and the US and Europe did not fall back into recession
but continued to post quarterly growth numbers, albeit at a very subdued level.
As we moved into the fourth quarter, a second round of quantitative easing in
the US, market concern over potential inflation and the launch of
physically-backed commodity ETFs acted to further boost metal prices.

Selected commodity price changes during 2010

                                                     % change over       % change
                                           Price      12 months to        average
                                31 December 2010  31 December 2010  2010 vs. 2009

Silver (US$/troy oz)                       30.63              80.3           38.0
Coking coal - hard (US$/tonne)               225              75.8           51.0
Tin (US$/tonne)                           26,920              59.6           50.5
Iron ore - lump (US$/tonne - CIF China)    171.2              50.2           83.3
Thermal coal (US$/tonne)                     124              44.2           36.3
Uranium (US$/lb)                            62.5              40.5           -0.1
Nickel (US$/tonne)                        24,708              33.9           48.9
Copper (US$/tonne)                         9,650              31.4           46.5
Gold (US$/troy oz)                         1,418              29.4           26.0
Platinum (US$/troy oz)                     1,755              20.1           33.8
Aluminium (US$/tonne)                      2,461              12.0           30.5
Lead (US$/tonne)                           2,564               6.7           25.0
Potash (US$/tonne)                           468               5.2          -31.4
Zinc (US$/tonne)                           2,444              -3.4           30.5

Sources: DataStream and Bloomberg.

Tin was the best performing base metal in 2010, up 59.6% for the year (in US$
terms). Nickel and copper were also strong performers, rising 33.9% and 31.4%
respectively. All three commodities experienced significant draw-downs in
global inventories, as demand outstripped supply. Zinc was the only base metal
to end the year in negative territory, down 3.4%, owing to a supply surplus
which saw LME inventories rise by over 43%. However, for the producers, the key
was that all of the metal prices averaged materially higher than the previous
year.

Copper ended the year at an all time high of US$4.38/lb. The fundamentals for
copper are compelling; emerging market demand for copper driven by the rapid
rates of urbanisation and industrialisation, coupled with an increasing focus
on energy efficiency globally, means the demand outlook for copper over the
coming years is positive. The supply side is struggling to grow owing to
declining grades and rising costs at existing mines and a lack of significant
new discoveries to replace depleting assets. In addition, the countries where
new projects are available to be developed tend to be associated with other
risks such as political interference, title uncertainty and in some cases
unstable fiscal policies. All of this is hampering the rate at which these
deposits can be developed and further constraining supply growth.

As a result of these supply/demand dynamics, the market has become increasingly
focused on the outlook for copper, with significant investment flows into the
copper futures markets and now, with the launch of a physically-backed copper
Exchange Traded Fund ("ETF"), increasingly into the spot market. In this 
supply-constrained environment, the price of copper is the only mechanism that 
can limit demand and keep the market in balance and therefore most analysts 
are predicting copper prices averaging higher this coming year than in 2010, 
with some market commentators predicting a peak of US$6/lb in 2011. The 
Company maintained its significant exposure to copper throughout 2010 and at 
year end had 19.7% of the portfolio exposed to copper producers compared to 
16.1% at the end of 2009. We are aware that the increase in investment demand 
may lead to heightened copper price volatility which in turn may have a 
negative impact on end-user demand and we will be watching market developments 
closely.

Of the Company's core copper holdings, the strongest performer was Cerro Verde
(3.3% of the portfolio) which delivered a gain of over 139% (in sterling terms)
for the year. Freeport McMoRan owns 53.6% of the company and is the operator of
the Cerro Verde mine, a high quality, low cost copper-molybdenum open pit
operation. First Quantum Minerals, the largest copper holding within the
portfolio at 3.9% (both equity and convertible bond), had what could be
described as an "annus horribilus". Following the confiscation of the Kolwezi
development project in 2009, in 2010 First Quantum's Frontier mine was also
expropriated by the Government of the Democratic Republic of Congo. Throughout
this period of uncertainty, the company's share price experienced a significant
derating relative to its peers. However, with the loss of these assets, the
company has now been able to focus the market's attention on its other high
quality, low cost assets and compelling development pipeline. With a strong
copper price leading to even stronger cash flows, the stock ended the year up
over 46%. Two small positions in Discovery Metals and Rex Minerals were added
during the year; these are earlier stage explorer-developers with interesting
deposits in Botswana and Australia respectively.

The Company remains underweight with regard to aluminium producers in the 
portfolio owing to the less robust supply-side fundamentals. Global inventory 
levels are high on a historical basis; production capacity that was shut down 
during the financial crisis remains off-line waiting to be switched back on 
once prices strengthen and new capacity in China continues to be built, 
albeit at a slower rate than over the previous five years. We see the 
combination of these factors acting as a drag on the aluminium price in the 
short to medium term, although we are cognisant that strong demand from 
emerging markets and the pressure of rising power prices suggest the longer 
term outlook for the aluminium price is increasingly positive. The Company 
exited its position in Alcoa in the first half of the year, replacing it 
with a position in Rusal (0.3% of the portfolio). Owing to its financial 
gearing, Rusal is highly leveraged to any increase in the aluminium price, 
whilst also having a captive low cost power base giving it a competitive 
advantage in an environment in which energy costs are rising globally. 
The only other aluminium-related holding in the portfolio is Alumina (1.2% 
of the portfolio) which performed strongly in the second half of the year, 
up 88.6%. In our view this was due to the weakening of the pricing 
relationship between alumina and aluminium which has meant that the more 
positive fundamentals for alumina could translate into better margins. This 
is a theme that is expected to continue in 2011 with the likely effect being 
that more of the value in the aluminium supply chain will accrue to producers 
of alumina.

The strong performance of nickel in 2010 came as somewhat of a surprise. A
greater degree than expected of restocking in the stainless steel market,
strikes at existing operations and delays in new production coming online
pushed the market into deficit. The Company has little exposure to pure nickel
producers, but has significant exposure to nickel production through its
holdings in the diversified producers. The Company's zinc exposure is
predominantly in Nyrstar (0.8% of the portfolio), a zinc smelting company that
is seeking to increase its vertical integration upstream. The company made
significant progress with this strategy in 2010 having signed a supply
agreement with Talvivaara, the Finnish nickel producer, for its bi-product zinc
concentrate; acquired the Coricancha, the Contonga and Pucarrajo mines in Peru;
and agreeing to a friendly takeover with the Canadian listed Farallon
Resources. Towards the end of the year, the Company also began to rebuild a
position in Volcan, a Peruvian listed zinc/silver producer.

Gold & precious metals
The supportive trends of the last few years continued in the gold market
throughout the year. The gold price reached new highs in US dollars and most
importantly it has now risen in most other major currencies as well. Production
growth has failed to match the more than 350% rise in the gold price from when
production last peaked in 2001. In fact, mined gold supply only managed to edge
higher this year and might finally match the peak achieved in 2001. ETF demand 
continued to grow as investors, looking to shelter capital from the ravages of 
currency debasement and the prospect of inflation, increased exposure to gold 
via these funds. At the end of the year combined ETF holdings of gold reached 
2,138 tonnes, which would place it sixth on the list of Central Bank 
gold holdings. Official sector activity continued to be supportive for the price:
the IMF completed its well publicised divestment of part of its gold reserves
and it appears that this gold was predominantly acquired by other governments,
making 2010 the third year in a row in which Central Banks have accumulated
gold for their reserves. We believe that with no planned sales of any size
lined up for 2011, if Central Banks continue to acquire gold at the same rate,
then this could be very positive for the market.

