Portfolio Update

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

Performance at month end with net income reinvested
                                  One    Three     One     Three     Five
                                Month   Months    Year     Years    Years
Net asset value                 -6.5%   -19.7%   -26.2%   -47.1%   -39.9%
Share price                    -10.8%   -27.7%   -30.4%   -44.9%   -35.8%
Euromoney Global Mining Index   -5.2%   -10.8%   -13.0%   -35.5%   -36.2%
(Total return)

Sources: BlackRock, Euromoney Global Mining Index, Datastream

At month end
Net asset value including income*:     353.61p
Net asset value capital only:          339.10p
*Includes net revenue of 14.51p
 
Share price:                           310.35p
Discount to NAV**:                       12.2%
Total assets:                          £732.9m
Net yield***:                             6.8%
Net gearing:                             10.8%
 
Ordinary shares in issue:          177,287,242
Ordinary shares held in treasury:   15,724,600
Ongoing charges****:                      1.4%


** Discount to NAV including income.
*** 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.
**** 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                    52.2
Base Metals                 22.9     Latin America             12.2
Gold                        11.7     Other Africa               7.4
Silver & Diamonds            7.8     Australasia                5.8
Other                        3.8     Canada                     4.6
Industrial Minerals          3.2     South Africa               4.1
Energy Minerals              3.1     Emerging Europe            3.3
Aluminium                    0.9     China                      3.1
Platinum                     0.4     USA                        1.8
Zinc                         0.2     Indonesia                  0.3
Net current assets           5.2     Net current assets         5.2
                           -----                              -----
                           100.0                              100.0
                           =====                              =====

Ten Largest Investments                      % Total
                                              Assets
Company
BHP Billiton                                    10.2
Rio Tinto                                       10.2
First Quantum Minerals                           8.2
GlencoreXstrata                                  7.9
Lundin Mining                                    4.4
Freeport-McMoRan                                 3.8
Sociedad Minera Cerro Verde                      3.4
MMC Norilsk Nickel                               3.2
China Shenhua Energy                             3.1
Vale                                             3.1

Commenting on the markets and the portfolio, Evy Hambro and Catherine Raw,
representing the Investment Manager noted:

Performance
The Chinese manufacturing PMI, an important indicator for commodity demand,
weakened at the end of 2014 ultimately leading the commodity suite lower in
December. During the month, base metals fell with copper, zinc, nickel and
aluminium down -0.7%, -2.1%, -7.1% and -10.1% respectively. Iron ore was a
bright spot amidst the bulk commodities as it increased by +2.0%, whilst
thermal coal and steel fell -5.4% and -5.9%. (Source: Thomson Reuters 
Datastream)

Across the commodity complex the oil price was the weakest performer declining
-22.2% (Brent) and -18.9% (WTI).  Mining companies with energy components to
their business, such as BHP Billiton, Freeport McMoRan and Vedanta, were
particularly affected during the month as a result of this commodity price
weakness. Despite the brief respite felt by the iron ore price in December, the
iron ore producers continued to feel the pressure, particularly Vale and
Fortescue. Over the course of 2014, the iron ore price declined -46.9%.

Precious metals performed relatively well during the month: gold was broadly
flat at +0.4%, whilst silver, platinum and palladium returned +1.0%, +0.1% and
+0.3% respectively. The yellow metal saw some support in early December as the
US dollar strength eased and a sharp depreciation of the Russian rouble led the
central bank to increase interest rates to 17%, leaving a sense of unease in
the market. Gold saw some safe-haven bids as uncertainty intensified, but
volumes were relatively modest and this early strength was reversed later in
the month when the release of lower than expected US inflation data put
downward pressure on the price.

Following the month end, Banro Corporation released their Q4 production results
to the market, as well as providing an update on their financing situation. 
Operationally, the company had its best ever quarterly production result at
38,236 ounces of gold, the second quarter in a row of improvement illustrating
that the action taken earlier in the year is now delivering results.  The
company informed the market that the previously announced financing transaction
has been delayed and that closing of the deal was on "a more extended timeline"
than originally anticipated.  As a result, they are progressing with
alternative sources of funding but did confirm they have elected to accrue the
dividend related to the gold-linked preference shares held by the Company.  As
stated in the Company's November monthly announcement (released 11 December
2014), the gold-linked preference shares are held at a 30% discount to the
implied gold price and the corporate bond at a 25% discount to the last traded
price on 21 November 2014 (as per Bloomberg).  As at the end of December 2014,
the total exposure to Banro was 2.8% of the NAV, of which the corporate bond
represents 1.0% and the gold-linked preference shares represent 1.8%.

Strategy / Outlook
The mining sector has significantly lagged the general equity market in recent
years. However, a number of the downside risks that led to this
underperformance 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. Given the recent
falls in commodity prices, we acknowledge that this could take longer to come
through than we would have expected six months ago.

Recent commodity price moves are likely to abate some of the expected
improvement in free cash flow within the sector and are prompting earnings
downgrades. However, 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.
 
All data in USD terms unless otherwise stated.

12 January 2015

ENDS

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