Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 31 October 2011 and unaudited.

Performance at month end with net income reinvested
                                  One     Three     One   Three     Five
                                Month    Months    Year   Years    Years
Net asset value* (undiluted)    13.4%    -14.5%   -2.7%  156.1%    64.6%
Net asset value* (diluted)      13.4%    -14.5%   -2.7%  155.2%    68.0%
Share price*                     8.9%    -13.7%   -0.9%  168.3%    58.8%
HSBC Global Mining Index        11.0%    -12.8%   -7.5%  127.7%    81.3%

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:                 785.58p*                772.62p
*Includes net revenue of 12.96p

Share price:                       656.00p
Discount to NAV**:                   16.5%
Total assets:                   £1,461.43m
Net yield:                            0.9%
Gearing:                              4.7%

Ordinary shares in issue:          177,287,242
Ordinary shares held in Treasury:   15,724,600

** Discount to NAV based on cum income.

Sector                   % Total    Country Analysis          % Total
                          Assets                               Assets

Diversified                 39.4    Global                       42.2
Base Metals                 21.2    Latin America                18.9
Industrial Minerals         15.3    Australasia                  14.6
Gold                         9.8    Other Africa                  8.4
Silver & Diamonds            8.6    South Africa                  7.2
Platinum                     3.8    Canada                        2.0
Other                        0.9    USA                           1.5
Net current assets           1.0    Emerging Europe               1.4
                                    Republic of Congo             1.2
                                    Democratic Republic of Congo  1.1
                                    Mongolia                      0.2
                                    Indonesia                     0.3
                                    Net current assets            1.0
                           -----                                -----
                           100.0                                100.0
                           =====                                =====
 
Ten Largest Investments                  % Total
                                          Assets

Company
Rio Tinto                                    8.9
Vale                                         7.2
BHP Billiton                                 6.7
Glencore Finance (Europe) 5% 31/12/14        5.9
Minas Buenaventura                           4.7
Fresnillo                                    4.5
First Quantum Minerals                       4.1
Iluka Resources                              4.1
Teck Resources                               4.0
Freeport McMoRan                             3.7


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

Performance
October offered global markets some respite after the bruising experience of
August and September. Encouraging economic data from the US and announcements
from the EU summit injected some much needed momentum into risk assets. The
direction from Europe's leaders on tackling the debt crisis lacked detail, but
was enough to prompt a relief rally into the end of the month.

Amidst this accommodating backdrop, base metals recouped some of their recent
losses. Copper finished the month 14.1% higher at US$7,981.5/tonne, tin and
nickel gained 7.9% and 11.3% respectively (Datastream). In the bulk
commodities, iron ore was notable for its weakness. Hitherto a pillar of
resilience, iron ore spot prices fell sharply over the month, dropping below
US$120/tonne from a high for the year of nearly US$190/tonne (Macquarie, using
62% Fe China spot price). The falls took the key commodity to below its
marginal cost of production and were driven by numerous factors including: a
degree of gaming by consumers (although inventories are low, buyers appeared to
be holding back and in some cases pressuring producers into selling at the spot
price rather than an agreed, higher contract price), record production by the
major producers with excess material sold into the spot market, as well as some
de-stocking by Chinese steel mills. This stand-off could continue in the very
near term; low inventories and the fact that Chinese, higher cost marginal
production is believed to be uneconomic at these levels, suggest it is unlikely
to be sustainable.

Industrial unrest continues to cause significant commodity supply disruption.
Freeport McMoRan's Grasberg mine in Indonesia has suffered crippling and
acrimonious labour disputes. The company is also struggling to negotiate a new
labour contract at its Cerro Verde mine in Peru. Strikes and union action are
not just developing world concerns either: BHP Billiton and its unionised
workers in Queensland failed to reach an employment agreement in October
leaving the ten month long dispute unresolved. Supply disruption of this kind
has been a prevalent and significant obstacle for commodity production this
year and further output losses can reasonably be expected.

Strategy/Outlook
During much of 2011, the mining sector has faced the headwinds of an uncertain
macro-economic environment. This has obscured the strong underlying
fundamentals from which the sector is benefiting. Although it has seen some
softening in light of the current economic malaise, demand is still solid,
particularly from emerging markets such as China and India, which coupled with
supply-side constraints has kept markets relatively tight. This has resulted in
record earnings for many of the Company's major holdings.

Notwithstanding the bounce in October, mining company valuations continue to
look extremely attractive across a variety of metrics such as earnings and cash
flow multiples and price to NAV levels. The balance sheet of the mining sector
is now significantly stronger than it was in 2008; companies are better
positioned to weather market volatility, as well as supporting organic growth,
increasing dividends and share buybacks. 

The global macro-economic outlook is likely to continue to drive the near-term
performance of the mining sector. A near-term catalyst for the mining sector
would be a reassurance that the recent pull back in world growth is not a
longer term issue and that Chinese monetary policy is moving away from credit
tightening. This should refocus the market on the strong underlying
fundamentals and attractive valuations and provide reassurance over continued
strength in the Chinese economy and in turn commodity demand growth.

15 November 2011

ENDS

Latest information is available by typing www.blackrock.co.uk/brwm on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).  Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.