For the Company, the most important factor in 2010 was that gold miners' profit
margins continued to grow as limited cost inflation allowed them to capture
most of the rise in the gold price. This increase in profitability is leading
some gold producers to raise the level of dividends paid to shareholders. Given
the poor track record of returns on M&A within the gold sector, we hope that
more producers follow this trend of returning capital.

The focus of the Company's gold investments is in companies that have
production growth, the ability to grow margins and deliver exploration success.
This served the portfolio well as the Company's largest gold investment Minas
Buenaventura (5.5% of the portfolio), delivered some of the best returns in the
sector. However, the portfolio's limited exposure to the world's largest gold
producers hurt performance as generalist investors turned to these companies to
gain gold exposure.

Exposure to silver via holdings in Fresnillo (4.4% of the portfolio) and
Industrias Penoles (2.7%) were key contributors to the overall result for the
year. The price of silver outperformed gold during the year, rising over 80%
versus the 29.4% rise in the price of gold. This appears to have been caused by
investors reaching out to silver as the "cheaper" alternative to gold for
financial diversification. We are well aware that trends like this can be short
lived but we are reassured by the excellent production track record of these
two companies and the growth they are forecast to achieve over the coming
years. For the year to December 2010, Fresnillo shares finished up by over 110%
and Penoles up by 76%.

Platinum markets were mixed during the year with the majority of the price
rally concentrated in the second half of the year. Palladium on the other hand
managed to deliver a stunning result. The combination of apparent reduced
exports out of Russia and rejuvenated demand from the automotive sector led to
the price rallying 105% during the year, well ahead of its sister metals. For
the producers, the shine of the dollar price increases was offset by the
continued strength in the Rand, production issues for most companies and local
cost inflation in South Africa. During the year, exposure was further
concentrated on Impala Platinum (4.2% of the portfolio), as we expect this
company to work through these challenges better than its peers.

Energy commodities
The uranium spot price increased by over 40% in 2010, in US dollar terms. The
long term price, which is equivalent to a contract price and which represents
over 85% of the uranium market, was up only 4.8%. The improvement in the spot
price appears to have been triggered by the combination of a production
disappointment from ERA, the world's fourth largest uranium producer, which
forced them into the spot market to fulfil contract requirements and increases
in Chinese purchases. Uranium equities, which had underperformed the mining
sector during 2009 and the first half of 2010, rebounded significantly on the
back of improved market sentiment. The only uranium holding in the Company, UEX
(0.9% of the portfolio), was up 122.6% for the year.

Fundamentals for uranium appear to be improving, particularly over the medium
to long term. It is evident that the Chinese build-out of nuclear power has
begun in earnest and the World Nuclear Association estimates that the country
will have over 70GWe of installed nuclear capacity by 2020, compared to less
than 10GWe today. Russia has also committed to significantly increasing its
nuclear power capacity. However, offsetting this, demand growth that had been
expected to come from the US, Europe and India looks likely to fall short of
previous expectations. Therefore over the next two years, given the growth in
supply forecast, particularly out of Kazakhstan, the market looks set to remain
in surplus. However, with increasing operating and capital costs, we believe
the downside to uranium prices is limited.

Direct exposure to thermal coal was increased during the year as industry
fundamentals continued to improve. The move by China from being exporter to
importer, combined with rising demand for coal in many nations, tightened the
market throughout the year. Also, the upgrading of high quality thermal coal
for use in the steel industry reduced supplies of thermal to existing
consumers. This trend has been accentuated by the recent floods in Australia,
as consumers have had to enter the lower quality PCI coal market to replace
lost supply of coking coal. The Company has benefited from its holding in Coal
& Allied, which produces such product from its mines in an area of Australia
(the Hunter Valley) that has not been hit by flooding. During the year, the
holding in Coal & Allied was increased substantially from circa 0.5% of the
portfolio to 1.8%.

Diversified mining companies and industrial commodities
What a difference a year made for the diversified mining companies. During
2009, the majority of these companies were desperate to repair balance sheets
via rights issues, convertible bonds issues and issuing corporate bonds at
close to junk bond interest rates. This was done with the experience of 2008 at
the forefront of management's minds and the expectation that commodity prices
would take a while to recover. The opportunities thrown up by this process were
numerous and it allowed the Company to build up a number of very attractive
investments at what now look like bargain-basement prices. In addition, these
investments were funded using the low cost debt that was available to the
Company.

With the benefit of hindsight, this approach taken by the mining companies has
proved to be overly cautious and it has left many companies with balance sheets
now approaching "lazy" status. However, we as shareholders are also very
conscious that almost the biggest risk faced by shareholders is poor
reinvestment of corporate cash flow. With this in mind, we have been encouraging
management to return excess capital.

One of the drivers of this rebound in fortunes for the diversified miners has
been the continued strength in the prices of raw materials used in steel
making; iron ore and coking coal were up 50.2% and 75.8% respectively. Most
importantly this year, producers managed to capture an increased share of the
industry's economics as the annual contract pricing for iron ore was abandoned 
and replaced with more frequent price adjustments directly related to spot 
prices. In addition, iron ore is now able to be sold with a reference to the 
landed price in China and this allows producers, such as the Australian miners, 
to capture the freight differential versus their peers. This change in pricing
appears to be a good result for the miners and, longer term, we expect the
logical conclusion of the process to be that iron ore and other "bulk"
commodities will be sold on a spot basis.

Looking further out to the future we expect the prices of iron ore and coking
coal to be driven by the marginal cost of supply. There are, however,
differences between the two. In iron ore the marginal producer is also the
largest producer, China, and with domestic mines producing higher cost and
lower quality product this should allow producers in other countries to gain
market share from these domestic suppliers. With costs of Chinese production 
substantially higher than those in Australia and Brazil, it looks as though 
high rates of return could be possible for the next few years. In coking coal 
the challenge is the limited ability of the miners to grow supply in the future
as there is a real lack of high quality exploitable resource and the concentration 
of production is in only a small number of regions. This latter point has become 
a very real problem as a result of the catastrophic flooding in Queensland. 
Queensland accounts for over 50% of world seaborne supply and the floods have 
impacted the majority of this production, further tightening markets for all 
types of export coal.

Individual exposure to the diversified miners is chosen based on the
see-through commodity exposure they offer. During the year, the best performing
of these was Teck Resources. Teck is uniquely positioned to deliver roughly
equal exposure to North American coking coal mines and copper production, two
of our most favoured commodities. At the other end of the scale limited
exposure to Anglo American, held via convertible bonds, benefited the Company
given the poor relative return in 2010.

