Portfolio Update

BLACKROCK WORLD MINING TRUST plc

All information is at 31 December 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)      12.9%    -33.5%    -58.0%    -12.3%     48.4%          
Net asset value* (diluted)        12.9%    -33.5%    -55.1%    -13.5%     44.9%          
Share price*                       0.2%    -39.4%    -61.1%    -25.3%     25.2%          
HSBC Global Mining Index          14.0%    -16.5%    -42.1%      8.9%     80.2%          

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:                                       335.45p#               330.02p
Diluted:                                         335.45p                330.02p
#Includes net revenue of 5.43p                                                 
Share price:                                     252.50p                       
Discount to NAV**:                                23.49%                       
Warrant price:                                     2.50p                       
Total assets:                                   £601.28m                       
Net yield:                                         1.19%                       
Gearing:                                           0.52%                       

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.                   
                                                                               
Sector Analysis               % Total    Country Analysis              % Total
                               Assets                                   Assets
                                                                               
Diversified                      48.1    Latin America                    36.7 
Base Metals                      14.2    Global                           20.9 
Gold                             11.9    South Africa                     12.6 
Platinum                          9.4    Australasia                       9.3 
Industrial Minerals               7.6    USA                               7.6 
Silver/Diamonds                   7.4    Canada                            4.6 
Other                             3.4    Indonesia                         3.1 
Net current liabilities          (2.0)   Other Africa                      3.1 
                                         India                             2.1 
                                         Europe                            1.3 
                                         Emerging Asia                     0.4 
                                         Other                             0.3 
                                         Net current liabilities          (2.0)
                                -----                                    ----- 
                                100.0                                    100.0 
                                =====                                    ===== 

                                                                               
Ten Largest Equity Investments                                                 
                                                                               
Company                              % of Gross Assets                      
Vale                                 17.8
BHP Billiton                         13.8
Minas Buenaventura                    7.4
Impala Platinum                       6.0
Rio Tinto                             5.8
Industrias Penoles                    4.2
Alcoa                                 3.3
Newcrest Mining                       3.2
African Rainbow Minerals              2.8
Iluka Resources                       2.4


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

Market review
After the steep equity market declines of previous months, December was a more
settled period as investors began to take tentative first steps back into the
market. Whilst the immediate economic climate remains weak, speculation that
Barack Obama will announce a massive stimulus plan (possibly of around 
US$ 1 trillion) helped the market on to a more positive footing.

We continue to see an aggressive supply response to the recent commodity price
declines, with many producers announcing further cuts to production. For
example, it is estimated that around 7% of the global supply of nickel has
already been cut, with companies such as BHP Billiton and Vale having announced
cuts of around 28,000 tonnes and 15,000 tonnes respectively. Despite some
recent upward movement, most commodity spot prices remain significantly below
long term incentive prices and this is one of the reasons why we are seeing
capex for next year being reduced. We are also beginning to see some corporate
activity amongst depressed small cap names with interesting assets, with Mag
Silver and Orezone being subject to bids in recent weeks. This could be
regarded as a sign that markets are beginning to stabilise as
opportunity-driven investing is returning to equity markets. There are
certainly bargains to be had in this market if investors are brave enough.

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. 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 focused primarily upon
demand. Whilst that 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. As recent months have
shown, demand can change very quickly whereas the supply side takes many years
to alter. Mining shares have seen a slight rally from their lows and some
investors, including us, are bottom fishing and picking up world class assets
at low prices. This small rally, which has continued in to early January, may
well prove to be a false dawn driven by New Year optimism but there are some
signs that more rational heads are prevailing and the mining sector may well be
an area to see a recovery in 2009. 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).

26 January 2009