Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 30 November 2015 and unaudited.
Performance at month end with net income reinvested
		One			Three				One	Three		Five
		Month			Months				Year	Years		Years
Net asset value		-10.3%			-11.5%				-38.3%	-62.0%		-69.1%
Share price		-13.1%			-11.0%				-39.2%	-59.5%		-66.4%
Euromoney Global Mining Index		-10.8%			-13.5%				-38.9%	-55.9%		-66.1%
(Total return)
Sources: BlackRock, Euromoney Global Mining Index, Datastream
At month end
Net asset value including income*:								217.89p
Net asset value capital only:								207.32p
*Includes net revenue of 10.57p
Share price:								195.75p
Discount to NAV**:								10.2%
Total assets:								£446.2m
Net yield***:								10.7%
Net gearing:								13.5%
Ordinary shares in issue:								177,287,242
Ordinary shares held in treasury:								15,724,600
Ongoing charges****:								1.4%
** Discount to NAV including income. *** Based on an interim dividend of 7.00p in respect of the year ended 31 December 2015 and a final dividend of 14.00p in respect of the year ended 31 December 2014. **** Calculated as a percentage of average net assets and using expenses, excluding finance costs for the year ended 31 December 2014.
Sector	% Total					Country Analysis					% Total
	Assets										Assets
Diversified	38.8					Global					46.9
Base Metals	19.7					Latin America					16.6
Gold	14.6					Australasia					9.1
Silver & Diamonds	12.4					Canada					8.6
Industrial Minerals	6.5					Other Africa					8.5
Other	4.6					Emerging Europe					5.4
Energy Minerals	1.1					China					1.7
Aluminium	0.4					South Africa					1.0
Zinc	0.2					Indonesia					0.5
Net current assets	1.7					Net current assets					1.7
	-----										-----
	100.0										100.0
	=====										=====
Ten Largest Investments
Company				% Total Assets
Rio Tinto				12.4
BHP Billiton				11.3
First Quantum Minerals				6.3
Lundin Mining				5.1
Norilsk Nickel				5.0
Fresnillo				4.4
Cerro Verde				4.1
Glencore				3.9
PotashCorp				3.0
Hudbay Minerals				2.8

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

Performance

The combination of slow global growth and over supply continued to put downward pressure on many commodities. The market was also hurt by more headlines from China concerning investigations into brokerage firms, a sharp drop in industrial profits and more evidence of firms struggling under heavy debt burdens. The base metals all fell during the month with nickel, copper and zinc declining -11.8%, -10.3% and -8.5% respectively. The bulk commodities did not fare any better with iron ore and thermal coal declining -13.8% and -8.4%.

We have begun to see supply cuts in aluminium, copper and zinc where production has become loss making; however, in some cases, this has been replaced by supply coming on line from China, ultimately leading the market to remain in modest surplus. At current spot prices we expect production cuts to accelerate in the first half of 2016.

The collapse of a mining dam in the Brazilian state of Minas Gerais cast a shadow on the mining sector during the month. The incident took place at an open-cast mine operated by Samarco, a joint venture between mining majors BHP Billiton and Vale, and resulted in between 40-62m cubic metres of water and sediment from iron ore extraction gushing down a mountainside. Samarco took immediate action to contain and reduce the environmental impact of the dam burst and is now facing a lawsuit from the Brazilian government. In the Company, our underweight to Vale contributed to relative performance.

The Company’s overweight to First Quantum, the global copper miner, detracted from relative performance as the company showed high sensitivity to the copper price.

Strategy and Outlook

Good company strategy has been outweighed by weakening commodity demand and falling commodity prices in the past year. Looking ahead, the outlook for commodity prices remains subdued, given expectations of further US dollar strength and a modest demand outlook. This pressure will continue to force tough decisions and mining companies are likely to remain in austerity mode. Recent commodity price falls suggest further cuts to analyst earnings will be required. As the year progresses, we would expect an acceleration of closures of high-cost capacity in oversupplied markets. This bodes well for the longer term and limits the industry’s ability to respond to the next upturn in demand which will ultimately see prices go higher.

While the sector continues to face headwinds, it is important to remember that we are another year further into the underinvestment phase and closer to the deficit markets that we foresee. We expect an inflection point to be reached once price (and consequently return) expectations start to recover as a result of the supply curtailment, which should accelerate with the current commodity price weakness.

14 December 2015

ENDS

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.