Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 31 December 2013 and unaudited.

Performance at month end with net income reinvested
                                  One    Three      One    Three     Five
                                Month   Months     Year    Years    Years
Net asset value                  1.4%    -3.2%   -24.7%   -44.3%    63.3%
Share price                      3.0%    -3.8%   -17.5%   -37.9%   104.7%
Euromoney Global Mining Index*^  0.3%    -2.8%   -24.1%   -45.9%    34.4%
*Total return
^From 1 October 2013 the HSBC Global Mining Index was renamed Euromoney Global
Mining Index

Sources: BlackRock, Euromoney Global Mining Index, Datastream
 
At month end
Net asset value           Including Income            Capital Only
Undiluted/diluted:                 499.72p*                483.89p
*Includes net revenue of 15.83p

Share price:                       465.00p
Discount to NAV**:                    6.9%
Total assets:                     £987.86m
Net yield***:                         4.5%
Gearing:                             11.5%

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

** Discount to NAV including Income.
*** Based on prior year final dividend of 14.00p and current year interim
dividend of 7.00p per share.

Sector                   % Total    Country Analysis          % Total
                          Assets                               Assets

Diversified                 43.1    Global                       48.7
Base Metals                 23.3    Other Africa                 22.3
Industrial Minerals         16.4    Latin America                12.8
Gold                         7.6    South Africa                  4.1
Silver & Diamonds            6.4    Democratic Republic of Congo  3.6
Other                        1.4    Australasia                   3.4
Platinum                     1.4    Canada                        2.5
Energy Minerals              0.4    Emerging Europe               1.4
                                    USA                           0.8
                           -----    Indonesia                     0.2
                           100.0    People's Republic of China    0.2
                           =====                                -----
                                                                100.0
                                                                =====

Ten Largest Investments                      % Total
                                              Assets

Company
Rio Tinto                                       11.8
BHP Billiton                                    10.6
Glencore Xstrata                                 9.9
First Quantum Minerals                           7.8
London Mining Marampa Contract                   6.7
Freeport McMoRan                                 6.5
Vale                                             4.1
Cerro Verde                                      2.5
Banro                                            2.5
London Mining Jersey 8% 15/02/16                 2.3

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

Performance
The U.S. Federal Reserve announced the beginning of the highly anticipated
tapering program. The program, set to begin in January 2014, will commence with
an initial reduction of $10bn of bond buying per month by the Fed (from $85bn
per month). The market's response to this initial announcement was rather
muted, as we believe much of the market impact had already been taken into
account on the back of ongoing rhetoric surrounding the commencement of
tapering earlier in 2013.

The majority of the base metals had a positive month, helped by some
encouraging economic data in the first half of December. Copper finished the
month up by 4.6%, aluminium rose by 2.6%, lead ended 6.6% higher than it
started the month and zinc led the way returning 10.0%. The news that
Minmetal's Century mine is reaching the end of its life brought the tightening
outlook for zinc supply into focus. The Century mine is Australia's largest
open pit zinc mine and has been in operation since 1997, final production from
the mine is expected in mid-2015. All quotes: Thomson Reuters Datastream.

Many of the major mining companies held their investor days during December.
Vale, the large cap diversified miner, removed one of the impediments to its
share price as the company announced it had reached a settlement on its tax
issues. However, the company was then forced to declare force majeure on 27
December, as a result of heavy rain and unfavourable weather impacting
operations and their iron ore shipments. Force majeure refers to a clause in
contracts which can be invoked should one party be unable to deliver on their
obligations due to extraordinary circumstances. This has since been lifted.

In gold news, the gold price premium on the Shanghai Gold Exchange increased in
December. This began to rise in the latter part of the month, as we saw
increased retail buying ahead of the Chinese New Year gifting season. Barrick
Gold Corp, the world's largest gold producer by production, finished the year
on a high as the market responded well to news of a structural change on their
board of directors and the sale of an Australian asset.

Strategy / Outlook
The mining sector has significantly lagged the general equity market in recent
years. However, at the beginning of 2014, 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.

13 January 2014

ENDS

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