Final Results

BLACKROCK WORLD MINING TRUST plc                        

                          ANNUAL RESULTS ANNOUNCEMENT                          
                      for the year ended 31 December 2011                      

Performance to 31 December 2011              One year  Three years   Five years
Net asset value per share:                                                     
- capital only                                 -22.8%      +124.2%       +43.9%
- with income and 1⁄5 warrant reinvested**     -22.3%      +130.8%       +50.4%
Ordinary share price:                                                          
- capital only                                 -22.1%      +150.1%       +42.2%
- with income and 1⁄5 warrant reinvested**     -21.5%      +158.8%       +49.9%
HSBC Global Mining Index*:                                                     
- capital only                                 -28.3%       +72.1%       +47.5%
- with income reinvested                       -27.0%       +81.4%       +62.1%

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


- Increased earnings of 14.71p per share (2010: 6.57p).
- Final dividend of 14.00p per share, an increase of 133.3% on last year.


Chairman's Statement

Overview
The past financial year has been a challenging time for investors as a whole.
The European debt crisis continued to dominate markets with no sign of a short
term resolution. The fragility of Eurozone countries, together with concerns
over the strength of some of the world's best known markets, combined to push
share prices sharply lower.

It is therefore a small comfort to the Board that the loss in value for the
year was less than the fall in the Company's benchmark, the HSBC Global Mining
Index. The Company's net asset value ("NAV") decreased by 22.3% compared with a
fall of 27.0% in the Company's benchmark index; the Company's share price fell
by 21.5% (all percentages calculated in sterling terms with income reinvested).

Since the year end the Company's NAV has risen by 14.5% compared with an
increase of 12.9% in the benchmark index.

Revenue return and dividend
The Company generated a record revenue return per share of 14.71p in 2011, more
than double the 6.57p generated in 2010. This excellent result was achieved
through the combination of increased distributions from many of the portfolio's
holdings, including special dividends, as well as strategies implemented by the
Manager to optimize income generation alongside capital growth within the
portfolio. This included exposure to fixed income securities of mining
companies, sub-underwriting and the opportunistic use of derivatives to take
advantage of elevated levels of market volatility.

The Directors are recommending a final dividend of 14.00p per share 
(2010: 6.00p), which represents an increase of 133.3% on the previous year. The 
dividend will be paid on 26 April 2012 to shareholders on the Company's 
register on 9 March 2012.

Following a review of the investment trust universe, it has come to the Board's
attention that the Company's allocation of management fees and finance costs is 
out of line with industry norms. Allocating 100% of management fees and finance
costs to the revenue account has been the default position since the inception
of the Company. It does not reflect the Board's view of the long term returns
from the portfolio. Accordingly, having studied past returns from the portfolio
as a guide to assist us in assessing expected future returns, the Board is 
proposing a revision of its current policy of allocating 100% of these expenses 
to the revenue account and, effective from 1 January 2012, proposes they be 
allocated 75% to capital and 25% to revenue.

This change in policy will have the effect of enhancing the Company's dividend
paying capability. By way of example, had this policy been in place during 2011,
there would have been an increase in revenue of £14.7 million, equal to 8.31p 
per share which would have been equivalent to total revenue per share of 23.03p.
This is an almost 60% increase on the 2011 revenue return per share and 
represents a 3.7% revenue yield to the year-end share price.

The Board is well aware of the increasing emphasis that investors are placing
on dividend income as a portfolio protector and income diversifier given the
FTSE All Share's continued dividend yield concentration, sovereign debt
headwinds and on-going wider market uncertainty. This initiative, along with
others currently being pursued, should allow a material increase in the
Company's dividend, hopefully leading to a significant uplift in demand for the
Company's shares and a reduction in the discount to NAV at which they currently
trade.

Discount to NAV
The Company has a strong investment record, providing excellent returns to
shareholders. However, the Board is disappointed with the persistence of the
wide discount and continues to be highly focused on the need to reduce it to a
more acceptable level on an extended basis.

The Company has initiated share buy backs and whilst they can be a useful tool, 
there is little evidence that share buy backs impact the long term trend of the
Company's discount. Full consideration has also been (and continues to be) 
taken regarding other discount control mechanisms. The Board's view is that in
the medium to long term, putting in place measures that stimulate demand for the
Company's shares, such as restructuring to facilitate potentially higher 
dividend paying capability for the Company, will be much more effective in 
addressing the discount problem, whilst retaining all the attractions of being a
large, liquid investment trust.

As Chairman, I also ensure that I have direct contact with shareholders 
throughout the year. During 2011, it was made clear to me yet again that a 
significant body of investors places a great deal of value on the liquidity which
the scale of Company provides. The Board continues to believe that the Company is
a popular, strongly performing, large investment company which provides an 
attractive way to gain diversified mining exposure.

Share buy backs
During the year and up to the date of this report, 250,000 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 2012 Annual General
Meeting, when a resolution will be put to shareholders to renew it.

Annual General Meeting
The Annual General Meeting of the Company will be held at BlackRock's new
offices at 12 Throgmorton Avenue, London EC2N 2DL on Thursday, 19 April 2012 at
11.30 am., at which the Investment Manager will make a presentation to
shareholders on the Company's progress and the outlook for the mining sector.

Outlook
The political and economic difficulties in continental Europe which were a
major concern to markets over the past twelve months look set to continue well
into 2012. However, over the long term, we expect mining companies to continue
to perform favourably with commodity prices supported by demand from China and
other emerging markets. Over the short term we are encouraged by the
combination of attractive valuations, strong earnings and M&A activity in the
sector.


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) Limited ("BNYM"), a
subsidiary of The Bank of New York Mellon) and the Investment Manager also
produce internal control reports on a quarterly and annual basis respectively,
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 risk - 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 and note 10.

The related party transactions with Directors are set out in note 10.

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 the 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
A W Lea
Chairman
23 February 2012


Investment Manager's Report

Portfolio performance
2011 was filled with a series of macro and sector-specific events that
conspired to make it a poor year for investments in the mining industry.
However, despite the share price falls, it is pleasing that the overall 
commodity allocation and investment strategy of the Company resulted in 
outperformance of the sector as a whole. In the year to 31 December 2011,
the Company's undiluted net asset value ("NAV") and share price fell by 
22.3% and 21.5% respectively (both percentages calculated in sterling terms 
with income reinvested). In "capital" only terms, the NAV fell by 22.8% and 
the share price by 22.1%. By comparison, the HSBC Global Mining Index 
(in sterling terms) fell by 28.3% (capital only) and by 27.0% (with income 
reinvested).

Mining share overview
The rebound in valuations in 2009 and 2010, which led to the Company's NAV
reaching a new all-time high at the end of 2010, failed to continue into 2011.
The combination of a weaker than expected global economy, continuation of the
various debt crises and a series of events specific to the sector combined
together to leave the return for the year comparable to the fall the Company
experienced during the Asian crisis in 1997. However, unlike in 1997 when the 
Company's NAV underperformed the sector, 2011 was notably better.

Sector specific events ranged from flooding in the Australian coal fields, the
earthquake in Japan in March, strikes at mining operations around the world and
changes to mining tax legislation in many countries. In particular, the
uncertainty created by the elections in Peru had a significant impact on the
Company's NAV during the year as share prices of our Peruvian holdings were hit
by fears that the new president would seek to increase the Government's
economic take from the mining industry. Mining company share prices were held
back by the repeated onslaught of such news items despite the following wind of
positive commodity prices for most of the year.