The Company has also benefited from the strong recovery in prices of less well
known metals such as zircon, ilmenite, manganese and ferrochrome. Exposure to
these metals has been achieved via holdings in Iluka, Kenmare and African
Rainbow Minerals, all of which have enjoyed a buoyant 2010. Iluka and Kenmare,
in particular, are major beneficiaries of the mineral sands markets. Both of
these companies have been working to grow production during the last two years,
bringing projects into production ahead of this price recovery for which they
seem set to reap the benefits.

Pre-IPO investments
Glencore - In December 2009, the Company made an investment in a convertible
bond issued by Glencore. This unique investment opportunity gives exposure to
the world's largest commodity trader that also owns stakes in a number of other
mining companies (e.g. Xstrata, 34%), as well as directly owning and operating
mines across a range of commodities. The income element of the bond (5% per
annum) has benefited the Company in 2010 in an environment where yield has been
at a premium. There has been much media speculation about a potential IPO for
Glencore or a possible merger with Xstrata; whichever path is taken, we are
hopeful that significant value will be released.

Jumelles - At the end of 2009, the Company made an investment in this private
company that owns an iron ore project in the Republic of Congo. At the time of
investment, the valuation of the company appeared attractive on a number of
early stage metrics, especially given the significant potential identified in
the license area and the presence of Xstrata as their partner on the
pre-feasibility study. The company achieved several key milestones during 2010
- Xstrata provided the funding for the second stage of the pre-feasibility
study; engineering studies for the mine and rail links were updated and,
importantly, the company successfully listed on the London Stock Exchange in
November as Zanaga Iron Ore. The valuation achieved at listing reflected an
uplift of almost three times versus the value the Company had invested at, and
the market's positive view on the company continued post-listing with the stock
up a further 21% by the end of the year. In February 2011, another milestone was
achieved when Xstrata exercised their option to acquire a 50% plus one share
stake in the project by funding a full bankable feasibility study.

Derivatives activity
The Company sometimes holds positions in derivatives contracts. These
derivative positions, which are small in comparison with the size of the Group,
usually have the effect of obliging us to buy or sell stock or futures at
levels we believe are attractive. During 2010, we focused on writing short
dated calls in order to reduce some of our larger positions. The income
generated by such option writing enables us to maximise the potential exit
price from a position. At the end of 2010, we had no derivatives positions in
the portfolio.

Gearing
At 31 December 2010, the Company had a small amount of gearing amounting to 
£41.5 million. This has been drawn down against the higher yielding mining
company corporate debt portfolio. Gearing, which can be drawn down or repaid at
any time, is used in the portfolio to take tactical advantage of market
volatility and investment opportunities.

Outlook and strategy for 2011
2010 finished with overall economic growth at a higher level than many had
expected, thanks to the continued stimulatory monetary policies in the Western
World and the better than expected growth in the BRIC nations. However,
investors remain rightly cautious when looking at the resources sector due to
the uncertainty that surrounds how the record cash flows will be managed. At
the time of writing, Xstrata, Rio Tinto and BHP Billiton have increased their 
dividends and, in the case of Rio Tinto and BHP Billiton, share buybacks have 
been announced. Whilst we see this as a positive step, the scale of the return 
of capital to shareholders seems conservative given the strong cash flows these 
companies are enjoying. Nevertheless, should investor confidence improve with 
regard to capital deployment, then we see this as a key catalyst for a reduction
in the discount on which we believe the sector is trading.

China and other emerging markets should continue to positively support
commodities demand given their higher rate of forecast economic growth. In
addition, there appears to be a general realisation that emerging markets are
likely to account for more than 50% of global GDP by the end of this decade, if
not sooner, and with commodities key to meeting that growth profile we plan to
run the portfolio with a positive outlook on the future. We are however mindful
of the potential for near term shocks caused, for example, by Eurozone debt
issues, shifts in sentiment on Chinese economic overheating and most recently
political instability in North Africa and the Middle East. In addition, we are 
cognisant of the potential impact that the increasing prevalence of 
"resource-nationalism" may have on the mining sector.

Another source of potential risk in 2011 is better than expected growth out of
Europe and the US. Current expectations for commodity consumption growth in
these areas are low, as economic growth forecasts remain muted. Therefore any
improvement in demand would lead to upside surprises, particularly for those
commodities where we have seen a redirection of supply away from the US and
Europe into China and other emerging countries.

Finally, in last year's annual report, we highlighted the positive potential 
for two of the Company's most recent investments, Glencore and Jumelles. As
reported, Jumelles successfully listed in 2010 as Zanaga Iron Ore, and at the 
time of writing it appears likely that, during 2011, the investment in Glencore 
could move from being a private investment to having a public market quote. We 
hope that shareholders recognise the potential positive impact this could have 
on the portfolio.

Evy Hambro & Catherine Raw
BlackRock Investment Management (UK) Limited
24 February 2011


Ten Largest Investments - 31 December 2010

Set out below is a brief description by the Investment Manager of the Company's
ten largest investments.

Rio Tinto - 9.4% (2009: 9.1%) is the world's third largest mining company by
market capitalisation. It has interests over a broad range of metals and
minerals including iron ore, aluminium, copper, coal, industrial minerals, gold
and uranium. In October 2007, Rio Tinto acquired Alcan making it a leader in
the production of bauxite, alumina and aluminium, but also significantly
increasing its debt burden. During much of 2008 the company was the subject of
a bid by its major rival BHP Billiton. However, in November 2008, with
financial markets in crisis, commodity prices collapsing and onerous conditions
required for EU approval for the deal, BHP Billiton withdrew. Rio Tinto was
left severely indebted but through 2009 and 2010 has successfully rebuilt its
balance sheet through the combination of a rights issue, asset sales and debt
refinancing. In October 2010, the proposed iron ore joint venture with BHP
Billiton, agreed to in June 2009, was abandoned owing to the stringent
conditions required by the European regulators.

BHP Billiton - 6.8% (2009: 7.3%) is the world's largest diversified natural
resource company, formed in 2001 from the merger of BHP and Billiton. The
company is an important global player in a number of commodities including iron
ore, copper, coal, manganese, aluminium, diamonds and uranium. In addition, the
company is the only sizeable holding in the portfolio with significant oil and
gas assets. BHP Billiton approached Rio Tinto in November 2007 about a
potential merger but was rebuffed. It subsequently launched a hostile bid in
February 2008 but withdrew in November 2008 due to worsening economic
conditions and poor financial markets. In June 2009, BHP Billiton and Rio Tinto
announced that they had agreed to a 50:50 iron ore joint venture, from which
both companies walked away in October 2010. The company was also unsuccessful
in its US$40 billion bid for PotashCorp.

Vale - 6.7% (2009: 10.8%), formerly known as CVRD, is the world's largest
producer of iron ore. Based in Brazil, the company also has significant
interests in other commodities such as nickel, copper, gold and coal. In
addition, Vale owns and operates transport infrastructure. The company made a
transformational acquisition in 2006 by purchasing Inco for cash. This
considerably broadened the company's asset mix. More recently, they have
ventured into the fertiliser sector acquiring assets from Rio Tinto and Mosaic.
In June 2010, Vale announced the acquisition of Simandou iron ore assets in
Guinea for US$2.5 billion. These licenses were originally owned by Rio Tinto;
however they were forced to give them up by the Guinean Government in 2008.

