Interim Management Statement

BLACKROCK WORLD MINING TRUST PLC Interim Management Statement - 3 months to 30 September 2013 To the members of BlackRock World Mining Trust plc. This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied on by any other party for any other reason. This interim management statement relates to the period from 1 July 2013 to 30 September 2013, and contains information that covers this period, and up to the date of publication of this interim management statement. The Company's objective is to maximise total returns to shareholders through a world-wide portfolio of mining and metal securities. Up to 10% of the assets may be invested in physical metals and up to 20% of the assets may be invested in unquoted investments. The Company is managed by Evy Hambro and Catherine Raw of BlackRock Investment Management (UK) Limited. Stock Performance Cumulative Performance: One Three One Five Month Months Year Years Net Asset Value (undiluted) -0.3% 9.6% -19.1% 12.3% Share Price 1.6% 14.9% -13.2% 28.9% HSBC Global Mining Index -1.3% 8.5% -19.8% 15.5% All performance figures are in sterling terms on a total return basis. Ten Largest Holdings at 30 September 2013 Company % Total Assets Glencore Xstrata 11.2 Rio Tinto 10.9 BHP Billiton 10.4 First Quantum Minerals 8.3 London Mining Marampa Contract 6.7 Freeport McMoRan 4.8 Iluka Resources 2.8 Fresnillo 2.8 Vale 2.5 Banro 2.5 Financial position and performance as at 30 September 2013 Gross Assets (£m) £1,018.98 Short term borrowings (£m) £103.43 Undiluted Net Asset Values: Net asset value-Cum Income* 516.42p Net asset value-Capital Only 503.86p *includes net revenue of 12.56p Share Price 483.30p Ordinary Shares in Issue* 177,287,242 Gearing 7.8% Discount to NAV** 6.4% *excluding 15,724,600 shares held in treasury **including income Material Events & Transactions On 15 August 2013, the Company announced the appointment with immediate effect of Winterflood Securities Limited as joint corporate broker alongside J.P.Morgan Cazenove Limited. On 8 October 2013, the Company announced that it had reached a non-binding agreement on key commercial terms with regard to a US$12m net smelter return royalty investment (the "Royalty") with Avanco Resources Limited in respect of its whole licensed area in Carajas, Brazil comprising Antas North deposit ("Antas North" or "Stage 1"), Pedra Branca deposit ("Pedra Branca" or "Stage 2"), and other discoveries within Avanco's current licensed portfolio. The Royalty would offer the Company a 25% royalty payment on gold production and 2% on production of other metals including copper produced from the whole licensed area of Stage 1 and Stage 2. A flat 2% royalty will be applied to all other projects from the rest of Avanco's licensed area. The Company and Avanco Resources Limited will shortly begin to work on the heads of terms for the Royalty investment, followed by negotiation and signing of the definitive legal documentation which is expected to complete by the year end. The Board is not aware of any other material events or transactions, except as disclosed herein, occurring between 30 September 2013 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. General Meeting Following the General Meeting which was held on Wednesday, 21 August 2013, the Board announced that the Special Resolution put to shareholders to change the Company's investment policy was passed on a vote on a show of hands. Half Yearly Financial Report The Company announced its half yearly financial results for the six months ended 30 June 2013 on 15 August 2013. On 15 August 2013, the Company declared an interim dividend of 7.00p per share, which was paid on 26 September 2013 to shareholders on the register on 30 August 2013. Change in NAV and Share Price The Company announces its NAV on a daily basis, which can be accessed via http://www.blackrock.co.uk/brwm, under the "Announcements" tab. For the period 1 October 2013 to 14 November 2013 the Company's NAV decreased by 0.1% and the share price by 3.4%. The unaudited cum-income net asset value for BlackRock World Mining Trust plc at the close of business on 14 November 2013 was 515.71 pence. Contact details: Caroline Driscoll Secretary Tel: 020 7743 2427 18 November 2013 ENDS Please note more detailed performance information is available on the Investment Manager's website: www.blackrock.co.uk/brwm. Neither the contents of the Manager's website not 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.
UK 100

Latest directors dealings