In addition to these sector specific events the macroeconomic picture was far
from helpful. All year the twists and turns in the European financial crisis
and the politicians' associated responses, reminiscent of the famous
"push-me-pull-you" animal from Dr Doolittle, caused continued uncertainty for
financial investors. In China, the world's largest commodity consumer, the
Government kept monetary policy tight all year as it sought to combat
inflation. In the US, fears of breaching financial headroom spooked markets
during the middle of the year and despite numerous calls for reduced spending
no comprehensive plan has yet been put in place to deal with the huge deficit.
With attention now shifting to the Presidential election campaign it seems
unlikely that much progress will be made during 2012.

As we highlighted in the interim report, we are becoming increasingly sensitive
to the re-emergence of resource nationalism globally. Governments have been
looking to the mining industry as a source of increasing revenues; the natural
resources industry is particularly vulnerable to such policies as companies
cannot pick-up and move a mine or an oil well to a more attractive
jurisdiction, as can be done in other sectors. In 2010, Australia shocked the
market by announcing its intention to introduce a Mineral Resources Rent Tax in
July 2012; in 2011, they proposed to introduce a Carbon Tax that will have
significant implications for the cost of producing coal and aluminium, as well
as steel (an industry the Company continues to avoid exposure to). Increases in
royalties have been announced by numerous countries as have moves to increase
state ownership of assets - the most extreme examples of which would be the
nationalisation of the gold industry in Venezuela and indigenisation proposals
in Zimbabwe. This is a challenge that cannot be avoided when investing in the
mining sector, but can be mitigated through owning a broad, diversified
portfolio of mining companies.

Despite the volatility in share prices, supply and demand fundamentals in the
sector were resilient for much of the year. Commodity demand remained strong
until September, at which point commodity prices started to fall. Copper moved
sharply lower during the second half of September and its move was swiftly
followed by spot iron ore prices in October. However, both of these
commodities, which are important for the Company, stabilised before recovering
during the rest of the quarter. Despite the recovery, copper and iron ore
finished the year lower than they started but this does not reflect the full
picture. The average price in 2011 for these two commodities was the highest on
record and, as such, margins enjoyed by the companies should reflect this as we
move into the results season.

Commodity exposure in the Company in 2011, like the previous year, was focused
on copper and the bulk commodities. Prices for these commodities hit new highs
during the year with copper going above US$10,000/t for the first time and iron
ore traded above US$190/t. Prices for coal also surged higher during the year
as flooding in Australia restricted exports of coking coal in particular.
Special mention should also go to key industrial minerals that boosted the
Company's NAV. Prices for zircon, rutile and ilmenite surged higher as strong
demand recovery, combined with producer selling discipline, rebased the prices
of these minerals to levels never seen before.

Mergers and Acquisitions ("M&A") activity
After the record year for M&A in 2010 it was hard to envision another year in
which so many deals could take place, but 2011 did not disappoint. By far the
most important event in 2011 for the Company was the IPO of Glencore on the
London Stock Exchange. In December 2009 the Company established a significant
position in bonds that are convertible into Glencore ordinary shares. As a
result of the IPO in May 2011, the bonds were repriced by reference to
movements in the underlying shares. This resulted in a material uplift in value
for the bonds and added considerable value to what was already a large part of
the overall portfolio. However, since the IPO, the sector has fallen in value
but the bonds, due to the downside protection offered by their convertible
structure, sheltered the Company from part of this fall. The holding in
Glencore convertible bonds has been maintained, as we expected Glencore to be
able to capitalise on the new financial freedom it has as a result of being
listed.

In the diversified sector, BHP Billiton led the way with major deals in a new
business area for the company - shale gas. During the year they purchased,
firstly, the Fayetteville shale gas assets from Chesapeake for US$4.75 billion
and then Petrohawk Inc., another larger operator in US shale gas, for US$12
billion. The move into a new business area for the company came as a surprise
to many investors and as such led to the shares lagging the sector for much of
the year. This negative sentiment was compounded by the significant falls in US
natural gas prices in the second half of the year.

Copper was the key area for consolidation in 2011 for the portfolio. In Africa,
Chinese groups continued to buy assets with a US$1.3 billion bid by Minmetals
for Anvil after they were beaten by Barrick for Equinox and Jinchuan bought
Metorex for US$1.1 billion. In Canada, KGHM announced a bid for Quadra FNX
worth US$2.8 billion. In Chile, Codelco announced in October that they intended
to exercise their option to purchase part of Anglo American's holding in "Anglo
American Sur", the company's key copper growth assets in Chile. This move
apparently came as a surprise to Anglo and it prompted them to act quickly.
Soon after this news the company announced that they had sold half of Codelco's
optioned stake in these assets to Mitsubishi and subsequently that they had
agreed to buy the Oppenhemier family's stake in DeBeers. These series of deals
generated a range of opinions from shareholders as well as damaging local
relations in Chile. Time will tell whether the decision to go against Codelco
was the right one.

Coal was another key area for deals. Rio Tinto won a hostile bid battle for
Riversdale, which owns coking coal projects in Mozambique. In addition, they
also announced the buy-out of minorities in their Australian listed coal
subsidiary, Coal & Allied. Peabody purchased MacArthur and Whitehaven agreed to
merge with Aston Resources. In total over US$50 billion of deals were either
announced or completed in the coal space globally driven by a shift in long
term supply/demand fundamentals which should support coal prices going forward.

In the gold sector, Barrick made a surprise move by out-bidding China Minmetals
for control of Equinox, a copper producer in Zambia. Many investors were
confused by Barrick's strategy on two fronts: first, the move back into Africa
after it had spun out its African gold assets the previous year; second and
most controversially, did the decision to add copper assets signal a plan to
move further away from gold? Barrick was penalised by most investors after 
announcing this deal and it has since struggled to regain its rating. Also in
the gold sector, Newmont Mining purchased Fronteer for CA$2.3 billion adding 
to its holdings in Nevada; Newcrest completed the divestment of some of its 
non-core assets by merging them into a new company called Evolution and, as the
year drew to a close, Eldorado announced an agreed deal to buy European Goldfields
for US$2.5 billion.

Last, but by no means least, the uranium sector appears to be gathering some
momentum as it seems as though there is a rush for uranium assets given the low
values ascribed to them after the unfortunate events in Japan earlier in the
year. Rio Tinto finally managed to beat Cameco for control of promising
exploration ground in Canada owned by Hathor and in Namibia a Chinese group
called Guangdong Nuclear bid for control of Kalahari Minerals. Towards the end
of the year the French media reported that Areva, the French uranium and power
group, might be broken up. With all of this interest in the sector we hope that
the weak performance of the Company's only uranium holding, UEX, might be short
lived.

Base metals
For most of 2011 commodity prices remained at healthy levels seemingly
unaffected by the debt issues facing Europe and the US. However, as the
northern hemisphere summer drew to a close, the market environment started to
change. The price of copper, often seen as a barometer for the global economy,
started to fall and by mid-October it was trading 34% below its high for the
year. Almost in tandem, iron ore prices also capitulated from their highs for
the year and joined copper at markedly lower levels. However, trading at these
lows was to be short-lived and prices, especially for iron ore, rebounded
sharply during the last two months of the year. Despite the volatility seen
during the year, metal prices year-on-year were mixed but the average prices
for all the metal prices of the year as a whole were higher than those for the
prior year. This is most important for company profits and we expect these
moves to show up in the results that are due to be reported in the coming
months.