Teck Resources - 6.4% (2009: 5.1%) is a Canadian diversified miner that is a
leader in the production of metallurgical coal and zinc, as well as a
significant producer of copper. In September 2008 the company acquired Fording
Coal Trust, which owned a 60% non-operating interest in Teck's metallurgical
coal operations. With the onset of the financial crisis in the second half of
2008, the company looked unable to refinance its short term debt. However, Teck
was able to strengthen its balance sheet throughout the course of 2009 and 2010
through the sale of its gold and other non-core assets, the renegotiation and
extension of its debt facilities, a bond issuance worth US$4.3 billion, and a
private placement of 17.2% of the company to China Investment Corporation.

Minas Buenaventura - 5.5% (2009: 5.0%) is Peru's premier precious metals
company. Its main asset is a 43.65% stake in the Yanacocha gold mine in Peru,
which it jointly owns with Newmont Mining. The company operates seven mines in
Peru, has a controlling interest in zinc miner Minera El Brocal, and an 18.5%
interest in copper miner Cerro Verde. In addition, the company has a
significant exploration portfolio, including the Chucapaca project in southern
Peru which it has joint ventured with Gold Fields.

Fresnillo - 4.4% (2009: 3.1%) is the world's largest primary silver producer
and Mexico's second largest gold producer. The company has four producing
operations and a portfolio of high quality development and exploration
projects. Industrias Penoles, one of Mexico's leading mining companies, owns
77% of the company; the remainder is publicly listed on the London Stock
Exchange.

Impala Platinum - 4.2% (2009: 4.7%) is the world's second largest producer of
platinum group metals, with mining and refining operations in South Africa. The
company also owns a number of substantial assets in Zimbabwe. Impala
restructured in 2006, converting the Bafokeng tribe's royalty into an equity
stake. In April 2008, the company exited from its position in Aquarius Platinum
at a significant premium to its initial investment.

First Quantum Minerals - 3.9% (2009: 4.2%) is an integrated copper producer
whose principal operating assets are in Africa, but also with nickel
development projects in Australia and Finland. In September 2009, its Kolwezi
mine was confiscated by the Government of the Democratic Republic of Congo
("DRC"); in August 2010 they subsequently confiscated First Quantum's Frontier
copper operation. The Kolwezi project has since been sold with ENRC, the London
listed diversified miner, subsequently purchasing a majority stake. First
Quantum has commenced legal proceedings both against the DRC Government and
ENRC's subsidiary. In December 2009, the company acquired the Ravensthorpe
nickel mine from BHP Billiton for US$340 million, significantly less than BHP
Billiton had spent to develop the operation. This is due to come into
production in H2 2011.

Glencore - 3.6% (2009: 5.1%) is a leading, privately held, diversified natural
resources group with activities in mining, smelting, refining, processing and
marketing of metals and minerals, energy products and agricultural products
globally. It provides financing, logistics, marketing and purchasing services
to producers and consumers of commodities. These activities are supported by
investments in industrial assets operating in Glencore's core commodity areas,
including a 34% stake in Xstrata. The company has been operating for
thirty-five years and is one of the world's largest privately owned companies
(as measured by revenues).

Freeport McMoRan - 3.5% (2009: 2.9%) is one of the largest copper producers in
the world. It is also a significant producer of molybdenum and gold. The
company has a large portfolio of assets including the Grasberg mining complex
in Indonesia, the world's largest copper and gold mine. In 2007, the company
merged with Phelps Dodge, an Americas-focused copper and molybdenum miner. In
October 2010, Freeport successfully came through a review by the Government of
the DRC of the mining license for its Tenke Fungurume operation. This allows
the company to proceed with an intended expansion of the operation.

All percentages reflect the value of the holding as a percentage of total
investments. Percentages in brackets represent the value of the holding as at
31 December 2009.

Investments
31 December 2010

                                                 Main      Market
                                         geographical       value          % of
                                             exposure       £'000   investments
Diversified
Rio Tinto*                                     Global      164,760          9.4
BHP Billiton                                   Global      119,897          6.8
Vale                                           Global      117,604          6.7
Teck Resources*                                Global      112,851          6.4
Glencore*#                                     Global       63,871          3.6
African Rainbow Minerals                 South Africa       40,568          2.3
Anglo American                                 Global       36,923          2.1
Xstrata                                        Global       30,110          1.7
Vedanta                                         India       19,236          1.1
Eurasian Natural Resources                 Kazakhstan        5,240          0.3
RTZ Zimbabwe                                 Zimbabwe        2,166          0.1
Grafton Resources#                             Global          324          0.0
                                                           -------         ----
                                                           713,550         40.5
                                                           -------         ----
Copper
First Quantum Minerals                         Zambia       69,285          3.9
Freeport McMoRan                               Global       61,357          3.5
Cerro Verde                                      Peru       58,634          3.3
Antofagasta                                     Chile       40,300          2.3
Equinox Minerals                               Zambia       39,275          2.2
Oz Minerals                                 Australia       38,287          2.2
Kazakhmys                                  Kazakhstan       16,140          0.9
Katanga Mining                                    DRC        6,904          0.4
Grupo Mexico                                   Mexico        5,261          0.3
Rex Minerals                                Australia        4,924          0.3
Anvil Mining                                      DRC        3,831          0.2
Discovery Metals                             Botswana        1,418          0.1
Southern Copper                                  Peru          845          0.1
Ivanhoe Mines                                Mongolia          775          0.0
                                                           -------         ----
                                                           347,236         19.7
                                                           -------         ----
Gold
Minas Buenaventura                               Peru       96,705          5.5
Newcrest Mining                             Australia       50,584          2.9
IAMGOLD                                        Canada       17,114          1.0
Newmont Mining                                    USA       11,767          0.7
G Resources                                 Indonesia        5,423          0.3
Gold Fields                              South Africa        4,218          0.2
Minera IRL                                       Peru        2,883          0.2
                                                           -------         ----
                                                           188,694         10.8
                                                           -------         ----
Silver & Diamonds
Fresnillo                                      Mexico       76,942          4.4
Industrias Penoles                             Mexico       46,918          2.7
Gem Diamonds                                  Lesotho        8,107          0.5
Harry Winston Diamond                          Canada        5,945          0.3
Lucara Diamond                               Botswana        1,740          0.1
                                                           -------          ---
                                                           139,652          8.0
                                                           -------          ---
Platinum
Impala Platinum                          South Africa       74,080          4.2
Anglo Platinum                           South Africa       17,986          1.0
Aquarius Platinum                        South Africa       10,515          0.6
Platmin Mining                           South Africa        1,275          0.1
                                                           -------          ---
                                                           103,856          5.9
                                                           -------          ---
Coal
Peabody Energy                                    USA       32,692          1.9
Coal & Allied                               Australia       31,295          1.8
Aquila Resources                            Australia       12,704          0.7
Australian Energy#                          Australia        3,503          0.2
Petmin                                   South Africa        1,659          0.1
Coal of Africa                           South Africa        1,466          0.1
Straits Asia Resources                      Indonesia          931          0.0
                                                            ------          ---
                                                            84,250          4.8
                                                            ------          ---
Aluminium
Alumina                                     Australia       20,296          1.2
Rusal                                          Russia        6,398          0.3
                                                            ------          ---
                                                            26,694          1.5
                                                            ------          ---
Zinc
Nyrstar                                       Belgium       13,818          0.8
Soc Min El Brocal                                Peru        2,497          0.2
Volcan                                           Peru          595          0.0
                                                            ------          ---
                                                            16,910          1.0
                                                            ------          ---
Other
Iluka Resources                             Australia       34,333          1.9
Minsur                                           Peru       24,404          1.4
Zanaga Iron Ore                     Republic of Congo       21,600          1.2
Atlas Iron                                  Australia       20,280          1.2
UEX                                            Canada       15,527          0.9
Kenmare Resources                          Mozambique        7,371          0.4
Stirling Minerals                   Republic of Congo        3,535          0.2
IRC                                            Russia        3,083          0.2
Metals X                                    Australia        3,000          0.2
African Minerals                         Sierra Leone        1,888          0.1
Noventa                                    Mozambique        1,320          0.1
London Mining                            Sierra Leone          830          0.0
Bindura Nickel                               Zimbabwe          261          0.0
                                                           -------          ---
                                                           137,432          7.8
                                                         ---------        -----
Portfolio                                                1,758,274        100.0
                                                         =========        =====

