Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 31 January 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)    12.3%     6.2%    -6.2%   170.8%    68.6%
Net asset value* (diluted)      12.3%     6.2%    -6.2%   170.8%    73.1%
Share price*                    11.8%     7.6%    -5.8%   178.3%    70.4%
HSBC Global Mining Index        12.3%     2.7%   -11.5%   116.6%    80.9%

Sources: BlackRock, HSBC Global Mining Index, Datastream

*Net asset value and share price performance includes the warrant reinvestment,
assuming the 2004 and 2006 bonus warrant entitlement per share was sold and the
proceeds reinvested on the first day of trading.

At month end
Net asset value           Including Income            Capital Only
Undiluted/diluted:                 833.96p*                818.78p
*Includes net revenue of 15.18p

Share price:                       706.00p
Discount to NAV**:                   15.3%
Total assets:                    £1,521.6m
Net yield:                            0.9%
Gearing:                              2.8%

Ordinary shares in issue:          177,287,242
Ordinary shares held in Treasury:   15,724,600

**Discount to NAV including income.

Sector                   % Total    Country Analysis          % Total
                          Assets                               Assets

Diversified                 41.9    Global                       45.9
Base Metals                 21.6    Latin America                19.4
Industrial Minerals         11.9    Australasia                  12.7
Gold                         9.7    Other Africa                  8.8
Silver & Diamonds            8.3    South Africa                  6.1
Platinum                     3.3    Democratic Republic of Congo  1.6
Energy Minerals              2.5    Republic of Congo             1.4
Net current liabilities      0.8    USA                           1.2
                           -----    Emerging Europe               1.2
                           100.0    Canada                        0.6
                           =====    Indonesia                     0.2
                                    Mongolia                      0.1
                                    Net current assets            0.8
                                                                -----
                                                                100.0
                                                                =====

Ten Largest Investments

Company                                 % Total Assets
Rio Tinto                                          9.4
BHP Billiton                                       8.3
Vale                                               7.6
Glencore Finance (Europe) 5% 31/12/14              5.6
Minas Buenaventura                                 4.9
Iluka Resources                                    4.6
First Quantum Minerals                             4.3
Teck Resources                                     4.2
Fresnillo                                          3.7
Industrias Penoles                                 3.5

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

Performance
Strong macro economic data provided the market with upward momentum in
January.  Both the positive impact of the Long Term Refinancing Operation
(LTRO) introduced by the ECB in December to ease the credit situation in
Europe, and improving economic data in the US, contributed to a rise in risk
appetite.  Concerns that China may suffer a hard landing eased, as the country
reported a rise in Purchasing Managers Index (PMI) data and the availability of
credit improved.

Commodity prices rose in January reflecting a combination of robust demand from
China, rising risk appetite, and the prospect of further quantitative easing in
the US.  In the latter half of the month, an announcement by the FED stating
that interest rates in the US are likely to remain at low levels until the end
of 2014 drove strong performance in the precious metals complex.  Stellar
returns came from silver and platinum, rising 19.2% and 19.9% respectively.

The theme of weather disrupting the delivery of commodities to the market
re-emerged in January, as the southern hemisphere experienced the effects of La
Nina.  Vale declared force majeure on iron ore contracts from their operations
in Brazil, due to heavy rainfall through December and early January.  Towards
the end of the month rainfall in Queensland Australia began, which may lead to
disruptions at coking coal operations in the region. 

A mild winter in the US and increased supply of natural gas continue to weigh
on natural gas prices in the region.  These factors have weakened demand for US
thermal coal, as many electricity producers have switched fuels to take
advantage of the lower gas prices.  Consequently, we have a cautious outlook on
US thermal coal producers. We remain positive on pacific-basin thermal coal due
to robust demand from China, who currently produces around 70% of its
electricity using thermal coal.

An uncertain outlook for the aluminium market, due to high inventories and
rising cost pressures, has driven producers to announce production cuts.  Since
November 2011, Alcoa, Rio Tinto, Norsk Hydro and UC Rusal have all announced
cuts with an expected production loss of over 1.5 million tonnes.  Should these
cuts be implemented permanently, this could potentially tighten the aluminium
demand/supply balance resulting in a smaller surplus in 2012.

Strategy/Outlook
The global macro-economic outlook is likely to drive, as it did in 2011, the
near-term performance of the mining sector.

The fundamentals of the sector provide investors with an optimistic outlook:
supply/demand balances in certain commodities is constructive; demand from the
world's largest consumer of commodities, China, is robust and would be further
boosted if the country continues to move towards a monetary easing phase;
supply disruptions and challenges (courtesy of factors as various as weather,
declining grades, labour action and infrastructure challenges) played key roles
in keeping prices supported at various stages in 2011 and appear likely to do
so again in 2012.

Mining company valuations look extremely attractive across a variety of metrics
such as earnings and cash flow multiples and price to NAV levels. Balance
sheets have been bolstered by more careful management and record cashflow
generation. M&A is likely to be a recurrent theme. Mining management would also
do well to share a greater portion of that balance sheet strength with
investors through dividends and buybacks.

15 February 2012

ENDS

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website) is incorporated into, or forms part of, this announcement.