Selected commodity price changes during 2011

                                             Price  % change over      % change
                                       31 December   12 months to  average 2011
                                              2011  December 2011      vs. 2010
Silver (US$/oz)                              28.18           -8.0          74.6
Hard Coking Coal (US$/tonne)                   285           26.7          32.4
Gold (US$/troy oz)                           1,575           11.1          28.2
Tin (US$/tonne)                             26,920          -28.9          27.5
Uranium (US$/lb)                              52.5          -16.0          22.9
Thermal Coal (US$/tonne)                       115           -7.3          22.8
Copper (US$/tonne)                           7,590          -21.3          16.8
Lead (US$/tonne)                             2,011          -21.6          16.8
Iron Ore - lump (US$/dmtu)                   138.5          -19.1          14.8
Aluminium (US$/tonne)                        1,995          -18.9          10.4
Platinum (US$/troy oz)                       1,354          -22.8           6.8
Nickel (US$/tonne)                          18,274          -24.2           4.8
Zinc (US$/tonne)                             1,827          -25.2           1.4

Sources: Datastream and Bloomberg.

Base metal prices finished the year down across the board but this does not
portray the true picture as the falls mostly took place during the last
quarter. For example, the price of copper fell 21.3% during 2011 but for the
year as a whole the average price of copper was up 16.8% on last year. The
strength in copper during the year was driven by robust emerging market demand,
higher than expected supply disruptions (due to industrial action) and
disappointing operational performance. In the medium to long term, the
constraints holding back supply - notably falling grades at existing mines and
a lack of exploration success - mean prices could remain well above the
marginal cost of supply and the high margins witnessed in recent years could be
sustained.

Despite the much higher price received by the producers, their share prices
were down sharply during the year and with copper the single largest exposure
for the Company this set the tone for overall performance. The Company's large
holdings in Freeport McMoRan (3.5% of the portfolio), Cerro Verde (2.9%),
Kazakhmys (0.7%), OZ Minerals (1.6%) and Antofagasta (2.7%) were down 38%, 33%,
43%, 41% and 25% respectively during the year (in sterling terms). Many of the
holdings were impacted by labour unrest with Freeport's Grasberg mine the most
significant. Production at Grasberg was halted for many months as a combination
of labour demands and onsite violence disrupted supply. However, by year end,
terms had been agreed to allow for the restart of the mine but it will be some
time before production is back to full capacity. In Peru, Cerro Verde also had
to contend with labour unrest although their operations were not as badly
impacted as those at Grasberg.

It was not all bad news for our copper holdings as the Company benefited from 
M&A with Equinox and a smaller holding in Anvil Mining (0.7% of the portfolio)
both subject to bids that resulted in 35% and 20% returns during the year.
First Quantum, another large copper holding for the Company, also did better
than its peers. This seems to have been attributed to the successful
commissioning of its nickel project and major exploration success in Zambia. We
expect copper equities as a whole to recover during 2012 and we have been
replacing those holdings lost to M&A with new growth names such as Discovery
Metals.

Although aluminium prices were down for the year, aluminium was the best 
performing base metal. However, this did not translate into gains for aluminium 
producers owing to rising costs for the industry at large. The Company has been 
underweight aluminium producers for several years now and there was no change 
to this in 2011. Global inventories remain at high levels on a historical basis 
and production that was idled during the 2009 crisis remains on the side-lines 
waiting to be reactivated. Meanwhile, new capacity continues to be added by 
Chinese producers albeit at a slower rate than in prior years. During the year 
our last remaining aluminium equities were sold, leaving the Company with no 
direct aluminium or alumina exposure. We are comfortable with this given the 
low margins and supply overhang that exist. However, we are also aware that 
commodity prices never languish much below the price required to incentivise 
new production. With this in mind we are working on how best to capture the 
likely improvement in price in the coming years without taking on the risk of 
this being lost to high costs in the smelting production process. Indirect 
exposure to assets that have these characteristics has been maintained via the
large holding in Rio Tinto but a physical position in aluminium futures might 
be the solution.

Nickel, after the strong performance of last year, finally succumbed to the
pressures of reduced demand as the stainless steel industry closed capacity. In
addition, supply of nickel from low grade direct-shipping laterite sources in
Asia is likely to prevent future price spikes which had been a feature of the
nickel market in prior years. The reduced chance of windfall prices and backlog
of new supply from projects that are now ramping up has kept direct nickel
exposure out of the portfolio. The Company's zinc exposure has been maintained
via a holding in Nyrstar, a zinc smelting company that is rapidly moving
upstream into zinc mining, and a holding in Volcan which has been enlarged.

Gold and precious metals
Amidst the macro-economic turmoil that was 2011, the gold price rose 11.1% over
the year (in US dollar terms) and averaged 28.2% higher than in 2010. Lack of
political leadership over the ballooning debt burden facing the US and Europe,
widespread interference by governments to weaken their currencies thereby
making them more competitive, increasingly negative real interest rates in the
face of low nominal rates and rising inflation and a general increase in
geopolitical instability, meant that by September gold reached an all-time high
of over US$1,900/oz. Strong physical demand (mostly in bar and coin form as well
as robust ETF flows), Chinese imports and Central Bank purchases were coupled
with more "speculative" buying as represented by the increasing long position
in gold futures markets.

As we moved into late summer, increasing margin requirements, a realisation
that a third round of quantitative easing by the US was not imminent and a
general contraction in global liquidity as the risk of a sovereign default in
the Eurozone became ever more real, triggered a sharp liquidation in the gold
futures markets. To put this into context, on 2 August the net long position on
the Comex gold futures market equalled an all-time high of 33.1moz; by the end
of the year this had almost halved to 17moz, the lowest level since April 2009.
The gold price pulled back sharply, falling US$200/oz in a week in September.
For most of the fourth quarter, gold moved more in line with risky assets as
safe haven buying stepped back from the market. Interestingly, gold ETF
holdings were remarkably "sticky" in the face of such large moves suggesting
longer term investors were not deterred by the short term volatility and
recognise the longer term bullish fundamentals.

Gold equities, whilst outperforming industrial metal producers, significantly
underperformed the gold price. The gold producers were dragged down by the
general equity market malaise but were also impacted by concerns over cost
inflation affecting margins and corporate managements' apparent reluctance to
return cash to shareholders through increased dividends. Pressure from
shareholders, including ourselves, eventually led to a trend of gold producers
initiating dividends, increasing existing dividends or paying special
dividends. Some companies even went so far as to explicitly link their dividend
either to production or the gold price. Our largest gold holding continues to
be Minas Buenaventura (4.8% of the portfolio), which while it outperformed the
mining sector as a whole was negatively impacted by concerns over the
aforementioned presidential election in Peru, as well as the forced suspension
of construction at their Conga project (a joint venture with Newmont) in
November. Concerns over Peru's new president seem to have proved unfounded as
he has adopted a more moderate, business friendly approach than many had
feared. At the end of December, 9.5% of the portfolio was exposed to gold
producers.

After almost reaching its 1980 high of US$50/oz in April 2011, the silver price
struggled to regain the same momentum in the second half of 2011 and closed the
year down 8.0% (in US dollar terms). The majority of the Company's silver
exposure comes through holdings in Fresnillo (4.0% of the portfolio) and its
parent company Industrias Penoles (3.5% of the portfolio). Penoles
significantly outperformed Fresnillo during the second half of the year, ending
the year up over 20% versus Fresnillo which closed down 8.5% (in sterling
terms).

