Portfolio Update

BLACKROCK WORLD MINING TRUST plc

All information is at 31 August 2015 and unaudited.

Performance at month end with net income reinvested

One

Three

One

Three

Five

Month

Months

Year

Years

Years

Net asset value

-7.2%

-27.6%

-46.3%

-53.9%

-56.3%

Share price

-7.9%

-27.0%

-49.6%

-51.6%

-53.4%

Euromoney Global Mining Index

-5.6%

-26.5%

-40.1%

-45.9%

-52.4%

(Total return)

Sources: BlackRock, Euromoney Global Mining Index, Datastream

At month end

Net asset value including income*:

246.32p

Net asset value capital only:

241.12p

*Includes net revenue of 5.2p

Share price:

220.00p

Discount to NAV**:

10.7%

Total assets:

£511.3m

Net yield***:

9.5%

Net gearing:

17.8%

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 ending 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

43.9

Global

51.6

Base Metals

20.4

Latin America

15.7

Gold

12.9

Australasia

8.7

Silver & Diamonds

11.1

Other Africa

7.4

Industrial Minerals

5.0

Canada

7.3

Other

4.2

Emerging Europe

5.4

Energy Minerals

2.0

China

2.0

Aluminium

0.7

South Africa

1.9

Zinc

0.4

Indonesia

0.5

Net current liabilities

(0.6)

Net current liabilities

(0.6)

-----

-----

100.0

100.0

=====

=====

Ten Largest Investments

Company

% Total Assets

BHP Billiton

15.0

Rio Tinto

12.6

First Quantum Minerals

6.9

Norilsk Nickel

5.0

Lundin Mining

5.0

Glencore

4.9

Cerro Verde

3.5

Fresnillo

3.3

Iluka Resources

3.0

Hudbay Minerals

2.8

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

Performance

August was another difficult and extremely volatile month for the mining sector. Weakness was driven by heightened concerns over global economic growth, fuelled primarily by soft economic data emerging from China. Lacklustre data points included declining auto sales volumes and China’s official manufacturing PMI falling to 49.7, down from 50 in July. China’s central bank, the People’s Bank of China, sought to lend support to its struggling economy by announcing further cuts to interest rates, a reduction to the country’s reserve requirement ratio and through devaluing the renminbi. What overall effect the devaluation will have on commodities remains unclear and will depend on its ultimate scale. A relatively modest devaluation could be stimulatory. However, a larger move could have negative implications for commodity affordability in China.

The deterioration in the macroeconomic backdrop led to capitulation across equity markets in general. For reference, the MSCI World Index fell -6.8% over the month, the largest monthly fall since 2012, whilst the Shanghai Composite Index declined -14.8%, the largest monthly fall since 2009.

The moves seen across mining shares in August seemed to be driven more by financial flows and the increasingly negative sentiment around China than by the price moves in the underlying commodities. This was most notable in copper, where the metal’s price held up relatively well, falling just -1.4% over the month, whilst copper equities sold off aggressively. The Company’s overweight to copper producers weighed on relative performance, with an overweight position in First Quantum among then largest detractors. This trend was also evident in iron ore where the bulk commodity’s price rose +4.9%, whilst iron ore-focused equities underperformed.

(All data points used to calculate the percentages above are given in US Dollar terms.)

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.

15 September 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.