* Includes fixed interest securities.
# Investment held at Directors' valuation.

All investments are in ordinary shares unless otherwise stated. The total
number of investments held at 31 December 2010 was 67 (31 December 2009: 60).


Portfolio Analysis
31 December 2010

Commodity Exposure*

                 BlackRock World Mining Trust plc   HSBC Global Mining Index
                           2010              2009                       2010
                              %                 %                          %
Zinc                        1.0               1.1                        0.7
Aluminium                   1.5               2.5                        3.0
Coal                        4.8               3.1                        7.9
Platinum                    5.9               7.6                        3.0
Silver & Diamonds           8.0               6.5                        3.3
Gold                       10.8              12.0                       20.0
Copper                     19.7              16.1                        8.6
Diversified                40.5              46.9                       48.7
Other                       7.8               4.2                        4.8


Geographical Exposure*
                                       2010                         2009
                                          %                            %
Global                                   40                           36
Latin America                            20                           18
Australia                                13                           10
Other                                    12***                        13**
South Africa                              9                           10
USA                                       3                            4
Canada                                    2                            8
Europe                                    1                            1

* Based on the principal commodity exposure and place of operation of each
investment.
** Consists of Africa, Botswana, Republic of Congo, DRC, India, Indonesia,
Kazakhstan, Lesotho, Mozambique, Zambia and Zimbabwe.
*** Consists of Botswana, Republic of Congo, DRC, India, Indonesia, Kazakhstan,
Lesotho, Mozambique, Russia, Sierra Leone, Zambia and Zimbabwe.


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2010

                          Notes       2010        2009          2010          2009          2010          2009
                                   Revenue     Revenue       Capital       Capital         Total         Total
                                     £'000       £'000         £'000         £'000         £'000         £'000
Income from investments
held at fair value
through profit or loss        3     29,517      16,397             -             -        29,517        16,397
Interest on prior
years' VAT                    3          -         658             -             -             -           658
Other income                  3      2,822       1,110             -             -         2,822         1,110
                                    ------      ------       -------       -------       -------       -------
Total revenue                       32,339      18,165             -             -        32,339        18,165
                                    ------      ------       -------       -------       -------       -------
Gains on investments held
at fair value through
profit or loss                           -           -       535,332       589,000       535,332       589,000
Realised losses on
foreign exchange                         -           -        (1,914)         (579)       (1,914)         (579)
                                    ------      ------       -------       -------       -------       -------
                                    32,339      18,165       533,418       588,421       565,757       606,586
                                    ------      ------       -------       -------       -------       -------
Expenses
Investment management
fees                          4    (18,026)    (11,864)            -             -       (18,026)      (11,864)
VAT recovered from prior
years                         4          -       3,559             -             -             -         3,559
Other expenses                5       (999)       (680)            -             -          (999)         (680)
                                   -------      ------       -------       -------       -------       -------
Total operating expenses           (19,025)     (8,985)            -             -       (19,025)       (8,985)
                                   -------      ------       -------       -------       -------       -------
Net return before finance
costs and taxation                  13,314       9,180       533,418       588,421       546,732       597,601
Finance costs                 6       (516)        (23)            -             -          (516)          (23)
                                    ------       -----       -------       -------       -------       -------
Net return on ordinary
activities before
taxation                            12,798       9,157       533,418       588,421       546,216       597,578
Taxation                            (1,131)       (443)       (4,063)            -        (5,194)         (443)
                                    ------       -----       -------       -------       -------       -------
Net return for the year             11,667       8,714       529,355       588,421       541,022       597,135
                                    ------       -----       -------       -------       -------       -------
Earnings per ordinary
share                         8      6.57p       4.90p       297.90p       330.94p       304.47p       335.84p
                                     =====       =====       =======       =======       =======       =======

The total column of this statement represents the Consolidated Statement of
Comprehensive Income, prepared in accordance with International Financial
Reporting Standards ("IFRS"), as adopted by the European Union. The
supplementary revenue and capital columns are both prepared under guidance
published by the Association of Investment Companies ("AIC"). All items in the
above statement derive from continuing operations. No operations were acquired
or discontinued during the year. All income is attributable to the equity
holders of BlackRock World Mining Trust plc. There were no minority interests.

The net return of the Company for the year was £541,022,000 
(2009: £597,135,000).

The Group does not have any other recognised gains or losses. The net return
for the year disclosed above represents the Group's comprehensive income.