Platinum and palladium prices performed poorly in 2011, negatively impacted by
weak auto markets in the US and Europe, and outflows from the physical ETFs.
Platinum ended the year down 22.8% and palladium closed down 21.0% in US dollar
terms. The producers also struggled for much of the year with a stubbornly
strong South African Rand and significant cost inflation. Double digit
percentage increases in wages and rising power costs in a falling commodity
price environment have meant the industry as a whole is barely breakeven after
capital expenditure commitments. As a result, the Company reduced its platinum
exposure over the course of the year, exiting positions in Anglo Platinum and
Platmin and reducing its exposure to Impala. The longer term fundamentals for
the platinum group metals remain robust given the severe supply side challenges
coupled with strong growth in demand from Asian car manufacturers; as such we
are keen to maintain some exposure to the sector. At the end of December, the
Company only had exposure to two platinum producers, Impala Platinum (3.0% of
the portfolio) and Aquarius Platinum (0.4% of the portfolio).

Energy commodities
Coking coal was the best performing commodity during the year, up 26.7% in US
dollar terms. Coking coal prices were driven higher by the severe flooding in
Australia early in 2011 as this curtailed exports to key consuming nations. The
damage done by the flooding kept export capacity restricted for much of the
year and it was only during the last quarter that supplies seem to have
returned to more normal levels. Thermal coal also benefited from renewed
interest following the nuclear power outages in Japan and a shift to large
imports of thermal coal into China and India. These two countries, historically
exporters of coal, have become importers in the last couple of years; this has
had a powerful upward effect on coal prices and looks set to support pricing
for the coming years. As mentioned earlier, consolidation in the coal sector
was aggressive during the year and this has continued into 2012. We expect
prices for coal assets to continue to rise on the back of the trend mentioned
earlier. The Company benefited during the year from the consolidation trend:
the holding in Coal & Allied was sold into a bid from the controlling
shareholders at a significant premium.

Uranium, unlike in the previous year, was down sharply during 2011. Fears over
reduced demand on the back of a slower than expected roll-out of new nuclear
power generation capacity after the tsunami in Japan cooled enthusiasm for the
commodity. This was compounded with news that Germany was to curtail all new
nuclear capacity and to phase out nuclear power by 2022. Uranium equities were
sold aggressively on the back of the apparent shift in long term demand
forecasts but by the second half of the year interest had returned.
Consolidation kicked off with various bids mentioned previously and we feel
that accumulation of uranium assets as a long term investment plan is a prudent
strategy. The challenge for the Company is to find high quality projects that
will eventually move from development stage into production. This has kept
exposure to the commodity at a low level.

Diversified mining companies and industrial commodities
2011 was a strong year for the earnings of most of the diversified miners,
driven predominantly by bulk commodity prices that averaged significantly
higher in 2011 versus 2010. Iron ore prices proved remarkably resilient for
much of 2011, with spot prices averaging over US$176/t for the first nine
months of the year. This was the result of strong demand for iron ore from
Chinese steel producers which, when coupled with government restrictions on
Indian iron ore exports and limited production growth ex-China, required a
significant amount of low-grade, high cost Chinese domestic iron ore to balance
the market. In October, however, China cut steel production as a result of
weaker than expected demand from end-consumers and this in turn led to a sharp
destocking of iron ore inventories. Buyers of spot iron ore stepped back from
the market and this triggered a price decline of over 30% over the month,
hitting a low of US$116.90/t in late October. Prices quickly bounced as high
cost Chinese domestic production came offline and traders began to restock,
with iron ore spot prices closing the year at US$138.5/t.

Share prices for the diversified majors significantly derated over the course
of the year as macroeconomic uncertainty and worsening investor sentiment
depressed the multiple the market was willing to pay for these companies.
Exposure to the major diversified miners is weighted towards those producers
who we believe to have the best commodity mix for the current stage in the
commodities cycle, strong management and good growth prospects. Rio Tinto
remains our largest holding at 9.1% of the portfolio owing to its significant
exposure to our preferred commodities, copper and iron ore. Having increased
exposure to Anglo American in the early part of 2011, we reduced our position
as a result of Anglo's rather public dispute with the Chilean state miner
Codelco, as well as an apparent lack of strategy to improve profitability at 
Anglo Platinum, and further capex increases and possible delays at their 
Minas Rio iron ore development project in Brazil.

As in 2010, mineral sands producers were once again strong contributors to the
Company's performance. From December to October, TZMI (an independent industry
consultant specialising in the minerals sands industry) reported price
increases of 230% and 64% respectively for ilmenite and rutile, titanium
dioxide minerals used as a white pigment in paints. They reported a 119%
increase in the price of zircon, a refractory mineral used in ceramics. A lack
of significant production growth in recent years, coupled with strong growth in
demand out of China, has significantly tightened the market over the last 18
months. As the world's largest producer of zircon and the second largest
producer of titanium mineral sands, Iluka Resources (4.2% of the portfolio) has
been able to exert significant pricing power, particularly in the zircon
market. The Company's exposure to mineral sands through Iluka and Kenmare
Resources (0.8% of the portfolio) was one of the largest contributors to
relative performance in 2011.

Pre-IPO or illiquid 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) benefited the Company in 2011 in an environment where yield has been at
a premium. During May, Glencore completed its IPO and this resulted in a
substantial uplift in the value of this convertible. In addition, given the
improved liquidity in the bonds, this investment has been moved into the
general portfolio.

Gentor - Quoted in the US OTC Market, Gentor continued to drill copper VMS
targets on its exploration licenses in Oman. There were pleasing results from
infill drilling to increase confidence in the deposit and also from step out
drilling to increase the footprint of the deposit. Notable drill holes included
24.4 metres of primary mineralisation grading 4.7% copper, 1.68% zinc and some
gold and silver mineralisation. A maiden resource is expected early in 2012 and
further drilling and geophysical work continues. On the corporate front, Gentor
successfully listed on the Toronto Stock Exchange in Canada (in addition to its
current US listing).

Ivanhoe Nickel & Platinum - Also known as "Ivanplats" the company has two key
projects - Kamoa, a copper project in the Democratic Republic of Congo ("DRC"),
and Platreef, a platinum project in South Africa. In June, the company
announced that ITOCHU had acquired 8% of the Platreef project for US$279
million. The drilling undertaken in the second half of the year focused on
increasing the confidence in the resource to upgrade it to the Indicated
category and various environmental and metallurgical studies continued. At
Kamoa, a bankable feasibility study was expected in 2011 but was delayed until
the first half of 2012, but ongoing exploration has provided encouraging
results. Despite concerns that November's elections in the DRC may lead to
instability in the country, the recent US$1.25 billion transaction between ENRC
and First Quantum for assets in the DRC demonstrates that companies are
prepared to commit substantial capital to the country. Due to capital market
conditions, the company did not IPO in the second half of 2011 but is expected
to do so in 2012.

Derivatives activity
The Company sometimes holds positions in derivatives contracts with virtually
all the activity focused on selling either puts or calls in order to increase
or decrease position sizes. These derivative positions, which are small in
comparison with the size of the Company, usually have the effect of obliging us
to buy or sell stock or futures at levels we believe are attractive. During
2011 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 2011 we had no
derivatives positions in the portfolio.

