Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 31 December 2011 and unaudited.

Performance at month end with net income reinvested
                                  One    Three      One    Three     Five
                                Month   Months     Year    Years    Years
Net asset value* (undiluted)    -3.2%     7.2%   -22.3%   127.9%   50.3%
Net asset value* (diluted)      -3.2%     7.2%   -22.3%   127.9%   54.3%
Share price*                    -0.0%     4.8%   -21.5%   158.8%   49.9%
HSBC Global Mining Index        -6.7%     1.5%   -27.0%    81.4%   62.1%

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/diluted:                 742.69p*                729.36p
*Includes net revenue of 13.33p

Share price:                       631.50p
Discount to NAV**:                   15.0%
Total assets:                   £1,379.89m
Net yield:                            1.0%
Gearing:                              4.6%

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

** Discount to NAV based on cum income NAV.

Sector                   % Total    Country Analysis          % Total
                          Assets                               Assets

Diversified                 42.3    Global                       45.9
Base Metals                 21.3    Latin America                19.9
Industrial Minerals         12.7    Australasia                  11.9
Gold                         9.6    Other Africa                 10.2
Silver & Diamonds            8.7    South Africa                  6.3
Platinum                     3.5    Democratic Republic of Congo  1.7
Energy Minerals              2.6    USA                           1.3
Net current liabilities     (0.7)   Republic of Congo             1.3
                                    Emerging Europe               1.1
                                    Canada                        0.6
                                    Indonesia                     0.3
                                    Mongolia                      0.2
                                    Net current liabilities      (0.7)
                           -----                                -----
                           100.0                                100.0
                           =====                                =====

Ten Largest Investments                  % Total
                                          Assets
Company
Rio Tinto                                    9.2
BHP Billiton                                 8.1
Vale                                         7.3
Glencore Finance (Europe) 5% 31/12/14        5.9
Teck Resources                               5.0
Minas Buenaventura                           4.9
First Quantum Minerals                       4.3
Iluka Resources                              4.2
Fresnillo                                    4.0
Industrias Penoles                           3.6

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

Performance
The European economic crisis continued to dominate market direction.
Expectations of a concrete resolution being found at the EU summit were dashed
and the UK caused controversy by exercising its veto rights to stay outside the
scope of the treaty proposed.  Following threats of downgrades by rating
agencies to some European debt and surprisingly strong US economic data,
investors sought refuge in the US dollar.

The base metal complex tracked lower amidst the bearish sentiment and strong
dollar environment. Tin fell 8.3%, copper 3.4% and aluminum 5.2%. Iron ore
continued to consolidate after its weakness at the end of October; spot prices
finished the year at US$139/tonne (China spot 62% Fe), having averaged 22%
higher in 2011 versus 2010.

India has yet again hiked export taxes on iron ore, increasing the levy from
20% to 30% in order to try and maintain reserves of high grade ore and deter
illegal mining. Higher cost production from certain regions is, as a result,
thought to have been rendered uneconomic by the change.

Copper imports into China ended the year with a spring in their step. Total
copper imports were up 13% in December from November, marking their seventh
consecutive month-on-month gain (Source: China Customs, Antaike).  The
fundamentals for this key commodity in the portfolio continue to look
constructive.

Copper's attractiveness, alongside the depressed valuations its miners are
largely trading on and the scale of the cashflow in the sector, make it a prime
target for Merger & Acquisition ("M&A") interest. Testament to the fact, Polish
miner KGHM bid for Quadra FNX Mining, an Americas focused mid-tier copper
company in December. The potential for M&A extends across the mining space.
Coal as a subsector witnessed the greatest volume of M&A activity in 2011,
added to in December by the proposed merger between Whitehaven and Aston.

Strategy/Outlook
The global macro-economic outlook is likely to drive, as it did in 2011, the
near-term performance of the mining sector.

The fundamentals of the sector offer encouragement, however: the supply/demand
balance in certain commodities is constructive; demand from the world's largest
consumer of commodities, China, is robust and would be further boosted if the
country continues to move towards a monetary easing phase; supply disruptions
and challenges (courtesy of factors as various as weather, declining grades,
labour action and infrastructure challenges) played key roles in keeping prices
supported at various stages in 2011 and can reasonably be expected to do so
again in 2012.

Mining company valuations look extremely attractive across a variety of metrics
such as earnings and cash flow multiples and price to NAV levels. Balance
sheets have been bolstered by more careful management and record cashflow
generation. M&A is likely to be a recurrent theme. Mining management would also
do well to share a greater portion of that balance sheet strength with
investors through dividends and buybacks.

19 January 2012

ENDS

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).  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.