Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 30 June 2009 and unaudited.

Performance at month end with net income reinvested
                                    One     Three       One     Three      Five
                                  Month    Months      Year     Years     Years
Net asset value* (undiluted)      -7.2%     15.4%    -47.6%     -2.8%    131.7%          
Net asset value* (diluted)        -7.2%     15.4%    -46.8%     -1.8%    125.1%          
Share price*                      -7.6%     16.8%    -44.9%     -1.8%    129.5%          
HSBC Global Mining Index          -7.0%     15.2%    -35.4%     17.3%    153.9%          

Sources: BlackRock, HSBC Global Mining Index, Datastream

*Net asset value and share price performance includes the warrant reinvestment,
assuming the 2004 and 2006 bonus warrant entitlement per share was sold and the
proceeds reinvested on the first day of trading.

At month end                                                                   
Net asset value                         Including Income        Capital Only
Undiluted/Diluted:                               437.76p#            434.88p
#Includes net revenue of 2.88p                                                 
                                                                               
Share price:                                     384.25p                       
Discount to NAV**:                                11.64%                       
Total assets***:                                £776.17m                       
Net yield:                                         1.43%                       
Gearing:                                              0%                       

Ordinary shares in issue##:  177,762,242
## Excluding 15,249,600 shares held in treasury                                

** Discount to NAV based on capital only.                                      
*** Includes current year revenue.                                             

                                                                               
Sector                         % Total   Country Analysis              % Total
                                Assets                                  Assets

Diversified                       42.9    Latin America                   30.1 
Base Metals                       18.1    Global                          17.7 
Gold                              14.0    South Africa                    11.7 
Platinum                           8.8    Australasia                      9.9 
Silver/Diamonds                    6.8    Other Africa                     6.8 
Industrial Minerals                5.9    Canada                           6.3 
Other                              1.8    Indonesia                        5.4 
Net current assets                 1.7    USA                              4.8 
                                          India                            3.5 
                                          Europe                           0.9 
                                          Emerging Asia                    0.7 
                                          Laos                             0.5 
                                          Net current assets               1.7 
                                 -----                                   ----- 
                                 100.0                                   100.0 
                                 =====                                   ===== 

Ten Largest Equity Investments (in alphabetical order)                          
                                                                               
Company                                                                     
BHP Billiton                                                                   
First Quantum Minerals                                                         
Fresnillo                                                                      
Freeport McMoran                                                               
Impala Platinum                                                                
Minas Buenaventura                                                             
Newcrest Mining                                                                
Rio Tinto                                                                      
Teck Cominco                                                                   
Vale                                                                           

Commenting on the markets, Evy Hambro^, representing the Investment Manager
noted:

Market review
After a strong start to the month, global markets stuttered as investors
started to fret that the rally of the previous weeks was overdone and that the
global economy continued to face severe headwinds. Re-stocking of commodities
by China (which saw record copper/iron ore imports) showed signs of slowing in
June as inventory levels returned to more normal levels and the rate of lending
slowed, further reducing momentum in the sector. The start of the summer,
typically a weak period for many commodities, also weighed on markets.

It was an extremely busy month for corporate activity. Rio Tinto successfully
completed a heavily discounted $15.2bn rights issue in the UK and Australia,
putting the company back on a more stable footing. The rights issue was
undertaken (along with an iron ore joint venture with BHP Billiton and the sale
of some assets) in order to pay down part of the $38bn debt that the company
took on to buy Canadian aluminium producer Alcan in 2007. With the $14.8bn
proceeds from the issue, Rio can comfortably cover the $8.9bn of debt that
needs to be repaid in August, along with other liabilities in 2010. It was also
worth noting that Chinese State owned company Chinalco, who were previously
involved in ownership negotiations with Rio Tinto, took up their full
allocation to the rights issue - maintaining their stake in the company at
around 9%.

During the month, Xstrata announced a proposed "merger of equals" with Anglo
American which was swiftly rebuffed by the management of Anglo (despite the
offer letter being made public in an attempt to court investor favour). The
offer letter outlined cost synergies of around $1bn for the combined group but
the Anglo American management stated that they felt the deal lacked strategic
rationale and that the terms were unacceptable. A merger would create a
combined group with a market cap of over $70bn which was the world's largest
producer of zinc, platinum, diamonds, thermal coal and ferrochrome (and the 2nd
largest producer of coking coal and copper). There has been market speculation
that Anglo is in discussion with Chinese and Middle Eastern investors in an
attempt to build its defences against the merger.

As we move into the second half of the year, we have started to see some
analyst upgrades to the sector, a bullish signal for investors, as the
Armageddon-like scenarios predicted at the start of the year have not
materialised. For example, UBS have upgraded their 2010 copper forecast up by
43%, their nickel up by 33% and their gold and platinum forecasts up by 17%.

Strategy/Outlook
In recent weeks, we have seen some weakness in commodity markets as we move
into the northern hemisphere summer, typically a weak period for these markets.
We view this as a buying opportunity going into what we expect to be a strong
fourth quarter but for the moment we are building our positions in the stronger
diversified miners over and above the more leveraged pure plays.

The longer term picture remains the same. Our expectation is that China will
have most influence over the demand picture for commodities and given its
commodity-intensive stimulus package and the broader industrialisation story we
expect China to lead the way. With respect to supply, the premature closure of
ageing mines we have seen over the last six months, combined with the cutting
of expenditure on future growth means that when demand does begin to grow,
supply will be unable to respond fast enough and thus the seeds of the next
commodities cycle have been sown.

^ Graham Birch is on sabbatical until next year.

Latest information is available by typing www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).

16 July 2009