Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 30 November 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)    -1.8%     7.3%     -11.1%    7.3%   -12.9%
Net asset value (diluted)      -1.8%     7.3%     -11.1%    7.3%    -6.8%
Share price                    -2.7%     6.4%      -7.3%   12.1%    -7.1%
HSBC Global Mining Index*      -2.6%     6.1%     -12.1%   -4.0%    -1.7%
*Total return

Sources: BlackRock, HSBC Global Mining Index, Datastream


At month end
Net asset value           Including Income            Capital Only
Undiluted/diluted:                 662.79p*                649.02p
*Includes net revenue of 13.77p

Share price:                       567.00p
Discount to NAV**:                   14.4%
Total assets:                   £1,257.40m
Net yield***:                         3.7%
Gearing:                              7.0%

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                 35.9    Global                       41.3
Base Metals                 21.5    Latin America                21.3
Silver & Diamonds           10.3    Other Africa                  9.6
Industrials Minerals        10.1    Australasia                   6.7
Gold                         8.2    South Africa                  5.1
Platinum                     2.4    Democratic Republic of Congo  1.0
Energy Minerals              0.1    Canada                        0.9
Net current assets          11.5    USA                           0.8
                           -----    Emerging Europe               0.8
                           100.0    Republic of Congo             0.6
                           =====    Indonesia                     0.4
                                    Net current assets           11.5
                                                                -----
                                                                100.0
                                                                =====


Ten Largest Investments                       % Total
                                               Assets

Company
Rio Tinto                                         9.4
BHP Billiton                                      9.1
Glencore Finance (Europe) 5% 31/12/14             6.1
London Mining Contract                            5.5
Freeport McMoRan                                  4.6
Fresnillo                                         4.6
Industrias Penoles                                4.3
First Quantum Minerals                            4.1
Teck Resources                                    3.6
Inmet Mining                                      3.4
 
Commenting on the markets, Evy Hambro, representing the Investment Manager 
noted:

Performance

Early in the month, markets waivered over the uncertain outcome of the US
presidential election.  The successful re-election of the incumbent President
Obama was initially a catalyst for markets to move higher; however, this was
subsequently overshadowed by the looming fiscal cliff.  A lack of clear
strategy as to how the US would address this was a factor in natural resources
equities weakening over the month.

More recently, Chinese data has suggested that their economy may be improving. 
The October Purchasing Managers' Index (PMI) rose above 50 and remained at this
level in November, an indication that the economy is growing.  In addition to
this, both industrial production and export data strengthened providing
investors with a degree of reassurance that the world's largest consumer of
almost all mined commodities was not going to suffer a hard landing.

The more supportive macro data provided the momentum for base metals to trend
higher.  Aluminium, zinc and tin delivered strong performances, each posting
gains of 11.5%, 11.0% and 9.7% respectively; bulk commodities provided more
modest performance with the iron ore price rising to $123/t intra-month before
declining to end the month at $119/t (down -1.5% over the month).  While gold
declined by -0.4%, the rest of the precious metals were strong with palladium
rising by +13.0% over the month.  A recent report by Johnson Matthey suggesting
that weak primary mine production, low Russian stock sales and record demand
from the auto-catalytic industry would lead to a 915 koz deficit in 2012
provided support for the price to move higher.

Rio Tinto used their investment seminar at the end of November to update the
market on significant cost savings that they are aiming to implement over the
coming years.  The company is looking to reduce operating and support costs by
$2bn in 2013 and $3bn in 2014.  This robust capital discipline was well
received by the market.

The current market environment (where there is a higher degree of scrutiny on
company capital discipline, operational efficiencies and operating costs), is
one where an investor's ability to identify high quality management and assets
is key.  This will be one of the essential factors contributing to share price
performance over the coming years.

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. We
anticipate that as we look towards 2013 the new leadership in China will
provide greater clarity on outlook and growth plans, which may well provide
support to the mining sector. 

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, mining
managements have shown themselves to be willing to share balance sheet strength
with investors through dividends and buybacks, a trend they would do well to
continue.


12 December 2012

ENDS



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