STATEMENTS OF CHANGES IN EQUITY
for the year ended 31 December 2010

                       Ordinary     Share                Capital
                          share   premium     Special redemption     Capital    Revenue
                        capital   account     reserve    reserve    reserves    reserve        Total
Group                     £'000     £'000       £'000      £'000       £'000      £'000        £'000
For the year ended
31 December 2009
At 31 December 2008       9,651   127,147    121,058      22,779    281,187     29,105       590,927
Total Comprehensive
Income:
Return for the year           -         -          -           -    588,421      8,714       597,135
Transactions with
owners:
Exercise of warrants          -         8          -           -          -          -             8
Shares purchased
during the year*              -         -     (1,480)          -          -          -        (1,480)
Dividend paid#                -         -          -           -          -     (9,777)       (9,777)
                          -----   -------    -------      ------   --------     ------     ---------
At 31 December 2009       9,651   127,155    119,578      22,779    869,608     28,042     1,176,813
                          -----   -------    -------      ------   --------     ------     ---------
For the year ended
31 December 2010
At 31 December 2009       9,651   127,155    119,578      22,779    869,608     28,042     1,176,813
Total Comprehensive
Income:
Return for the year           -         -          -           -    529,355     11,667       541,022
Transactions with
owners:
Shares purchased
during the year*              -         -     (1,368)          -          -          -        (1,368)
Dividend paid#                -         -          -           -          -     (8,444)       (8,444)
                          -----   -------    -------      ------  ---------     ------     ---------
At 31 December 2010       9,651   127,155    118,210      22,779  1,398,963     31,265     1,708,023
                          -----   -------    -------      ------  ---------     ------     ---------
Company
For the year ended
31 December 2009
At 31 December 2008       9,651   127,147    121,058      22,779    291,375     18,917       590,927
Total Comprehensive
Income:
Return for the year           -         -          -           -    588,749      8,386       597,135
Transactions with
owners:
Exercise of warrants          -         8          -           -          -          -             8
Shares purchased
during the year*              -         -     (1,480)          -          -          -        (1,480)
Dividend paid#                -         -          -           -          -     (9,777)       (9,777)
                          -----   -------    -------      ------   --------     ------     ---------
At 31 December 2009       9,651   127,155    119,578      22,779    880,124     17,526     1,176,813
                          -----   -------    -------      ------   --------     ------     ---------
For the year ended
31 December 2010
At 31 December 2009       9,651   127,155    119,578      22,779    880,124     17,526     1,176,813
Total Comprehensive
Income:
Return for the year           -         -          -           -    529,294     11,728       541,022
Transactions with
owners:
Shares purchased
during the year*              -         -     (1,368)          -          -          -        (1,368)
Dividend paid#                -         -          -           -          -     (8,444)       (8,444)
                          -----   -------    -------      ------  ---------     ------     ---------
At 31 December 2010       9,651   127,155    118,210      22,779  1,409,418     20,810     1,708,023
                          -----   -------    -------      ------  ---------     ------     ---------

* Held in treasury.
# See note 7.


STATEMENTS OF FINANCIAL POSITION
as at 31 December 2010

                                              2010                          2009
                                          Group        Company          Group        Company
                            Notes         £'000          £'000          £'000          £'000
Non current assets
Investments held at fair
value through profit or
loss                                  1,758,274      1,770,229      1,221,734      1,233,750
                                      ---------      ---------      ---------      ---------
Current assets
Other receivables                         1,299          1,299          1,259          1,187
                                      ---------      ---------      ---------      ---------
                                          1,299          1,299          1,259          1,187
                                      ---------      ---------      ---------      ---------
Total assets                          1,759,573      1,771,528      1,222,993      1,234,937
                                      ---------      ---------      ---------      ---------
Current liabilities
Other payables                          (16,667)       (17,968)        (4,230)        (5,535)
Bank loans and bank
overdrafts                              (30,820)       (41,474)       (41,950)       (52,589)
                                      ---------      ---------      ---------      ---------
                                        (47,487)       (59,442)       (46,180)       (58,124)
                                      ---------      ---------      ---------      ---------
Total assets less current
liabilities                           1,712,086      1,712,086      1,176,813      1,176,813
                                      ---------      ---------      ---------      ---------
Non current liabilities
Deferred tax                             (4,063)        (4,063)             -              -
                                      ---------      ---------      ---------      ---------
Net assets                            1,708,023      1,708,023      1,176,813      1,176,813
                                      =========      =========      =========      =========

Equity attributable to
equity holders
Ordinary share capital          9         9,651          9,651          9,651          9,651
Share premium account                   127,155        127,155        127,155        127,155
Special reserve                         118,210        118,210        119,578        119,578
Capital redemption reserve               22,779         22,779         22,779         22,779
Capital reserves                      1,398,963      1,409,418        869,608        880,124
Revenue reserve                          31,265         20,810         28,042         17,526
                                      ---------      ---------      ---------      ---------
Total equity                          1,708,023      1,708,023      1,176,813      1,176,813
                                      =========      =========      =========      =========
Net asset value per
ordinary share                  8       962.06p        962.06p        662.02p        662.02p
                                        =======       =======         ======         ======


CASH FLOW STATEMENTS
for the year ended 31 December 2010

                                             2010                    2009
                                         Group     Company       Group     Company
                                         £'000       £'000       £'000       £'000
Operating activities
Return before taxation                 546,216     546,140     597,578     597,450
Add back interest paid                     516         516          23          23
Gains on investments held at fair
value through profit
or loss including transaction costs   (535,332)   (535,271)   (589,000)   (589,328)
Net gains on foreign exchange            1,914       1,914         579         579
Net movement of current asset
investments held by subsidiary               -           -         316           -
Sales of investments held at fair
value through profit or loss           133,253     133,253     225,437     225,437
Purchases of investments held at
fair value through profit
or loss                               (134,461)   (134,461)   (276,473)   (276,473)
Increase in other receivables              (89)        (89)       (626)       (644)
Decrease in amounts due from
brokers                                      -           -      13,911      13,911
Increase in amounts due to brokers      10,599      10,599           -           -
Increase in other payables               1,838       1,838       2,003       2,363
Dealing losses                               -           -         (36)          -
                                       -------     -------     -------     -------
Net cash inflow/(outflow) from
operating activities before
interest and taxation                   24,454      24,439     (26,288)    (26,682)
                                       -------     -------     -------     -------
Interest paid                             (516)       (516)        (23)        (23)
Taxation paid                                -           -        (222)       (222)
Taxation on overseas income             (1,082)     (1,082)       (485)       (485)
                                       -------     -------     -------     -------
Net cash inflow/(outflow) from
operating activities before
financing activities                    22,856      22,841     (27,018)    (27,412)
                                       -------     -------     -------     -------
Financing activities
Purchase of ordinary shares             (1,368)     (1,368)     (1,480)     (1,480)
Exercise of warrants                         -           -           8           8
Drawdown of loan                           519         519      24,151      24,151
Dividends paid                          (8,444)     (8,444)     (9,777)     (9,777)
                                       -------     -------     -------     -------
Net cash (outflow)/inflow from
financing activities                    (9,293)     (9,293)     12,902      12,902
                                       -------     -------     -------     -------
Increase/(decrease) in cash and
cash equivalents                        13,563      13,548     (14,116)    (14,510)
Effect of foreign exchange rate
changes                                 (1,674)     (1,674)       (579)       (579)
                                       -------     -------     -------     -------
Change in cash and cash equivalents     11,889      11,874     (14,695)    (15,089)
Cash and cash equivalents at start
of year                                (17,799)    (28,438)     (3,104)    (13,349)
                                       -------     -------     -------     -------
Cash and cash equivalents at end of
year                                    (5,910)    (16,564)    (17,799)    (28,438)
                                        ======     =======     =======     =======


NOTES TO THE ANNUAL RESULTS ANNOUNCEMENT

1. Principal activity
The principal activity of the Company is that of an investment trust company
within the meaning of section 1158 of the Corporation Tax Act 2010.

The principal activity of the subsidiary, BlackRock World Mining Investment
Company Limited, is investment dealing. The other subsidiary, BlackRock Gold
Limited, is no longer trading.