Gearing
At 31 December 2011, the Company had bank loans amounting to £63.0 million and
a cash balance of £30.1 million equating to net gearing of 2.5% of shareholders'
funds. This has been drawn down primarily 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 opportunities. Given the reduced risk appetite of banks around the world we 
expect numerous investment opportunities to present themselves during the year 
as mid-size companies look for development capital. Retaining a cautious level 
of gearing at the start of the year gives us the flexibility to deploy capital 
quickly when these opportunities come along.

Outlook and strategy for 2012
We expect China and other emerging nations to support commodities demand again
in 2012. In addition, the outperformance of the US economy relative to analyst 
expectations brings hope that the low level of global growth seen in 2011 might 
be drawing to a close. However, we also have to be mindful of the large macro 
risks that still persist: will the European debt crisis be resolved, will the 
growing US deficit be brought under control, will China ease monetary policy and 
who will win the US Presidential election?

Share prices of mining companies are trading close to historic lows based on
traditional valuation metrics and with balance sheets for most companies
conservatively positioned, unlike in 2008, risk of financial distress is
limited. Given the strong financial position of the sector, M&A activity will
likely be a feature of the market in 2012, as already evidenced by the recent
announcement of a proposed merger of equals between Glencore and Xstrata. In
addition, we are hopeful that mining companies continue on the trend of passing
back surplus cash to shareholders. With this in mind, we have maintained a
geared portfolio but retained capacity to be able to take advantage of
opportunities from further financial market turbulence, especially as we
recognise the difficulties that mid-size companies are having gaining access to
development capital.

Evy Hambro and Catherine Raw
BlackRock Investment Management (UK) Limited
23 February 2012


Ten Largest Investments
31 December 2011

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

Rio Tinto - 9.1% (2010: 9.4%) is the world's third largest mining company by
market cap. It has interests over a broad range of metals and minerals
including iron ore, aluminium, copper, coal, industrial minerals, gold and
uranium. In June 2011, Rio Tinto completed the acquisition of Riversdale Mining
for US$4 billion; this provides Rio with a strategic foothold in the Moatize
coking coal basin in Mozambique. In December 2011, Rio Tinto successfully bid
US$650 million for Hathor Exploration, a uranium explorer whose main asset is
the high grade Roughrider Deposit in Canada. Also in December, the company was
successful in its arbitration against Ivanhoe Mines; this allows Rio to
purchase additional shares in Ivanhoe Mines beyond their current holding of
49%. Ivanhoe Mines' core asset is Oyu Tolgoi, a world class copper-gold
porphyry in Mongolia.

BHP Billiton - 8.1% (2010: 6.8%) 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. The company is
the only sizeable holding in the portfolio with significant oil and gas assets.
In 2011, the company has moved into US onshore shale gas through the successful
acquisition of Chesapeake Energy's Fayetteville Shale assets for US$4.75
billion and most recently through a friendly deal with Petrohawk worth US$12.1
billion.

Vale - 7.2% (2010: 6.7%), 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, aluminium, copper, gold and
coal. In addition, Vale owns and operates transport infrastructure. The company
made a transformational acquisition in 2006, acquiring Canadian nickel miner
Inco, which considerably broadened the company's asset mix away from just iron
ore. More recently, they have ventured into the fertiliser sector, Zambian
copper and Guinean iron ore. In April 2011, the CEO Roger Agnelli resigned amid
media speculation that he was pressured to do so by the new Brazilian
Government. Under the leadership of new CEO, Murilo Ferreira, Vale has revised
down its growth forecasts and in January 2012 proposed a 50% year-on-year
increase to its minimum dividend.

Glencore - 5.9% (2010: 3.6%) is a leading, 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 35%
stake in Xstrata. The company successfully listed on the London Stock Exchange
in May 2011.

Teck Resources - 5.0% (2010: 6.4%) 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. Despite being hit by poor weather and strikes
at a number of its operations in 2011, the strong price environment for both
copper and metallurgical coal meant the company announced a share buy back
programme in June and a 33% dividend increase in October.

Minas Buenaventura - 4.8% (2010: 5.5%) 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 Limited.

First Quantum Minerals - 4.2% (2010: 3.9%) is an integrated copper producer
whose principal operating assets are in Africa, but also with nickel assets 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 and ENRC, the London listed diversified miner,
subsequently purchased a majority stake. First Quantum had launched legal
proceedings against both the DRC Government and a subsidiary of ENRC, and in
turn the DRC Government was seeking damages against First Quantum. In January
2012, the company announced that it had reached an agreement with ENRC to
dispose of all of its residual assets in the DRC for US$1.25 billion and settle
all outstanding claims, including those brought by the DRC Government.

Iluka Resources - 4.2% (2010: 1.9%) is a mineral sands producer. It is the
world's largest producer of zircon, representing approximately one third of
global production, and a significant producer of the titanium minerals:
ilmenite, rutile and synthetic rutile. Zircon is predominantly used in the
production of ceramics, including tiles, sanitary ware and tableware. Titanium
dioxide is the principal feedstock for pigment production for paints. Both
commodities have seen particularly strong price performance over the last
twelve months as demand out of Asia has recovered post financial crisis but
supply growth has been limited.

Fresnillo - 4.0% (2010: 4.4%) is the world's largest primary silver producer
and Mexico's second largest gold producer. The company has three 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.

Industrias Penoles - 3.5% (2010: 2.7%) is Mexico's second largest mining
company and an integrated producer of non-ferrous metals. It is the country's
largest producer of zinc and lead, as well as silver and gold through its
subsidiary Fresnillo. The company's history dates back to 1887 and the shares
have traded on the Mexican Stock Exchange since 1968.

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 2010.


