Portfolio Update

BLACKROCK WORLD MINING TRUST plc

All information is at 31 January 2009 and unaudited.

Performance at month end with net income reinvested

                                    One     Three       One     Three      Five
                                  Month    Months      Year     Years     Years
                                                                               
Net asset value* (undiluted)      -5.5%      0.4%    -57.3%    -26.2%     53.4%          
Net asset value* (diluted)        -5.5%      0.0%    -54.6%    -27.2%     49.8%          
Share price*                       4.0%      3.8%    -55.7%    -33.1%     44.3%          
HSBC Global Mining Index          -6.0%      8.0%    -43.1%     -9.3%     82.3%          

Sources: BlackRock, HSBC Global Mining Index, Datastream

*Net asset value and share price performance includes the warrant reinvestment,
assuming the 2004 and 2006 bonus warrant entitlement per share was sold and the
proceeds reinvested on the first day of trading.

At month end                                                                   
Net asset value                         Including Income           Capital Only
Undiluted:                                       317.04p#               311.57p
Diluted:                                         317.04p                311.57p
#Includes net revenue of 5.47p                                                 
                                                                               
Share price:                                     262.50p                       
Discount to NAV**:                                15.75%                       
Warrant price:                                     0.55p                       
Total assets:                                   £564.10m***                   
Net yield:                                         1.14%                       
Gearing:                                            0.0%                       

Ordinary shares in issue (excluding treasury shares):               177,926,929
Warrants in issue:                                                    8,947,605
Ordinary shares held in treasury:                                    15,083,600

** Discount to NAV based on capital only, fully diluted NAV.                   
*** Includes current year revenue.                                             
                                                                               
Sector                           % Total Country Analysis               % Total
                                  Assets                                 Assets
                                                                               
Diversified                        44.1  Latin America                    37.8 
Gold                               13.4  Global                           18.7 
Base Metals                        13.3  South Africa                     11.3 
Platinum                            7.9  USA                               8.2 
Silver/Diamonds                     7.8  Australasia                       7.7 
Industrial Minerals                 7.2  Canada                            4.2 
Other                               3.7  Other Africa                      3.6 
Net current assets                  2.6  Indonesia                         2.7 
                                         India                             2.0 
                                         Europe                            0.5 
                                         Emerging Asia                     0.4 
                                         Other                             0.3 
                                         Net current assets                2.6 
                                  -----                                  ----- 
                                  100.0                                  100.0 
                                  =====                                  ===== 
                                                                               
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Company (alphabetical order)                                                
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BHP Billiton                                                                   
Fresnillo                                                                      
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Vale                                                                           

Commenting on the markets, Graham Birch, representing the Investment Manager
noted:

Market review
The month was a fairly volatile period with weak macroeconomic data and
investor nervousness overshadowing most equity markets. Metals and minerals
prices were a mixed bag and driven in the most part by fluctuations in
sentiment. With some early signs of the global economy bottoming, the market is
beginning to focus more on the production cuts which mining companies have been
enacting in order to offset demand weakness. Thus far, we have already seen
supply cuts estimated to be in excess of 17% of nickel supply, 13% of aluminium
supply and over 37% of ferrochrome annual supply. This may help support
commodity prices in the shorter term but this, in hand with the announced capex
cuts, may well prove important in the coming years. If demand were to recover,
the recent crisis has diminished the supply side's ability to meet a rapid
upward turn in demand. As we have seen over the last year, demand can change
quickly but supply takes much longer to be able to meaningfully respond.

Gold was amongst the strongest performing metals over the month, closing up
6.9% at US$922/oz. Moves in the US Dollar, geopolitical tensions in the Middle
East, better-than-expected US unemployment data and moves in the oil price all
played their part. However, much of the overall gain for the month can be
attributed to investment buying of gold, as investor concerns over the
potential impact of monetary easing on inflation rose.

In equity news, Xstrata undertook a heavily discounted two-for-one rights issue
during the month in order to pay down some of its debt. Whilst the market was
cheered to see the company taking action to shore up its balance sheet,
concerns about dilution and the role of Glencore, Xstrata's majority
shareholder, weighed on the stock. With gold shares having been strong
performers in recent months, we have also seen several gold mining companies
(including Kinross, Newmont, Newcrest and Alamos) take the opportunity to raise
money by way of equity or convertible bond issues. The proceeds have generally
been earmarked to strengthen the companies' working capital and these deals
have been fairly well received by the market.

Strategy/Outlook
The main area of concern for investors remains the demand side of the equation
and there has been little clarity to this dynamic in recent periods. Despite
widespread government and central bank action, most developed countries are
heading towards, if not already in, recession. Equity markets have priced in
the vast proportion of this news but still remain largely focused upon demand,
despite some more positive numbers in recent weeks. Whilst more certainty on
demand is crucial for the short term, investors with a reasonable time horizon
will be cheered to see the supply reaction by the mining companies; this may
well prove crucial in the future. Mining shares have seen a slight rally from
their lows of late 2008 and some investors, including us, are bottom fishing
and picking up world class assets at low prices. Mining shares are "long-dated"
assets which have been behaving more like "short-dated" assets in recent
months; this situation will not last forever and investors should take
advantage of it while they can.

Latest information is available by typing www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).

24 February 2009