Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 30 June 2013 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%   -22.0%   -24.6%   -19.9%   -39.2%
Net asset value (diluted)     -13.4%   -22.0%   -24.6%   -19.8%   -38.2%
Share price                   -13.1%   -18.5%   -21.9%   -17.1%   -34.2%
HSBC Global Mining Index*     -13.8%   -22.7%   -21.9%   -27.2%   -34.2%
*Total return

Sources: BlackRock, HSBC Global Mining Index, DataStream

At month end
Net asset value           Including Income            Capital Only
Undiluted/diluted:                 477.34p*                464.29p
*Includes net revenue of 13.05p

Share price:                       426.80p
Discount to NAV**:                   10.6%
Total assets:                     £966.26m
Net yield***:                         4.9%
Gearing:                             10.6%

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 and an interim dividend of 7.00p per
share in respect of the year ended 31 December 2012.

Sector                   % Total    Country Analysis          % Total
                          Assets                               Assets

Diversified                 38.7    Global                       47.4
Base Metals                 23.3    Other Africa                 18.9
Industrial Minerals         18.0    Latin America                15.3
Gold                         7.7    Australasia                   4.8
Silver & Diamonds            7.3    South Africa                  4.1
Platinum                     1.3    Democratic Republic of Congo  3.2
Energy Minerals              0.4    Canada                        0.9
Current assets               3.3    USA                           0.9
                           -----    Emerging Europe               0.7
                           100.0    Indonesia                     0.3
                           =====    Mongolia                      0.2
                                    Current assets                3.3
                                                                -----
                                                                100.0
                                                                =====

Ten Largest Investments                      % Total
                                              Assets

Company
Rio Tinto                                        11.1
BHP Billiton                                     10.4
Glencore Xstrata                                  9.7
London Mining Marampa Contract                    7.5
Freeport-McMoRan                                  5.6
First Quantum Minerals                            4.5
Inmet Mining                                      3.5
Antofagasta                                       2.9
Iluka Resources                                   2.8
Industrias Penoles                                2.7
 
Commenting on the markets, Evy Hambro, representing the Investment Manager 
noted:
 
Performance
Ben Bernanke took the wind out of the equity market's sails when he outlined a
schedule for the reduction and subsequent withdrawal of monetary stimulus by
the Federal Reserve. Gold was a notable victim of the news, falling by 12.7%
over the course of the month. Holdings in the largest, most liquid gold ETF
(GLD) are now back at pre-QE, September 2008 levels and speculative net length
in the gold futures market reached its lowest level in more than a decade.

It is important to highlight that any 'tapering' of stimulus by the Federal
Reserve will be contingent on strong, improving economic data and withdrawal of
stimulus is not anticipated until unemployment in the US reaches 7% (it
currently stands at 7.6%). Nonetheless, equity markets weakened and a spike in
interbank lending rates in China did nothing to aid the mining sector's cause.
The rise in SHIBOR and the absence of swift intervention by the People's Bank
of China ("PBOC") raised the spectre of a credit event in the commodity hungry
country. Financing conditions were subsequently eased, but the PBOC has made
clear its intention of improving the quality of lending. 

It was a weak month for most mining commodities. Among the base metals, copper
declined by 7.6%, aluminium by 7.9% and tin by 5.9%. Iron ore bucked the trend
and finished the month up 4% at $117/t (source: CLSA, 63.5% Fe). Inventories of
iron ore held at Chinese steel mills and ports are comparatively low,
suggesting the destocking seen over recent months could have reached an end.
Iron ore equities are, however, pricing in further weakness on the expectation
of seasonal demand softness and the possibility of new supply growth filtering
into the market over the course of the rest of the year.

With commodity prices eating into cost curves in many cases and investors
calling for capital discipline from the mining industry, cost-cutting is high
on management teams' agendas. Most mining companies are starting with 'easy
wins' - taking out headcount, exploration spending and sustaining capex. BHP
Billiton has cut headcount at their BMA coking coal operations by 35% since
July 2012, for example, and Rio Tinto plans to reduce personnel at its London
headquarters by more than half. While these costs can be removed quickly and
will have an immediate impact on all-in profitability, companies should also
think longer term in our view and re-evaluate mine plans in order to optimise
profitability.

Currency plays an important role in mining company margins - revenues are
typically received in US dollars but costs are largely paid in local
currencies. The weakening of certain commodity producer currencies against the
US dollar year to date has provided some relief against declining commodity
prices: against the US dollar, the Australian dollar has fallen by 11.9% year
to date (to 4th July), the South African rand by 15.6% and the Brazilian real
by 9.6%.

Strategy/Outlook
The mining sector and other cyclical areas have struggled over the last two
years as the market has downgraded global growth expectations.

In the medium term, commodity prices are likely to remain range-bound as supply
and demand have come closer into balance. We expect greater tightness to return
for certain commodities, but for now mining companies need to be focused on
capital discipline, operational efficiency and growing margins through cost
control. In such an environment, well-managed mining businesses should be able
to generate free cash flow, be in a strong position to return cash to
shareholders and should see their share prices rewarded as a result. In the
Company, we are looking to identify the winners and the stock specific stories
that have been neglected in the risk-off markets of the last two years.

All data in USD terms unless otherwise stated.

11 July 2013

ENDS

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