Investments
31 December 2011

                                                  Main      Market
                                          geographical       value         % of
                                              exposure       £'000  investments
Diversified
Rio Tinto*                                      Global     123,150          9.1
BHP Billiton                                    Global     108,895          8.1
Vale*                                           Global      97,795          7.2
Glencore*                                       Global      79,950          5.9
Teck Resources                                  Global      66,904          5.0
Xstrata                                         Global      29,340          2.2
African Rainbow Minerals                  South Africa      27,257          2.0
Anglo American*                                 Global      23,832          1.8
Vedanta*                                        Global       8,264          0.6
Eurasian Natural Resources                  Kazakhstan       3,177          0.2
RTZ Zimbabwe                                  Zimbabwe         338          0.0
Grafton Resources#                              Global         205          0.0
                                                           -------         ----
                                                           569,107         42.1
                                                           -------         ----
Copper
First Quantum Minerals                          Zambia      57,685          4.2
Freeport McMoRan                                Global      47,346          3.5
Cerro Verde                                       Peru      39,380          2.9
Antofagasta                                      Chile      36,450          2.7
OZ Minerals                                  Australia      21,131          1.6
Kazakhmys                                   Kazakhstan       9,270          0.7
Anvil Mining                                       DRC       9,226          0.7
Ivanhoe Nickel & Platinum#                         DRC       7,735          0.6
Katanga Mining                                     DRC       5,553          0.4
Discovery Metals                              Botswana       3,645          0.3
Rex Minerals                                 Australia       2,378          0.2
Ivanhoe Mines                                 Mongolia       2,280          0.2
Gentor Resources#+                                Oman       1,887          0.1
Mawson West                                        DRC         819          0.0
Metminco                                          Peru         639          0.0
                                                           -------         ----
                                                           245,424         18.1
                                                           -------         ----
Gold
Minas Buenaventura+                               Peru      65,475          4.8
Newcrest Mining                              Australia      37,100          2.7
IAMGOLD                                         Global      15,270          1.1
Kinross Gold                                    Global       4,768          0.4
G Resources                                  Indonesia       3,741          0.3
Minera IRL                                        Peru       1,863          0.2
Pacific Niugini                       Papua New Guinea         272          0.0
Sunridge Gold                                  Eritrea         259          0.0
                                                           -------          ---
                                                           128,748          9.5
                                                           -------          ---
Silver & Diamonds
Fresnillo                                       Mexico      53,445          4.0
Industrias Penoles                              Mexico      47,971          3.5
Gem Diamonds                                   Lesotho       5,826          0.4
Harry Winston Diamond Corp.                     Canada       4,095          0.3
Dia Bras Exploration Sub Receipts                 Peru       2,060          0.2
Petra Diamonds                            South Africa       1,897          0.1
Lucara Diamond                                Botswana       1,531          0.1
                                                           -------          ---
                                                           116,825          8.6
                                                           -------          ---
Iron Ore
African Minerals+#1*                      Sierra Leone       31,969         2.4
London Mining                             Sierra Leone       17,997         1.3
Atlas Iron                                   Australia       17,745         1.3
Zanaga                               Republic of Congo       11,877         0.9
Fortescue Metals                             Australia        7,026         0.5
Kumba Iron Ore                            South Africa        5,978         0.4
Equatorial Resources                 Republic of Congo        4,752         0.4
Cape Lambert Resources                       Australia        4,074         0.3
IRC                                             Russia        2,349         0.2
African Iron                         Republic of Congo        1,639         0.1
                                                            -------         ---
                                                            105,406         7.8
                                                            -------         ---
Industrial Minerals
Iluka Resources                              Australia       56,201         4.2
Kenmare Resources                           Mozambique       11,500         0.8
Mineral Deposits+                              Senegal        3,024         0.2
                                                             ------         ---
                                                             70,725         5.2
                                                             ------         ---
Platinum
Impala Platinum                           South Africa       39,992         3.0
Aquarius Platinum*                        South Africa        6,636         0.4
                                                             ------         ---
                                                             46,628         3.4
                                                             ------         ---
Coal
Peabody Energy                                     USA       17,044         1.3
Aquila Resources                             Australia        7,641         0.6
Australian Energy#+                          Australia        3,529         0.3
Coal of Africa                            South Africa        1,740         0.1
Petmin                                    South Africa        1,194         0.1
Cokal                                        Indonesia          614         0.0
                                                             ------         ---
                                                             31,762         2.4
                                                             ------         ---
Other
Minsur sa 'I'                                     Peru       14,934         1.1
Nyrstar                                         Global       12,124         0.9
UEX                                             Canada        3,640         0.3
Volcan                                            Peru        3,378         0.2
Soc Min El Brocal+                                Peru        2,264         0.2
Metals X                                     Australia        2,093         0.2
Bindura Nickel                                Zimbabwe           40         0.0
                                                             ------         ---
                                                             38,473         2.9
                                                          ---------       -----
Portfolio                                                 1,353,098       100.0
                                                          =========       =====

* Includes fixed interest investments.
# Investment held at Directors' valuation.
1 Group holding includes £18.0 million position in African Minerals 11.5% bond
  which is held at Directors' valuation.
+ Includes group holdings.

All investments are in ordinary shares unless otherwise stated. The total
number of investments as at 31 December 2011 was 70 (31 December 2010: 67).


Portfolio Analysis
31 December 2011

Commodity Exposure*
                 BlackRock World Mining Trust plc      HSBC Global Mining Index
                            2011               2010                        2011
                               %                  %                           %
Aluminium                    0.0                1.5                         2.4
Coal                         2.4                4.8                         8.4
Platinum                     3.4                5.9                         2.1
Industrial Minerals          5.2                2.3                         0.7
Iron Ore                     7.8                2.7                         1.6
Silver & Diamonds            8.6                8.1                         3.1
Gold                         9.5               10.7                        24.8
Copper                      18.1               19.7                         7.8
Diversified                 42.1               40.7                        45.3
Other                        2.9                3.6                         3.8

Geographical Exposure*
                                         2011                           2010   
                                            %                              %   
Global                                     46                             40   
Latin America                              20                             20   
Australia                                  12                             13   
South Africa                                6                              9   
USA                                         1                              3   
Canada                                      1                              2   
Europe                                      0                              1   
Other                                      14 ***                         12 **

* Based on the principal commodity exposure and place of operation of each
investment.
** Consists of Botswana, Republic of Congo, DRC, India, Indonesia, Kazakhstan,
Lesotho, Mozambique, Russia, Sierra Leone, Zambia and Zimbabwe.
*** Consists of Botswana, Republic of Congo, DRC, Eritrea, Indonesia,
Kazakhstan, Lesotho, Mongolia, Mozambique, Oman, Papua New Guinea, Russia,
Senegal, Sierra Leone, Zambia and Zimbabwe.


Consolidated Statement of Comprehensive Income
for the year ended 31 December 2011

                           2011      2010       2011       2010        2011       2010
                        Revenue   Revenue    Capital    Capital       Total      Total
                 Notes    £'000     £'000      £'000      £'000       £'000      £'000
Income from
investments
held at fair
value through
profit or
loss                 3   43,450    29,517          -          -      43,450     29,517
Other income         3    4,663     2,822          -          -       4,663      2,822
                         ------    ------    -------    -------     -------    -------
Total revenue            48,113    32,339          -          -      48,113     32,339
                         ------    ------    -------    -------     -------    -------
(Losses)/gains
on investments                                                                                             
held at fair
value through
profit or loss                -         -   (405,420)   535,332    (405,420)   535,332
Realised losses
on foreign
exchange                      -         -     (2,038)    (1,914)     (2,038)    (1,914)
                         ------    ------   --------    -------    --------   --------
                         48,113    32,339   (407,458)   533,418    (359,345)   565,757
                         ------    ------   --------    -------    --------   --------
Expenses
Investment
management fees      4  (18,907)  (18,026)         -          -     (18,907)   (18,026)
Other expenses       5     (908)     (999)         -          -        (908)      (999)
                        -------   -------    -------    -------    --------    ------- 
Total
operating
expenses                (19,815)  (19,025)         -          -     (19,815)   (19,025)
                        -------   -------    -------    -------    --------    -------
Net profit/
(loss) before
finance costs
and taxation             28,298    13,314   (407,458)   533,418    (379,160)   546,732
                         ------    ------   --------    -------    --------    -------
Finance costs        6     (742)     (516)         -          -        (742)      (516)
                         ------    ------   --------    -------    --------    ------- 
Net profit/
(loss) on
ordinary
activities
before
taxation                 27,556    12,798   (407,458)   533,418    (379,902)   546,216
                         ------    ------   --------    -------    --------    ------- 
Taxation                 (1,457)   (1,131)     2,731     (4,063)      1,274     (5,194)
                         ------    ------   --------    -------    --------    ------- 
Net profit/
(loss) for
the year                 26,099    11,667   (404,727)   529,355    (378,628)   541,022
                         ======    ======   ========    ========   ========    ======= 
Earnings per
ordinary share       8   14.71p     6.57p   (228.08p)   297.90p    (213.37p)   304.47p
                         ======    ======   ========    ========   ========    ======= 

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 loss of the Company for the year was £378,628,000 (2010: profit of 
£541,022,000).

