Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 31 January 2014 and unaudited.

Performance at month end with net income reinvested
                                 One     Three      One    Three     Five
                               Month    Months     Year    Years    Years
Net asset value (undiluted)    -2.3%     -7.9%   -26.6%   -41.5%    68.8%
Net asset value (diluted)      -2.3%     -7.9%   -26.6%   -41.5%    68.8%
Share price                     0.9%     -0.7%   -19.6%   -32.8%    98.6%
Euromoney Global Mining Index  -1.7%     -8.2%   -26.3%   -42.6%    40.5%
(Total return)

Sources: BlackRock, Euromoney Global Mining Index, Datastream

At month end
Net asset value           Including Income            Capital Only
Undiluted/diluted:                 488.17p*                471.50p
*Includes net revenue of 16.67p

Share price:                       469.00p
Discount to NAV**:                    3.9%
Total assets:                      £967.9m
Net yield***:                         4.5%
Gearing:                             11.8%
 
Ordinary shares in issue:          177,287,242
Ordinary shares held in Treasury:   15,724,600

** Discount to NAV including income.
*** Based on 2012 final dividend of 14.00p and interim dividend of 7.00p per
share in respect of the year ended 31 December 2013.

Sector                    % Total    Country Analysis        % Total
                           Assets                             Assets

Diversified                  42.6    Global                     47.0
Base Metals                  21.8    Other Africa               27.3
Industrial Minerals          16.3    Latin America              11.9
Gold                          7.8    South Africa                4.0
Silver & Diamonds             6.7    Australasia                 3.5
Other                         2.1    Canada                      3.2
Platinum                      1.8    Emerging Europe             1.3
Energy Minerals               0.9    USA                         1.0
                                     China                       0.8
                            -----                              -----
                            100.0                              100.0
                            =====                              =====

Ten Largest Investments                      % Total
                                              Assets

Company
Rio Tinto                                        10.9
GlencoreXstrata                                  10.4
BHP Billiton                                     10.4
First Quantum Minerals                            8.2
London Mining Marampa Contract                    6.9
Freeport-McMoRan                                  5.7
Vale                                              3.5
Fresnillo                                         2.3
Sociedad Minera Cerro Verde                       2.3
Iluka Resources                                   2.1

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

Performance
January witnessed mixed economic signals. In the first half of the month, the
World Bank announced an upgraded global growth forecast. They predict the world
economy will expand by 3.2% this year (up 0.2% from the previous projection
they announced last June). This was a positive for mining equities as it
suggested commodity demand looks set to strengthen.  However, weaker than
expected China PMI data and softer non-farm payroll numbers from the US weighed
on the market during the month. This, coupled with the beginning, and
increasing, of tapering by the Fed led to lacklustre investor sentiment and
ultimately the most prominent story in January: the emerging market currency
sell-offs. The Argentine Peso, the Turkish Lira and the South African Rand saw
currency depreciation against the US$ of -18.7%, -5.1% and -5.6% respectively
(Source: Thomson Reuters Datastream).

Another headwind, albeit seasonal, for commodity prices was the softening of
Chinese demand owing to the onset of the Chinese New Year holiday slowdown. 
Copper and iron ore prices fell by 3.8% and 8.6% respectively (Source: Bloomberg).

The sector entered the period of production announcements prior to the February
financial announcements. The general theme has been mining companies delivering
on production forecasts and, in a number of instances, companies surprised the
market with higher than anticipated production. Production figures from the
majors were particularly robust.

Strikes commenced in South Africa in January as members of the Association of
Mineworkers and Construction Union (AMCU) walked out from platinum mining
operations. Reports suggest that the union has demanded that monthly wages be
more than doubled (Source: Reuters).

During the month, Freeport-McMoRan Copper and Gold announced their fourth
quarter production results. The results were unable to provide any clarity on
the potential for a change in Indonesian export tariffs for metals and
minerals. The company is currently a significant exporter of copper and gold
from Indonesia and does not pay any export tariffs following an agreement made
with the government in the 1990s.  The introduction of a reported 25% export
tariff would have a significant impact on earnings; the company is in ongoing
discussions with the government to resolve this issue.

Gold equities were buoyed by a gold price rise of 2.9% over the month. Demand
for the yellow metal rose as investors sought to protect themselves against
emerging market currency risk. Gold Exchange Traded Fund flows appeared to
stabilise with outflows of ~27 tonnes over the month compared to ~81 tonnes in
December 2013 (Source: Scotiabank). Large-cap gold producers performed
strongly, with those with operations in South Africa benefiting from a weakened
Rand.

Strategy / Outlook
The mining sector has significantly lagged general equity markets in recent
years. However, a number of the downside risks for this sector have reduced
(albeit not disappeared). The industry has made good progress in refocusing its
strategy: operating costs have been aggressively targeted and investment in
projects reassessed. Many commodities are trading close to or below their
marginal cost of production, implying that price downside should be limited, in
the absence of a collapse in demand.

The global economic backdrop is showing signs of synchronous growth and this
has typically been supportive of commodity prices. The companies are trading on
an undemanding valuation, as well as being at a dividend yield premium to the
broader equity market, and with capital expenditure rolling off, management are
guiding investors towards rising free cashflows.

All data in USD terms unless otherwise stated.

14 February 2014

ENDS

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