Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 31 December 2012 and unaudited.

Performance at month end with net income reinvested
                                 One    Three      One   Three    Five
                               Month   Months     Year   Years   Years
Net asset value (undiluted)     3.6%     3.9%    -4.8%    8.2%   -9.0%
Net asset value (diluted)       3.6%     3.9%    -4.8%    8.2%   -2.7%
Share price                     3.4%     1.3%    -4.1%   11.9%   -3.5%
HSBC Global Mining Index*       3.6%     2.7%    -2.4%   -3.4%    2.5%
*Total return

Sources: BlackRock, HSBC Global Mining Index, Datastream

At month end
Net asset value           Including Income            Capital Only
Undiluted/diluted:                 686.87p*                672.18p
*Includes net revenue of 14.69p

Share price:                       586.50p
Discount to NAV**:                   14.6%
Total assets:                   £1,318.60m
Net yield***:                         3.6%
Gearing:                              8.3%

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 per share in respect of the year ended
31 December 2011 and interim dividend of 7.00p per share in respect of the
year ended 31 December 2012.

Sector                   % Total    Country Analysis          % Total
                          Assets                               Assets

Diversified                 38.2    Global                       43.1
Base Metals                 20.6    Latin America                20.4
Industrial Minerals         10.3    Other Africa                 10.8
Silver & Diamonds            9.0    Australasia                   6.4
Gold                         8.7    South Africa                  5.6
Platinum                     2.9    Emerging Europe               1.5
Energy Minerals              0.3    Democratic Republic of Congo  1.0
Net current assets          10.0    Canada                        0.6
                           -----    USA                           0.5
                           100.0    Mongolia                      0.1
                           =====    Net current assets           10.0
                                                                -----
                                                                100.0
                                                                =====
 
Ten Largest Investments                      % Total
                                              Assets

Company
Rio Tinto                                       10.1
BHP Billiton                                     9.4
Glencore Finance (Europe) 5% 31/12/14            5.7
London Mining Contract                           5.1
First Quantum Minerals                           4.3
Fresnillo                                        4.1
Industrias Penoles                               3.9
Freeport McMoRan                                 3.8
Teck Resources                                   3.6
Vale                                             3.5


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

Performance
The weak sentiment that had been holding the mining sector back over the year
showed some tentative signs of alleviating in December.  Encouraging economic
and commodity trade data, particularly from China, prompted renewed investor
appetite.  Mining commodity returns were mixed, however. Among the base metals,
copper declined -0.9% and nickel -3.4%, but tin appreciated +6.9%.

Iron ore was the stand out performer.  Spot Chinese iron ore prices (63.5% Fe)
surged 29% from the end of November to 4 January, reaching $154/tonne,
according to data from CLSA.  Iron ore had suffered a dramatic fall in
September on the back of weak steel prices in China and destocking at steel
mills; some supply rationing and a turnaround in the stocking cycle catalysed
the rebound.

Investors have been calling for more rigorous capital discipline from the
mining industry and the sector began to respond in 2012.  Vale, the Brazilian
mining giant, released its 2013 capital expenditure plans in December and
addressed this theme.  The plans envisaged a fall in expenditure from $17.5bn
in 2012 to $16.3bn but also contained some telling rhetoric - the company
stated that its focus had shifted away from the 'marginal volume to the capital
efficient volume'.  A keen focus on profitability and efficiency, rather than
simply expanding production, will be critical in determining mining company
valuations in our view.  We remain underweight Vale: although the company's
focus has shifted to efficiency, it still has high capital intensity
production.

The copper industry has seen a flurry of M&A activity.  In the large part, it
has served to highlight the value the industry is placing on high quality
copper assets, as with First Quantum's approach of Inmet.  Freeport McMoRan
Copper & Gold disappointed the market in December, however, by announcing its
intention to acquire Plains Exploration and Production and McMoRan Exploration,
thus diversifying its asset base into oil and gas.  Post completion of the deal
one third of the enterprise value of the combined entity would be from energy
assets.

Strategy/Outlook
Monetary stimulus in its various forms is typically good for commodities, at
least in the short term.  In addition, recent economic data has provided some
encouraging indicators on growth conditions in China, the US and elsewhere.

For certain commodities, the supply side continues to be challenged by both
short term factors, such as weather events, and longer term ones, such as
labour shortages and grade declines.  These structural issues are supportive of
prices where demand remains robust.

Mining company valuations continue to trade below historical averages and there
is in our view the potential for strong returns over the medium term.  We
remain focused on companies with balance sheet strength and high asset quality
as we believe these factors will be key differentiators.  In addition, the
market is becoming increasingly discerning about capital allocation by mining
managements.  Companies must show themselves to be highly disciplined in their
approach to costs and management of their assets.

10 January 2013

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.