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 2011

                       Ordinary     Share               Capital
                          share   premium   Special  redemption     Capital   Revenue
                        capital   account   reserve     reserve    reserves   reserve       Total
Group             Note    £'000     £'000     £'000       £'000       £'000     £'000       £'000
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:
Profit for the
year                          -         -         -           -     529,355    11,667     541,022
Transactions with
owners:
Shares purchased
during the
year*                         -         -    (1,368)          -           -         -      (1,368)
Dividend paid        7        -         -         -           -           -    (8,444)     (8,444)
                          -----   -------   -------      ------   ---------    ------   ---------
At
31 December 2010          9,651   127,155   118,210      22,779   1,398,963    31,265   1,708,023
                          =====   =======   =======      ======   =========    ======   =========
For the
year ended
31 December 2011
At
31 December 2010          9,651   127,155   118,210      22,779   1,398,963    31,265   1,708,023
Total
Comprehensive
Income:
(Loss)/profit for
the year                      -         -         -           -    (404,727)   26,099    (378,628)
Transactions with
owners:
Shares purchased
during the
year*                         -         -    (1,739)          -           -         -      (1,739)
Dividend paid        7        -         -         -           -           -   (10,652)    (10,652)
                          -----   -------   -------      ------   ---------   -------   ---------
At
31 December 2011          9,651   127,155   116,471      22,779     994,236    46,712   1,317,004
                          =====   =======   =======      ======     =======    ======   =========
Company
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:
Profit for the
year                          -         -         -           -     529,294    11,728     541,022
Transactions with
owners:
Shares purchased
during the
year*                         -         -    (1,368)          -           -         -      (1,368)
Dividend paid        7        -         -         -           -           -    (8,444)     (8,444)
                          -----   -------   -------      ------   ---------    ------   ---------
At
31 December 2010          9,651   127,155   118,210      22,779   1,409,418    20,810   1,708,023
                          =====   =======   =======      ======   =========    ======   =========
For the
year ended
31 December 2011
At
31 December 2010          9,651   127,155   118,210      22,779   1,409,418    20,810   1,708,023
Total
Comprehensive
Income:
(Loss)/profit for
the year                      -         -         -           -    (404,281)   25,653    (378,628)
Transactions with
owners:
Shares purchased
during the
year*                         -         -    (1,739)          -           -         -      (1,739)
Dividend paid        7        -         -         -           -           -   (10,652)    (10,652)
                          -----   -------   -------      ------   ---------   -------   ---------
At
31 December 2011          9,651   127,155   116,471      22,779   1,005,137    35,811   1,317,004
                          =====   =======   =======      ======   =========    ======   =========

* Held in treasury


Statements of Financial Position
as at 31 December 2011
                                       Group        Company          Group        Company
                                        2011           2011           2010           2010
                        Notes          £'000          £'000          £'000          £'000
Non current assets
Investments held at
fair value through
profit or loss                     1,353,098      1,365,499      1,758,274      1,770,229
                                   ---------      ---------      ---------      ---------
Current assets
Cash and cash
equivalents                           30,113         18,851              -              -
Other receivables                      3,451          3,451          1,299          1,299
                                   ---------      ---------      ---------      ---------
                                      33,564         22,302          1,299          1,299
                                   ---------      ---------      ---------      ---------
Total assets                       1,386,662      1,387,801      1,759,573      1,771,528
                                   ---------      ---------      ---------      ---------
Current liabilities
Other payables                        (5,283)        (6,422)       (16,667)       (17,968)
Bank loans and bank
overdrafts                           (63,059)       (63,059)       (30,820)       (41,474)
                                   ---------        -------        -------      ---------
                                     (68,342)       (69,481)       (47,487)       (59,442)
                                   ---------        -------        -------      ---------
Total assets less
current liabilities                1,318,320      1,318,320      1,712,086      1,712,086
Non current liabilities
Deferred tax                          (1,316)        (1,316)        (4,063)        (4,063)
                                   ---------      ---------      ---------      ---------
Net assets                         1,317,004      1,317,004      1,708,023      1,708,023
                                   =========      =========      =========      =========
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                      116,471        116,471        118,210        118,210
Capital redemption
reserve                               22,779         22,779         22,779         22,779
Capital reserves                     994,236      1,005,137      1,398,963      1,409,418
Revenue reserve                       46,712         35,811         31,265         20,810
                                   ---------      ---------      ---------      ---------
Total equity                       1,317,004      1,317,004      1,708,023      1,708,023
                                   =========      =========      =========      =========
Net asset value per
ordinary share              8        742.86p        742.86p        962.06p        962.06p
                                     =======        =======        =======        ======= 


Cash Flow Statements
for the year ended 31 December 2011
                                       2011           2011          2010          2010
                                      Group        Company         Group       Company
                                      £'000          £'000         £'000         £'000
Operating activities
(Loss)/profit before taxation      (379,902)      (380,071)      546,216       546,140
Add back interest paid                  742            742           516           516
Losses/(gains) on investments
held at fair value through
profit or loss including
transaction costs                   405,420        404,974      (535,332)     (535,271)
Net losses on foreign
exchange                              2,038          2,038         1,914         1,914
Net movement of current asset
investments held by
subsidiary                              532              -             -             -
Sales of investments held at
fair value through profit or
loss                                236,648        236,648       133,253       133,253
Purchases of investments held
at fair value through
profit or loss                     (236,892)      (236,892)     (134,461)     (134,461)
Increase in other receivables        (2,101)        (2,101)          (89)          (89)
Increase in amounts due from
brokers                                  (6)            (6)            -             -
(Decrease)/increase in
amounts due to brokers              (10,590)       (10,590)       10,599        10,599
(Decrease)/increase in other
payables                               (794)          (794)        1,838         1,838
Dealing profits                        (532)             -             -             -
                                   --------       --------       -------       -------
Net cash inflow from
operating activities before
interest and taxation                14,563         13,948        24,454        24,439
                                   --------       --------       -------       -------
Interest paid                          (742)          (742)         (516)         (516)
Taxation paid                           (16)           (16)            -             -
Taxation on overseas income          (1,502)        (1,495)       (1,082)       (1,082)
                                   --------       --------       -------       -------
Net cash inflow from
operating activities before
financing activities                 12,303         11,695        22,856        22,841
                                   --------       --------       -------       -------
Financing activities
Purchase of ordinary shares          (1,739)        (1,739)       (1,368)       (1,368)
Drawdown of loan                     37,707         37,707           519           519
Dividend paid                       (10,652)       (10,652)       (8,444)       (8,444)
                                   --------       --------       -------       -------
Net cash inflow/(outflow)
from financing activities            25,316         25,316        (9,293)       (9,293)
                                   --------       --------       -------       -------
Increase in cash and cash
equivalents                          37,619         37,011        13,563        13,548
Effect of foreign exchange
rate changes                         (1,596)        (1,596)       (1,674)       (1,674)
                                   --------       --------       -------       -------
Change in cash and cash
equivalents                          36,023         35,415        11,889        11,874
Cash and cash equivalents at
start of year                        (5,910)       (16,564)      (17,799)      (28,438)
                                   --------       --------       -------       -------
Cash and cash equivalents at
end of year                          30,113         18,851        (5,910)      (16,564)
                                   --------       --------       -------       -------

Notes to the Financial Statements

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.

2. Accounting policies
The principal accounting policies adopted by the Group and 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.

A number of new standards, amendments to standards and interpretations are
effective for annual periods beginning after 1 January 2013, and have not been
applied in preparing these financial statements. None of these are expected to
have a significant effect on the measurement of the amounts recognised in the
financial statements of the Company. However, IFRS 9 "Financial Instruments"
issued in November 2009 will change the classification of financial assets, but
is not expected to have an impact on the measurement basis of the financial
assets since the majority of the Company's financial assets are measured at
fair value through profit or loss.

