Portfolio Update

BLACKROCK WORLD MINING TRUST plc

All information is at 31 December 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)       2.7%     13.9%    100.4%     32.2%    186.5%          
Net asset value* (diluted)         2.7%     13.9%    100.4%     35.7%    188.1%          
Share price*                       3.7%     11.1%    122.0%     28.5%    170.4%          
HSBC Global Mining Index           3.0%     14.9%     83.2%     63.8%    216.2%          

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/Diluted:                               661.77p#               657.13p
# Includes net revenue of 4.64p                                                
                                                                               
Share price:                                     550.00p                       
Discount to NAV**:                                 16.3%                       
Total assets:                                  £1,218.3m                       
Net yield:                                         1.00%                       
Gearing:                                            3.4%                       

Ordinary shares in issue:         177,762,242                                          
Ordinary shares held in Treasury:  15,249,600                                   

** Discount to NAV based on capital only.                                      

                                                                               
Sector                      % Total   Country Analysis          % Total
                             Assets                              Assets
                                                                              
Diversified                    48.0   Latin America                26.9 
Base Metals                    19.1   Global                       24.2 
Gold                           12.2   South Africa                 10.4 
Platinum                        7.7   Australasia                   9.8 
Silver and Diamonds             6.5   Other Africa                  8.2 
Industrial Minerals             5.4   Canada                        7.0 
Other                           0.8   USA                           4.0 
Net current assets              0.3   India                         3.7 
                                      Indonesia                     3.3 
                                      Emerging Asia                 1.3 
                                      Europe                        0.9 
                                      Net current assets            0.3 
                              -----                               ----- 
                              100.0                               100.0 
                              =====                               ===== 
                                                                               
Ten Largest Equity Investments (in alphabetical order)                          
                                                                               
Company                                                                        
BHP Billiton                                                                   
First Quantum Minerals                                                         
Freeport McMoRan                                                               
Fresnillo                                                                      
Glencore Finance (Europe) 5% 31/12/14                                          
Impala Platinum                                                                
Minas Buenaventura                                                             
Rio Tinto                                                                      
Teck Resources                                                                 
Vale                                                                           


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

Performance
We continued to see strong global equity performance during the month of
December, as investor confidence returned to the market after the announcement
that Abu Dhabi would rescue Dubai from default. Most markets were buoyed by
this news and it helped round out what was a positive year for most asset
classes.

In 2009, commodity prices rebounded rapidly following the global economic
crisis, with prices for copper, lead and zinc all gaining over 100% during the
year. Copper prices reached a 15 month high in the last week of December
following the announcement of more positive US market data, new investor flows
and uncertainty over copper production in Chile. Concern has been growing as
workers at Chile's Chuquicamata copper mine (the second biggest in the world)
have recently been threatening to strike over pay disputes, with the state
owned company Codelco announcing that the repercussions of any action could be
a loss of around 1,800 tonnes daily to the market. There is potential for these
issues to continue should the workers' demands not be satisfied as we enter
into a period of political uncertainty in the country (with presidential
elections occurring in early 2010). These combined factors could lead to
further disruptions to copper supply and add uncertainty to an already tight
market.

Iron ore was another strong performer over the month, as it reached an all time
high in mid December. High levels of demand continue to come from China as
their economy grows and as they look to secure future supplies of the
industrial commodity. This has led to the spot price of iron ore trading at a
74.7% premium to benchmark levels. Increased export tariffs on Indian iron ore,
infrastructure bottlenecks and Chinese mine closures (as a result of the credit
crisis) have contributed to driving the price up to $117/tonne (including
freight). Commodity analysts have been speculating that in order for mines to
reopen, the price will have to rise to $120-130 a tonne.

Strategy/Outlook
With demand in the emerging markets appearing reasonably robust for the coming
year, there remain two key questions for 2010. The first is: what will happen
to developed market demand? This appears to be recovering, with most economists
predicting a flat to slightly positive year and many noting the relative
success of schemes such as "cash for clunkers" in drawing down inventory
levels. Indeed, there are even signs that the much maligned US construction
sector may be starting to see more positive developments. The second question
is: will supply become more important and perhaps lead to further market
tightness? The credit crisis and the subsequent collapse in global demand led
many mining companies to postpone/cancel their production growth plans. With
the global economy appearing more stable, the impact of these cancellations and
cuts may start to bite. It takes many years to develop new mine supply and,
should demand meaningfully recover, it is questionable as to whether the supply
will be able to react in the case of some commodities.

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).

18 January 2010