Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 30 September 2014 (unless otherwise stated) and unaudited

Performance at month end with net income reinvested
                                  One    Three      One    Three     Five
                                Month   Months     Year    Years    Years
Net asset value                -10.4%    -8.9%   -11.1%   -29.4%   -14.7%
Share price                     -9.1%    -6.0%    -7.4%   -20.2%    -1.3%
Euromoney Global Mining Index   -9.8%    -5.3%    -5.2%   -26.6%   -17.7%
(Total return)

Sources: BlackRock, Euromoney Global Mining Index, Datastream

At month end
Net asset value including income:  440.11p*(1)
Net asset value capital only:      429.61p(2)
*Includes net revenue of 10.5p

Share price:                           429.00p
Discount to NAV(3):                       2.5%
Total assets:                          £914.4m
Net yield(4):                             4.9%
Net gearing:                             13.6%
Ordinary shares in issue:          177,287,242
Ordinary shares held in Treasury:   15,724,600
Ongoing charges(5):                       1.4%

(1)  Includes 29.05 pence in respect of the fair value of the London Mining
convertible and Marampa royalty contract holdings (including accrued income)
which were subsequently written down to nil with effect from 7 October 2014.
(2)  Includes 28.60 pence in respect of the fair value of the London Mining
convertible and Marampa royalty contract holdings which were subsequently
written down to nil with effect from 7 October 2014.
(3)  Discount to NAV including Income.
(4)  Based on final dividend of 14.00p per share in respect of the year ended
31 December 2013 and interim dividend of 7.00p per share in respect of the year
ended 31 December 2014.
(5)  Calculated as a percentage of average net assets and using expenses,
excluding finance costs for the year ended 31 December 2013.

Sector                   % Total     Country Analysis       % Total
                          Assets                             Assets

Diversified                 40.8     Global                    53.8
Base Metals                 22.8     Other Africa              13.1
Industrial Minerals         11.7     Latin America             11.5
Gold                         8.4     Australasia                6.1
Silver & Diamonds            6.3     Canada                     4.1
Other                        4.2     South Africa               3.4
Energy Minerals              2.3     China                      2.2
Platinum                     0.5     USA                        1.5
Net Current Assets           3.0     Emerging Europe            1.0
                                     Indonesia                  0.3
                                     Net Current Assets         3.0
                           -----                              -----
                           100.0                              100.0
                           =====                              =====

Ten Largest Investments (as at 30 September 2014)         % Total
                                                           Assets

Company
Rio Tinto                                                    10.6
GlencoreXstrata                                              10.1
BHP Billiton                                                  9.6
First Quantum Minerals                                        8.5
Freeport McMoRan                                              6.2
London Mining Marampa Contract                                5.1
Vale                                                          2.9
Sociedad Minera Cerro Verde                                   2.7
Fresnillo                                                     2.3
China Shenhua Energy                                          2.2

The Company's top ten holdings as at close of business on 7 October 2014
were as follows:

Company                      % of NAV
 
GlencoreXstrata                12.61%
Rio Tinto                      12.14%
BHP Billiton                   11.10%
First Quantum Minerals         10.66%
Freeport McMoran                7.76%
Vale                            3.85%
Sociedad Minera Cerro Verde     3.53%
China Shenhua Energy            2.85%
Fresnillo                       2.85%
Iluka Resources                 2.57%

Update on London Mining investment:
On 8 October 2014, London Mining issued an update on its financial position
stating that it believed there to be little or no equity value remaining in the
listed securities and highlighted the uncertainties surrounding the future of
its Marampa mine. The BRWM Board therefore concluded that the most prudent
approach was to value the Company's holdings in the London Mining Marampa
royalty contract and its holding in London Mining's convertible bond at nil
(previously valued at £47.8m and £4.6m respectively, including accrued income)
and to recognise income on the royalty contract and the convertible bond only
to the extent that it had already been received. This resulted in a reduction
in the cum income NAV of 29.55 pence per share. The Board valued the holdings
based on the latest information provided by London Mining and made adjustments
to the valuations following that additional information becoming available.

On 10 October, the BRWM Board provided information on the anticipated income
for the year ending 31 December 2014 and that in the absence of unforeseen
circumstances it will recommend a final dividend for the year of 14 pence per
share, maintaining the same rate of dividend for 2014 as was paid for 2013.

Commenting on the markets as at 30 September 2014, Evy Hambro, representing the
Investment Manager noted:

Mining sector performance
In September, the mining sector, as measured by the Euromoney Global Mining
Index, suffered its largest monthly fall since June 2013 as soft economic data
from China and Europe continued to weigh on market sentiment. During the month
it emerged that, over August, China's industrial production expanded at its
slowest pace since the global financial crisis and the country's power
generation had fallen by 2.2% year-on-year. These reports led the market to
speculate over the possibility of government stimulus in the near-term;
however, such hopes were dampened as China's finance minister Lou Jiwei
announced that there would not be any major policy changes in response to
individual indicators. China's September HSBC PMI surprised to the upside, up
to 50.5 from 50.2 in August; however, this failed to alleviate the current
negative sentiment surrounding the sector.

Mined commodities trended lower across the board. The strong performance of the
US dollar, which hit a four-year high on a trade-weighted basis during the
month, continued to act as a headwind for prices. Nickel was the worst
performing, down by 13.2% over the month. The price had been supported this
year by concerns over nickel ore supply on the back of the Indonesian
government's decision to impose a ban on raw/unfinished material exports in
January. During September, however, it was announced that nickel ore producers
in the Philippines have been able to cover much of the supply shortfall. Iron
ore also continued on its downward trend, finishing the month at $79/tonne
(having started the year at $130/tonne).

Strategy / Outlook
The mining sector has significantly lagged the general equity market 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. Recent commodity price moves are likely to abate some of
the expected improvement in free cash flow within the sector. 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. We
see 2014 as a year of transition, some of which has begun to materialise with
the large cap diversified miners exceeding analyst earnings expectations in the
first half of the year.

The market has been focused on liquidity concerns and increasing volatility in
China. However, it is important to highlight that we are currently entering a
seasonally stronger period for mining demand, which in the past has supported
commodity prices. Mining companies are trading on an undemanding valuation and
an attractive dividend yield. With capital expenditure rolling off, management
are guiding investors towards rising free cash flows.

All data in USD terms unless otherwise stated.

21 October 2014

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.