2. Accounting policies
The principal accounting policies adopted by the Group and the Company are set
out below.

(a) Basis of preparation
The Group and Parent Company financial statements have been prepared in
accordance with International Financial Reporting Standards ("IFRS") as adopted
by the European Union and as applied in accordance with the provisions of the
Companies Act 2006. The Group has taken advantage of the exemption provided
under section 408 of the Companies Act 2006 not to publish its individual
income statement and related notes.

The Group's financial statements are presented in sterling, which is the
currency of the primary economic environment in which the Group operates. All
values are rounded to the nearest thousand pounds (£'000) except where
otherwise indicated.

Insofar as the Statement of Recommended Practice ("SORP") for investment trusts
and venture capital trusts issued by the Association of Investment Companies
("AIC"), revised in January 2009 is compatible with IFRS, the financial
statements have been prepared in accordance with guidance set out in the SORP.

(b) Basis of consolidation
The Group financial statements consolidate the financial statements of the
Company and its wholly owned subsidiaries, BlackRock World Mining Investment
Company Limited and BlackRock Gold Limited, which are registered and operate in
England and Wales.

(c) Presentation of the Consolidated Statement of Comprehensive Income
In order to better reflect the activities of an investment trust company and in
accordance with guidance issued by the AIC, supplementary information which
analyses the Consolidated Statement of Comprehensive Income between items of a
revenue and a capital nature has been presented alongside the Consolidated
Statement of Comprehensive Income. In accordance with the Company's status as a
UK investment company under section 833 of the Companies Act 2006 and section
1158 of the Corporation Tax Act 2010, net capital returns may not be
distributed by way of dividend.

(d) Segmental reporting
The Directors are of the opinion that the Group is engaged in a single segment
of business being investment business.

(e) Income
Dividends receivable on equity shares are recognised on an ex-dividend basis.
Where no ex-dividend date is available, dividends receivable on or before the
year end are treated as revenue for the year. Provision is made for any
dividends not expected to be received. Interest income is accounted for on an
accruals basis.

Option premium income is recognised as revenue and included in the revenue
column of the Consolidated Statement of Comprehensive Income unless the option
has been written for the maintenance and enhancement of the Company's
investment portfolio and represents an incidental part of a larger capital
transaction, in which case any premia arising are allocated to the capital
column of the Consolidated Statement of Comprehensive Income.

(f) Expenses
All expenses, including finance costs, are accounted for on an accruals basis.
Expenses have been charged wholly to the revenue column of the Consolidated
Statement of Comprehensive Income, except as follows:

- expenses which are incidental to the acquisition of an investment are
included within the cost of the investment.

- expenses are treated as capital where a connection with the maintenance or
enhancement of the value of the investments can be demonstrated.

(g) Taxation
Deferred taxation is recognised in respect of all temporary differences that
have originated but not reversed at the financial reporting date, where
transactions or events that result in an obligation to pay more tax in the
future or right to pay less tax in the future have occurred at the financial
reporting date. This is subject to deferred tax assets only being recognised if
it is considered more likely than not that there will be suitable profits from
which the future reversal of the temporary differences can be deducted.
Deferred tax assets and liabilities are measured at the rates applicable to the
legal jurisdictions in which they arise.

(h) Investments held at fair value through profit or loss
The Company's investments are classified as held at fair value through profit
or loss in accordance with IAS 39 - Financial Instruments: Recognition and
Measurement and are managed and evaluated on a fair value basis in accordance
with its investment strategy.

All investments are designated upon initial recognition as held at fair value
through profit or loss. Purchases of investments are recognised on a trade date
basis. The sale of assets are recognised at the trade date of the disposal.
Proceeds are measured at fair value which will be regarded as the proceeds of
sale less any transaction costs.

The fair value of the financial investments is based on their quoted bid price
at the financial reporting date, without deduction for the estimated selling
costs. Unquoted investments are valued by the Directors at fair value using
International Private Equity and Venture Capital Valuation Guidelines. This
policy applies to non current asset investments held by the Group.

In order to improve the disclosure of how companies measure the fair value of
their financial investments, the disclosure requirements in IFRS 7 have been
extended to include a fair value hierarchy. The fair value hierarchy consists
of the following three levels:

Level 1 - quoted prices (unadjusted) in active markets for identical assets or
liabilities

Level 2 - inputs other than quoted prices included within Level 1 that are
observable for the asset or liability

Level 3 - inputs for the asset or liability that are not based on observable
market data

Under IFRS, the investments in the trading subsidiary are fair valued which is
deemed to be the sum of the Statements of Financial Position values. Changes in
the fair value of investments held at fair value through profit or loss and
gains and losses on disposal are recognised in the Consolidated Statement of
Comprehensive Income as "Gains or losses on investments held at fair value
through profit or loss". Also included within this heading are transaction
costs in relation to the purchase or sale of investments.

(i) Other receivables and payables
Other receivables and other payables do not carry any interest and are short
term in nature and are accordingly stated at their nominal value.

(j) Dividends payable
Under IFRS, final dividends should not be accrued in the financial statements
unless they have been approved by shareholders before the financial reporting
date. Interim dividends should not be accrued in the financial statements
unless they have been paid.

Dividends payable to equity shareholders are recognised in the Statements of
Changes in Equity when they have been approved by shareholders in the case of a
final dividend, or paid in the case of an interim dividend, and have become a
liability of the Group.

(k) Foreign currency translation
Transactions involving foreign currencies are converted at the rate ruling at
the date of the transaction. Foreign currency monetary assets and liabilities
are translated into sterling at the rate ruling on the financial reporting
date. Foreign exchange differences arising on translation are recognised in the
Consolidated Statement of Comprehensive Income.

(l) Cash and cash equivalents
Cash comprises cash in hand and on demand deposits. Cash equivalents are short
term, highly liquid investments that are readily convertible to known amounts
of cash and that are subject to an insignificant risk of changes in value.

(m) Bank borrowings
Bank overdrafts are recorded as the proceeds received. Finance charges,
including any premia payable on settlement or redemption and direct issue
costs, are accounted for on an accruals basis in the Consolidated Statement of
Comprehensive Income using the effective interest rate method and are added to
the carrying amount of the instrument to the extent that they are not settled
in the period in which they arise.

3. Income

                                                        2010              2009
                                                       £'000             £'000 
      Investment income:
      UK listed dividends                              5,764             4,041
      Overseas listed dividends                       17,209            10,003
      Overseas listed special dividends                  224               762
      Fixed interest income                            6,320             1,591
                                                      ------            ------
                                                      29,517            16,397
                                                      ------            ------
      Other income:
      Options premiums                                 2,555                 -
      Deposit interest                                    81                61
      Dealing profits                                      -                36
      Underwriting commission                            186             1,013
                                                      ------            ------
                                                       2,822             1,110
                                                      ------            ------
      Interest on VAT refunds                              -               658
                                                      ------            ------
      Total income                                    32,339            18,165
                                                      ======            ======
      Total income comprises:
      Dividends                                       23,197            14,806
      Deposit interest                                    81                61
      Options premiums                                 2,555                 -
      Interest on VAT refunds                              -               658
      Fixed interest income                            6,320             1,591
      Other income                                       186             1,049
                                                      ------            ------
                                                      32,339            18,165
                                                      ======            ======

No securities were held out on loan by the Group during the year. The maximum
aggregate value of securities on loan at any one time during the year ended 
31 December 2010 was nil (2009: nil).

