Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 30 September 2012 and unaudited.

Performance at month end with net income reinvested
                                 One    Three     One     Three     Five
                               Month   Months     Year    Years    Years
Net asset value (undiluted)     7.0%     2.3%    -1.8%    18.7%    -9.9%
Net asset value (diluted)       7.0%     2.3%    -1.8%    18.7%    -3.9%
Share price                     8.6%     3.3%    -0.7%    22.7%    -4.1%
HSBC Global Mining Index*       7.1%     5.6%    -3.5%     8.2%     1.8%
*Total return

Sources: BlackRock, HSBC Global Mining Index, Datastream

At month end
Net asset value           Including Income            Capital Only
Undiluted/diluted:                 661.11p*                650.74p
*Includes net revenue of 10.37p

Share price:                       579.00p
Discount to NAV**:                   12.4%
Total assets:                   £1,253.81m
Net yield***:                         3.6%
Gearing:                              7.0%

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

** Discount to NAV including Income.
*** Based on final dividend of 14.00p per share in respect of the year ended
31 December 2011 and interim dividend of 7.00p per share in respect of the
year ended 31 December 2012.

Sector                   % Total    Country Analysis          % Total
                          Assets                               Assets

Diversified                 34.0    Global                       39.0
Base Metals                 18.9    Latin America                21.2
Industrial Minerals         16.2    Other Africa                 16.0
Gold                         9.9    Australasia                   7.6
Silver & Diamonds            9.9    South Africa                  4.5
Platinum                     2.4    Emerging Europe               0.9
Energy Minerals              0.6    Republic of Congo             0.8
Net current assets           8.1    Democratic Republic of Congo  0.6
                           -----    Canada                        0.6
                           100.0    USA                           0.4
                           =====    Indonesia                     0.3
                                    Net current assets            8.1
                                                                -----
                                                                100.0
                                                                =====

Ten Largest Investments                      % Total
                                              Assets

Company
BHP Billiton                                     8.9
Rio Tinto                                        8.8
Glencore Finance (Europe) 5% 31/12/14            5.9
London Mining Contract                           5.4
Minas Buenaventura                               4.3
Fresnillo                                        4.3
First Quantum Minerals                           4.3
Industrias Penoles                               4.1
Freeport McMoRan                                 3.9
Soc Min Cerro Verde                              3.5

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

Performance
Both commodity and equity markets rose strongly in September fuelled by news
that Europe, the US and Japan would be prepared to enact additional monetary
policy to support their economies.  Early in the month Mario Draghi announced
that the EU would purchase sovereign debt indefinitely.  This was closely
followed by the FED announcing a third round of quantitative easing (QE3)
focused on mortgage backed securities and finally Japan announced that they
would also be increasing their asset purchases.

News that governments were taking decisive action to address the slowing global
economy reassured markets, providing the stimulus for risk appetite to rise.
Fears of inflation (often a consequence of quantitative easing) and improving
sentiment towards risk assets provided a boost to both mining commodities and
equities. 

The details of QE3 were a strong catalyst for gold, other precious metals and
the producers of these commodities to move higher.  The Fed committed to
continue its asset purchase programme until such time as the outlook for the
labour market 'substantially improves,' whilst keeping interest rates at
current low levels until mid-2015.  This environment is expected to be highly
accommodative for gold and other precious metals as investors seek out assets
with inflation hedge qualities and those that have historically performed well
in negative real interest rate environments.  In September precious metals were
amongst the strongest performers, with silver rising +13.5%, closely followed
by platinum +10.0% and gold +6.0% (Datastream). 

Across the industrial commodities, nickel and lead were the strongest
performers returning +15.9% and +15.8% respectively.  Copper posted more modest
gains of +8.0% during the month.  We continue to favour the red metal as supply
side challenges have prevented the industry from increasing production to
balance the market.  A report released by the International Copper Study Group
covering the first half of 2012 indicated that the copper market was already in
deficit by 473,000t.  While this may in part be driven by a build in
inventories, it has been a key factor in keeping the copper price at current
levels, as the market remains fundamentally tight. 

The iron ore price has declined by approximately 40% over the past few months
surprising many investors in the mining sector.  After falling to below $90/t
(Source: Bloomberg landed in China) in early September, the industrial
commodity quickly rebounded to above US$100/t as cost support entered the
market on the back of supply cuts. 

Strategy/Outlook
The recent announcements of central bank stimulus, most notably in the US with
the implementation of QE3, are likely to be supportive of commodity demand.  In
addition, reiteration by the Chinese government of their intentions to commit
US$425bn towards infrastructure investment is likely to support demand from the
world's largest consumer of most mined commodities.  Meanwhile, the greater
clarity that a successful leadership transition in China could bring may also
prove beneficial.  Importantly, Chinese GDP estimates for 2012 remain above
government targets.  These factors are likely to provide a supportive
environment for commodities in the near term, and greater clarity is
anticipated post the transition in political leadership in China towards the
end of 2012/early 2013. 

In the medium to longer term the supply side continues to be challenged by both
short term factors, such as weather events, and longer term ones, such as
labour shortages and grade declines.  These structural issues are supportive of
prices where demand remains robust.

Mining company valuations are currently trading below historical averages and
the potential for strong returns over the medium term are good.  We remain
focused on companies with balance sheet strength and high asset quality as we
believe these factors will be key differentiators.  In addition, mining
managements have shown themselves to be willing to share balance sheet strength
with investors through dividends and buybacks, a trend they would do well to
continue.

16 October 2012

ENDS

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website) is incorporated into, or forms part of, this announcement.