Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 30 April 2014 and unaudited.

Performance at month end with net income reinvested
                                 One     Three      One    Three     Five
                               Month    Months     Year    Years    Years
Net asset value (undiluted)     0.5%      1.8%    -8.3%   -42.7%    27.9%
Share price                    -1.4%      0.1%    -4.3%   -36.8%    36.7%
Euromoney Global Mining Index   0.9%      3.6%    -8.1%   -42.9%    16.1%
(Total return)

Sources: BlackRock, Euromoney Global Mining Index, Datastream

At month end
Net asset value           Including Income            Capital Only
Undiluted/diluted:                 483.36p*                476.07p
*Includes net revenue of 7.29p

Share price:                       456.50p
Discount to NAV**:                    5.6%
Total assets:                      £982.7m
Net yield***:                         4.6%
Gearing:                             14.2%
 
Ordinary shares in issue:          177,287,242
Ordinary shares held in Treasury:   15,724,600

** Discount to NAV including income.
*** Based on interim dividend of 7.00p and final dividend of 14.00p per share
in respect of the year ended 31 December 2013.

Sector                   % Total     Country Analysis       % Total
                          Assets                             Assets

Diversified                 42.9     Global                    55.9
Base Metals                 22.3     Other Africa              17.2
Industrial Minerals         15.8     Latin America             10.8
Gold                         8.4     Australasia                5.2
Silver & Diamonds            6.4     South Africa               3.7
Other                        2.0     Canada                     3.1
Energy Minerals              0.9     Emerging Europe            1.6
Platinum                     0.8     USA                        1.0
Net current assets           0.5     China                      0.7
                                     Indonesia                  0.3
                                     Net current assets         0.5
                           -----                              -----
                           100.0                              100.0
                           =====                              =====

Ten Largest Investments                      % Total
                                              Assets
Company
BHP Billiton                                    10.9
Rio Tinto                                       10.8
GlencoreXstrata                                  9.6
London Mining Marampa Contract                   6.6
Freeport McMoRan                                 5.8
First Quantum Minerals                           4.9
Vale                                             3.3
Fresnillo                                        2.4
Sociedad Minera Cerro Verde                      2.3
Iluka Resources                                  2.2

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

Performance
April was a supportive month for the mining sector, buoyed by renewed strength
in the US economy and reduced risk aversion across the markets. April was in
fact the best month for the base metal complex out of the last eight, copper,
zinc and nickel increased 0.1%, 3.6% and 15.4% respectively. The nickel price
has trended upwards since the Indonesian ban on exports came into play earlier
in the year. The iron ore price continued to fall during April, putting
pressure on producers of the commodity. The primary driver of this price
weakness was renewed concern around tightening liquidity in China, particularly
following the Chinese banking regulator's announcement that it is cracking down
on iron ore financing deals.

Many of the miners reported Q1 production results during the month and, for the
most part, all were in line with market expectations. It would appear that the
guidance misses that we have seen in the past are abating. The most prominent
sector news during the month was the speculation around the possibility of a
corporate transaction between Barrick and Newmont, the world's two largest gold
producers. Barrick's share price fell amidst the conjecture, whilst Newmont's
rallied. However, talks broke down between the two later in the month and it
was announced that this merger was no longer under consideration.

In other M&A news, the potential acquisition of Osisko Mining took another
turn, following a number of months of conjecture. Yamana and Agnico announced
their intentions to jointly (50:50) acquire Osisko, an offer that surpassed the
hostile offer Goldcorp had put forward.

Strategy / Outlook
The mining sector has significantly lagged the general equity market in recent
years. However, a number of the downside risks for this sector have reduced
(albeit not disappeared). The industry has made good progress in refocusing its
strategy: operating costs have been aggressively targeted and investment in
projects reassessed. Many commodities are trading close to or below their
marginal cost of production, implying that price downside should be limited, in
the absence of a collapse in demand.

The global economic backdrop is showing signs of synchronous growth and this
has typically been supportive of commodity prices. Mining companies are trading
on an undemanding valuation and an attractive dividend yield. With capital
expenditure rolling off, management are guiding investors towards rising free
cash flows.

All data in USD terms unless otherwise stated.

19 May 2014

Latest information is available by typing www.brwmplc.co.uk 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.