Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 28 February 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)       3.7%     10.7%    -61.7%    -20.1%     54.2%          
Net asset value* (diluted)         0.3%      7.1%    -60.1%    -23.7%     45.7%          
Share price*                       7.2%     11.7%    -58.6%    -26.2%     43.6%          
HSBC Global Mining Index          -1.0%      6.1%    -50.8%     -6.0%     73.6%          

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:                               323.65p#               322.64p
#Includes net revenue of 1.01p                                                 
                                                                               
Share price:                                     281.50p                       
Discount to NAV**:                                12.75%                       
Total assets***:                                £575.32m                       
Net yield:                                         1.95%                       
Gearing:                                              0%                       

Ordinary shares in issue (excluding treasury shares):               177,760,929
Ordinary shares held in treasury:                                    15,249,600

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

                                                                               
Sector                           % Total Country Analysis               % Total
                                  Assets                                 Assets
                                                                               
Diversified                        40.8  Latin America                    36.3 
Gold                               16.3  Global                           15.9 
Base Metals                        14.1  South Africa                     10.6 
Industrial Minerals                 7.9  Australasia                      10.5 
Platinum                            7.5  USA                               8.4 
Silver/Diamonds                     7.1  Canada                            5.0 
Other                               3.9  Other Africa                      4.5 
Net current assets                  2.4  Indonesia                         3.3 
                                         India                             1.8 
                                         Europe                            0.6 
                                         Emerging Asia                     0.4 
                                         Laos                              0.3 
                                         Net current assets                2.4 
                                  -----                                  ----- 
                                  100.0                                  100.0 
                                  =====                                  ===== 

Ten Largest Equity Investments                                                 
                                                                               
Company (alphabetical order)                                                
African Rainbow Minerals                                                       
BHP Billiton                                                                   
First Quantum Minerals                                                         
Fresnillo                                                                      
Impala Platinum                                                                
Industrias Penoles                                                             
Minas Buenaventura                                                             
Newcrest Mining                                                                
Rio Tinto                                                                      
Vale                                                                           

Commenting on the markets, Graham Birch^, representing the Investment Manager
noted:

Market review
Commodity prices remained volatile throughout the month. Industrial metals
prices were a mixed bag, with copper prices ending the month up 4% and nickel
prices down over 12%. Overall, base metals were relatively flat over February.
Precious metals once again held the limelight, as gold was in high demand amid
the financial turmoil and traded above $1000/oz before falling to stabilize
around $950/oz. The oil price rose back above $40 per barrel, having fallen to
the mid-$30s during February, as US inventory levels came in higher than
expected.

The main story for the mining sector during February was the flurry of activity
stemming from China. This took two main forms, direct purchase of commodities
and the acquisition of assets in equity markets. China announced several large
scale commodity purchases during the month, notably 290,000 tonnes of primary
aluminium and 159,000 tonnes of refined zinc. These purchases helped stabilise
commodity prices over the month. However, it was also interesting to see some
of the equity-related transactions which took place over the month, potentially
allowing China to secure future commodity supply. The biggest headline
capturing story was the announcement by Rio Tinto that Chinalco (the Chinese
state owned aluminium producer) had agreed to acquire minority stakes in some
core Rio Tinto assets and agreed to purchase convertible bonds worth around US$
19.5 billion. If exercised, this would take Chinalco's holding in Rio Tinto to
around 19%. Although this deal was controversial, it does help reduce some of
the concerns around Rio Tinto's debt obligations, which had been weighing
heavily on the stock of late. The deal still requires approval from the
Australian regulator and shareholders. Minmetals (another state owned Chinese
mining company) made a US$ 1.7 billion cash offer to Oz Minerals, the world's
second largest zinc producer. The deal included terms whereby Minmetals would
take on Oz Mineral's debt, making the total enterprise value around US$ 2.5
billion. Valin, a Chinese Iron & Steel Group, also agreed to invest US$ 800
million into Fortescue Metals Group in exchange for iron-ore off-take. As the
largest consumer of most commodities globally (ex oil), China is crucial for
future demand and it is certainly encouraging to see them taking action to
secure commodities at these lower prices as well as securing future production,
an indication that they at least believe they will continue to consume large
quantities in the future. China's political elite continue to state that they
are targeting a Chinese GDP growth number for 2009 of 8%. If attained, this
would be positive for the mining sector.

On the supply side, we continue to see mining companies implementing production
cuts and slashing capex, as evidenced by the announcement by Kazakhmys during
the month that they were cutting copper cathode output to about 300,000 tonnes
in 2009 (versus 378,100 reported in 2008) and slashing capex in 2009 by about
US$ 250 million. This may help support commodity prices in the shorter term but
this, in addition to the announced capex cuts, may well prove important in the
coming years. If demand were to recover, the recent crisis has diminished the
supply side's ability to meet a rapid upward turn in demand.

Gold was the commodity which dominated the headlines during the month, briefly
moving over the US$1,000/oz level for the first time since March 2008 as
President Obama's economic stimulus package failed to reassure the market.
Investment demand, the key factor influencing the gold price at present, has
been driven largely by concerns about the global economic outlook and by the
potential longer term inflationary consequences of current central banks'
monetary policies. Much of this investment demand was evidenced by flows into
the gold ETFs (Exchange Traded Funds) and the SPDR Gold Trust (the world's
largest gold ETF) registered record holdings in excess of 1,000 tonnes during
the month. However, these purchases of gold were followed by a bout of profit
taking when Ben Bernanke stated that the recession in the US economy could end
this year. The metal came under further selling pressure on evidence that the
flow of money into the gold ETFs had slowed in the last week of the month.
Purchases through the ETFs have become the key driver of bullion prices
recently as the correlations between gold and US Dollar and between gold and
oil have broken down. The gold price finished the month up 3.3% at US$952/oz.

Strategy/Outlook
The main area of concern for investors remains the demand side of the equation
and there has been little clarity to this dynamic in recent periods, although
there are certainly some positive signals coming out of China. Despite
widespread government and central bank action, most developed countries are
heading towards, if not already in, recession. Equity markets have priced in
the vast proportion of this news but still remain largely focused upon demand.
Whilst more certainty on demand is crucial for the short term, investors with a
reasonable time horizon will be cheered to see the supply reaction by the
mining companies; this may well prove crucial in the future. Mining shares are
"long-dated" assets which have been behaving more like "short-dated" assets in
recent months; this situation will not last forever and investors should take
advantage of it while they can.

^ Graham Birch will be on sabbatical from 1 April until the end of 2009.

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).

23 March 2009