IFRS 9 (2009) deals with classification and measurement of financial assets and
its requirements represent a significant change from the existing requirements
in IAS 39 in respect of financial assets. The standard contains two primary
measurement categories for financial assets: at amortised cost and fair value.
A financial asset would be measured at amortised cost if it is held within a
business model whose objective is to hold assets in order to collect
contractual cash flows, and the asset's contractual terms give rise on
specified dates to cash flows that are solely payments of principal and
interest on the principal outstanding. All other financial assets would be
measured at fair value. The standard eliminates the existing IAS 39 categories
of "held to maturity", "available for sale" and "loans" and "receivables".

The standard is effective for annual periods beginning on or after 1 January
2013 but is not yet approved by the EU. Earlier application is permitted. The
Company does not plan to adopt this standard early.

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 the 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 subsidiary, BlackRock World Mining Investment
Company 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 - valued by reference to valuation techniques using market observable
inputs such as quoted prices

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

Under IFRS, the investments in the 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 other 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 and loans 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
                                                     2011        2010
                                                    £'000       £'000
Investment income:
UK listed dividends                                 8,535       5,764
Overseas listed dividends                          17,876      17,209
Overseas listed special dividends                   7,646         224
Fixed interest income                               9,393       6,320
                                                   ------      ------
                                                   43,450      29,517
                                                   ------      ------
Other income:
Option premiums                                     3,775       2,555
Deposit interest                                       24          81
Dealing profits                                       532           -
Underwriting commission                               332         186
                                                   ------      ------
                                                    4,663       2,822
                                                   ------      ------
Total income                                       48,113      32,339
                                                   ======      ======
Total income comprises:
Dividends                                          34,057      23,197
Deposit interest                                       24          81
Option premiums                                     3,775       2,555
Fixed interest income                               9,393       6,320
Other income                                          864         186
                                                   ------      ------
                                                   48,113      32,339
                                                   ======      ======

The Company considers the treatment of premium arising on option transactions
on a case by case basis. During the year ended 31 December 2011, the option
premium income of £3,775,000 (2010: £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.

4. Management fees
                                                     2011        2010
                                                    £'000       £'000
Investment management fee                          18,907      18,026
                                                  =======     =======

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

5. Other expenses
                                                     2011        2010
                                                    £'000       £'000
Custody fee                                           465         571
Auditors' remuneration:
- audit services                                       23          22
- other audit services*                                 6           8
Registrar's fee                                        91          88
Directors' emoluments**                               115          99
Other administrative costs                            208         211
                                                     ----        ----
                                                      908         999
                                                     ====        ====
The Company's total expense ratio, calculated as a
percentage of average net assets and using expenses,
excluding interest costs, was:                       1.3%        1.3%
                                                     ====        ====

* Other audit services relate to the review of the half yearly financial
statements.
** The emoluments of the Chairman, who was also the highest paid Director, were
£30,000 (2010: £25,000).

6. Finance costs
                                                     2011        2010
                                                    £'000       £'000
Interest on bank loans                                565         244
Interest on bank overdrafts                           177         272
                                                     ----        ----
                                                      742         516
                                                     ====        ====

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 period to 31 December were as
follows:
                                                             2011       2010
                                                            £'000      £'000
Final ordinary dividend in respect of the year ended
31 December 2009 of 4.75p per share, approved by
shareholders on 21 April 2010                                   -      8,444
Final ordinary dividend in respect of the year ended
31 December 2010 of 6.00p per share, approved by
shareholders on 4 May 2011                                 10,652          -
                                                           ------      -----
                                                           10,652      8,444
                                                           ======      =====

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.
                                                             2011       2010
                                                            £'000      £'000
Dividends on equity shares:
Proposed final ordinary dividend of 14.00p per share
(2010: 6.00p)                                              24,820     10,652
                                                           ------     ------
                                                           24,820     10,652
                                                           ======     ======

8. Consolidated earnings and net asset value per ordinary share

Revenue and capital returns per share are shown below and have been calculated
using the following:
                                                            2011             2010
Net revenue attributable to ordinary
shareholders (£'000)                                      26,099           11,667
Net capital (loss)/profit attributable to
ordinary shareholders (£'000)                           (404,727)         529,355
                                                        --------          -------
Total (loss)/profit attributable to ordinary
shareholders (£'000)                                    (378,628)         541,022
                                                        ========          =======
Total equity attributable to ordinary
shareholders (£'000)                                   1,317,004        1,708,023
                                                       ---------        ---------
The weighted average number of ordinary
shares in issue during each year, on
which the return per ordinary share
was calculated, was:                                 177,450,256      177,693,132
                                                     -----------      -----------
The number of ordinary shares in issue at
the year end, on which the net asset value
per ordinary share was calculated, was:              177,287,242      177,537,242
                                                     -----------      -----------
Revenue earnings per share                                14.71p            6.57p
Capital earnings per share                              (228.08p)         297.90p
                                                        --------          -------
Total earnings per share                                (213.37p)         304.47p
                                                        --------          -------
Net asset value per share                                742.86p          962.06p
                                                        --------          -------
Share price                                              631.50p          811.00p
                                                         =======          =======

At 31 December 2011, the 15,724,600 (2010: 15,474,600) 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 2011              177,537,242     15,474,600   193,011,842    9,651
Shares transferred into
treasury                          (250,000)       250,000             -        -
                               -----------     ----------   -----------    -----
At 31 December 2011            177,287,242     15,724,600   193,011,842    9,651
                               ===========     ==========   ===========    =====

During the year, 250,000 ordinary shares (2010: 225,000) were repurchased at a
cost of £1,739,000 (2010: £1,368,000) and were held in treasury at 31 December 2011.

10. Related party disclosure
The investment management fee for the year (including secretarial and
administration fees) was £18,907,000 (2010: £18,026,000). At the year end, the
following amount was outstanding in respect of the investment management fee: 
£4,431,000 (2010: £5,606,000).

The Board consists of five non-executive Directors all of whom are considered
to be independent by the Board. None of the Directors has a service contract
with the Company. With effect from 1 January 2011 the Chairman receives an
annual fee of £30,000, the Chairman of the Audit and Management Engagement
Committee receives an annual fee of £25,000, and each other Director receives
an annual fee of £20,000. Four members of the Board hold shares in the Company.
Mr Lea holds 6,000 ordinary shares, Mr Barby 25,000 ordinary shares, Mr Buchan
24,000 ordinary shares and Mr Sage 12,000 ordinary shares. Mr Baring does not
hold any shares in the Company.

11. Contingent liabilities
There were no contingent liabilities at 31 December 2011 (2010: nil).

12. 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 2011 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 2011 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 2010, 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.

13. Annual Report
Copies of the annual report will be published shortly and will be available
from the registered office, c/o The Company Secretary, BlackRock World Mining
Trust plc, 12 Throgmorton Avenue, London EC2N 2DL.

14. Annual General Meeting
The Annual General Meeting of the Company will be held at 12 Throgmorton
Avenue, London EC2N 2DL on Thursday, 19 April 2012 at 11.30 a.m.


ENDS


The Annual Report will also be available on the BlackRock Investment Management
website at www.blackrock.co.uk/brwm. 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, Chairman, Specialist Client Group, 
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]

23 February 2012
12 Throgmorton Avenue
London EC2N 2DL