Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 30 November 2008 and unaudited.

Performance at month end with net income reinvested
                                    One     Three       One     Three      Five
                                  Month    Months      Year     Years     Years
Net asset value* (undiluted)      -5.9%    -58.7%    -63.1%    -16.5%     45.0%          
Net asset value* (diluted)        -6.3%    -58.2%    -60.6%    -17.6%     41.6%          
Share price*                      -0.4%    -57.9%    -61.4%    -21.1%     31.6%          
HSBC Global Mining Index           0.8%    -47.1%    -49.5%      3.1%     68.2%          

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:                                      297.09p#                291.28p
Diluted:                                        297.09p#                291.28p
#Includes net revenue of 5.81p                                                 
Share price:                                     252.00p                       
Discount to NAV**:                                13.49%                       
Warrant price:                                     8.00p                       
Total assets***:                                 £544.8m                       
Net yield:                                         1.19%                       
Gearing^:                                           2.8%                       

Ordinary shares in issue (excluding treasury shares):               178,317,729
Warrants in issue:                                                    8,947,605
Ordinary shares held in treasury:                                    14,692,800

** Discount to NAV based on capital only, fully diluted NAV.                   
*** Total assets include current year income.                                  
^ Gearing is calculated based on total assets including current year income.   

                                                                               
Sector Analysis                  % Total Country Analysis               % Total
                                  Assets                                 Assets
                                                                               
Diversified                        50.3  Latin America                    35.6 
Base Metals                        16.4  Global                           22.4 
Gold                                9.9  South Africa                     11.3 
Platinum                            8.3  USA                               8.4 
Industrial Minerals                 7.7  Australasia                       8.1 
Silver/Diamonds                     6.1  Canada                            4.5 
Other                               3.2  Other Africa                      3.3 
Net current liabilities            (1.9) Indonesia                         2.6 
                                         Europe                            2.4 
                                         India                             2.2 
                                         Emerging Asia                     0.7 
                                         Other                             0.4 
                                         Net current liabilities          (1.9)
                                  -----                                  ----- 
                                  100.0                                  100.0 
                                  =====                                  ===== 

                                                                               
Ten Largest Equity Investments                                                 
                                                                               
Company                                                                     
African Rainbow Minerals                                                       
Alcoa                                                                          
BHP Billiton                                                                   
Iluka Resources                                                                
Impala Platinum                                                                
Industrias Penoles                                                             
Minas Buenaventura                                                             
Newcrest                                                                       
Rio Tinto                                                                      
Vale                                                                           

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

Market review

November saw a continuation of many of the themes of the previous month.
Governments announced aggressive intervention policies, both fiscal and
monetary, and equity markets continued a downward trend before rallying
slightly towards the end of the month. Macroeconomic data was grim and helped
keep markets under pressure; unemployment rose, sentiment was dour and official
figures placed most of the developed world in a recession. Despite the month as
a whole being a weak period for the markets, it was encouraging to see a rally
in the middle of the month (which was later undone) as an Obama victory in the
US election became certain and investor confidence slightly improved. This was
notable by the speed and size of the moves, indicating that there continue to
be buyers of equities waiting on the side lines.

The big news for the mining sector came towards the end of the month, when BHP
Billiton walked away from its proposed takeover of Rio Tinto, citing the
deterioration in near-term global economic conditions and the lack of certainty
as their reasons. Our view is that BHP Billiton and Rio Tinto are better placed
as separate companies; indeed, the Company will have more flexibility if it is
able to invest in two world-class mining companies rather than one. We believe
the subsequent sell-off in Rio Tinto to be an over-reaction and a symptom of
the short-termism that is prevalent in current markets. However, with commodity
prices weaker and the credit markets still under pressure, there are some
concerns as to the future financing of the company, given its high levels of
debt. It was also interesting to note that Chinalco (China's state-owned
aluminium company) subsequently announced its intention to consider raising its
stake in Rio Tinto from 9% to 14.99%.

Gold continued to be one of the better performing commodities, gaining 11.5%
over the month and sparking some strong performance in gold equities. In gold
equity news, Zijin Mining, one of China's leading gold producers, stated that
it was looking to spend RMB1 billion (around US$150m) on local or overseas
mining shares.

Strategy/Outlook

The interest rate cuts from the Federal Reserve, European Central Bank, Bank of
Japan and Bank of England, although positive for the medium term, haven't come
soon enough to head off a recession in the Western World over the short term.
Against this, the drivers of the commodity super cycle remain intact but with
all the distractions of the credit crisis to deal with investors are not
interested. This has left the equities trading like short term derivatives on
commodity prices when in reality they should reflect the fact that commodities
are depleting, have to be replaced and are needed for real industrial
consumption uses and are not luxury good items. While the past few months have
been bruising for most investors, we feel like there is reason for optimism
right now and clearly we are not alone. Mining shares have seen a slight rally
from their recent lows and some investors, including us, are bottom fishing and
picking up world class assets at bargain basement prices. 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.

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 December 2008