The Company considers the treatment of premium arising on option transactions
on a case by case basis. During the year ended 31 December 2010, the option 
premium income of £2,555,000 received by the Company was from options written 
for income purposes and has therefore been credited to the revenue column of 
the Consolidated Statement of Comprehensive Income. In the year ended 
31 December 2009, options were written for the maintenance and enhancement of 
the investment portfolio and therefore were taken to capital.

4. Management fees

                                                        2010              2009
                                                       £'000             £'000
 
      Investment management fee                       18,026            11,864
      VAT recovered from prior years                       -            (3,559)
                                                      ------            ------
                                                      18,026             8,305
                                                      ======             =====

The Investment Manager receives an annual management fee of 1.3% of gross assets.
The investment management fee is levied quarterly, based on the value of the
gross assets on the last day of each quarter, and is charged wholly to the
revenue account.

5. Other expenses

                                                         2010              2009
                                                        £'000             £'000

      Custody fee                                         571               256
      Auditors' remuneration:
      - audit services                                     22                22
      - other audit services*                               8                 5
      Registrar's fee                                      88                78
      Directors' emoluments**                              99                99
      Other administrative costs                          211               220
                                                         ----              ----
                                                          999               680
                                                         ====              ====
      The Company's total expense ratio,
      calculated as a percentage of average net
      assets and using expenses, excluding
      interest costs, was:                               1.3%              1.4%
                                                        =====             =====

* Other audit services relate to the review of the half yearly financial
statements and advice on VAT matters.
** The emoluments of the Chairman, who was also the highest paid Director, were
£25,000 (2009: £25,000).

6. Finance costs

                                                         2010              2009
                                                        £'000             £'000

      Interest on bank loans                              244                 3
      Interest on bank overdrafts                         272                20
                                                          ---               ---
                                                          516                23
                                                          ===               ===

7. Dividends

Under IFRS, final dividends are not recognised until they are approved by
shareholders, and special and interim dividends are not recognised until they
are paid. They are also debited directly to reserves. Amounts recognised as
distributable to ordinary shareholders for the year to 31 December were as
follows:

                                                           2010           2009
                                                          £'000          £'000
Final ordinary dividend in respect of the year ended
31 December 2008 of 5.50p, approved by shareholders
on 23 April 2009                                              -          9,777

Final ordinary dividend in respect of the year ended
31 December 2009 of 4.75p, approved by shareholders
on 21 April 2010                                          8,444              -
                                                          -----          -----
                                                          8,444          9,777
                                                          =====          =====

The total dividends payable in respect of the year which form the basis of
section 1158 of the Corporation Tax Act 2010 and section 833 of the Companies
Act 2006, and the amounts proposed, meet the relevant requirements as set out
in this legislation.

                                                           2010           2009
                                                          £'000          £'000
Dividends on equity shares:
Proposed final ordinary dividend of 6.00p
(2009: 4.75p)                                            10,652          8,444
                                                         ------          -----
                                                         10,652          8,444
                                                         ======          =====

8. Consolidated return and net asset value per ordinary share

Revenue and capital returns per share are shown below and have been calculated
using the following:
                                                                                
                                                            2010           2009
Net revenue attributable to ordinary shareholders
(£'000)                                                   11,667          8,714
Net capital return attributable to ordinary
shareholders (£'000)                                     529,355        588,421
                                                     -----------    -----------
Total earnings attributable to ordinary
shareholders (£'000)                                     541,022        597,135
                                                     -----------    -----------
Total equity attributable to ordinary shareholders
(£'000)                                                1,708,023      1,176,813
The weighted average number of ordinary shares in
issue during each year, on which the return per
ordinary share was calculated, was:                  177,693,132    177,805,471
The number of ordinary shares in issue at the year
end, on which the net asset value per ordinary
share was calculated, was:                           177,537,242    177,762,242

Revenue earnings per share                                 6.57p          4.90p
Capital earnings per share                               297.90p        330.94p
                                                         -------        -------
Total earnings per share                                 304.47p        335.84p
                                                         =======        =======
Net asset value per share                                962.06p        662.02p
                                                         =======        =======
Share price                                              811.00p        550.00p
                                                         =======        =======

At 31 December 2010, the 15,474,600 (2009: 15,249,600) shares held in treasury
were not dilutive, as the share price was below the net asset value.

9. Share capital

                                Ordinary     Treasury
                                  shares       shares
                                  number       number         Total
                               (nominal)    (nominal)        shares    £'000
Allotted, called up and
fully paid share capital
comprised:
Ordinary shares of 5p each
At 1 January 2010            177,762,242   15,249,600   193,011,842    9,651
Shares transferred into
treasury                        (225,000)     225,000             -        -
                             -----------   ----------   -----------    -----
At 31 December 2010          177,537,242   15,474,600   193,011,842    9,651
                             ===========   ==========   ===========    =====

During the year, 225,000 ordinary shares (2009: 556,800) were repurchased at a
cost of £1,368,000 (2009: £1,480,000) and were held in treasury at 
31 December 2010.

10. Publication of non statutory accounts
The financial information contained in this announcement does not constitute
statutory accounts as defined in the Companies Act 2006. The annual report and
financial statements for the year ended 31 December 2010 will be filed with the
Registrar of Companies after the Annual General Meeting.

The figures set out above have been reported upon by the Auditor, whose report
for the year ended 31 December 2010 contains no qualification or statement
under section 498(2) or (3) of the Companies Act 2006.

The comparative figures are extracts from the audited financial statements of
BlackRock World Mining Trust plc and its subsidiaries for the year ended 
31 December 2009, which have been filed with the Registrar of Companies. The
report of the Auditor on those financial statements contained no qualification
or statement under section 498 of the Companies Act 2006.

11. Annual Report
Copies of the annual report will be sent to members by no later than 7 March
2011 and will be available from the registered office, c/o The Company
Secretary, BlackRock World Mining Trust plc, 33 King William Street, London
EC4R 9AS.

12. Annual General Meeting
The Annual General Meeting of the Company will be held at 33 King William
Street, London EC4R 9AS on Wednesday, 4 May 2011 at 11.30 a.m.


ENDS


The Annual Report will also be available on the BlackRock Investment Management
website at www.blackrock.co.uk/content/groups/uksite/documents/literature/
blk047735.pdf. Neither the contents of the Manager's website nor the contents
of any website accessible from hyperlinks on the Manager's website (or any
other website) is incorporated into, or forms part of, this announcement.

For further information, please contact:

Jonathan Ruck Keene, Managing Director, Investment Companies, 
BlackRock Investment Management (UK) Limited 
- Tel: [phone]

Evy Hambro, Fund Manager, 
BlackRock Investment Management (UK) Limited 
- Tel: [phone]

Emma Phillips, Media & Communications, 
BlackRock Investment Management (UK) Limited 
- Tel: [phone]

24 February 2011
33 King William Street
London EC4R 9AS