Portfolio Update

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

Performance at month end with net income reinvested
                                 One     Three      One    Three     Five
                               Month    Months     Year    Years    Years
Net asset value (undiluted)    -1.2%     -3.4%    -9.7%   -43.2%    12.4%
Share price                     0.2%     -6.4%    -2.8%   -35.2%    23.4%
Euromoney Global Mining Index  -1.7%     -2.3%    -9.1%   -41.6%    -0.1%
(Total return)

Sources: BlackRock, Euromoney Global Mining Index, Datastream

At month end
Net asset value           Including Income            Capital Only
Undiluted/diluted:                 477.56p*                468.62p
*Includes net revenue of 8.94p

Share price:                       457.50p
Discount to NAV**:                    4.2%
Total assets:                      £972.7m
Net yield***:                         4.6%
Gearing:                             10.9%
 
Ordinary shares in issue:          177,287,242
Ordinary shares held in Treasury:   15,724,600

** Discount to NAV including income.
*** Based on interim dividend of 7.00p and final dividend of 14.00p per share
in respect of the year ended 31 December 2013.

Sector                   % Total     Country Analysis       % Total
                          Assets                             Assets

Diversified                 41.5     Global                    54.1
Base Metals                 22.6     Other Africa              16.9
Industrial Minerals         15.5     Latin America             11.3
Gold                         7.6     Australasia                5.1
Silver & Diamonds            6.2     Canada                     3.4
Other                        2.1     South Africa               3.2
Energy Minerals              0.9     Emerging Europe            1.0
Platinum                     0.6     USA                        1.0
Net current assets           3.0     China                      0.7
                                     Indonesia                  0.3
                                     Net current assets         3.0
                           -----                              -----
                           100.0                              100.0
                           =====                              =====

Ten Largest Investments                      % Total
                                              Assets
Company
Rio Tinto                                       10.4
BHP Billiton                                    10.2
GlencoreXstrata                                  9.9
First Quantum Minerals                           8.8
London Mining Marampa Contract                   6.7
Freeport McMoRan                                 5.8
Vale                                             3.0
Fresnillo                                        2.3
Sociedad Minera Cerro Verde                      2.2
Iluka Resources                                  2.2

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

Performance
May was a supportive month for the base metals with copper, nickel and zinc
rising +4%, +5% and +1% respectively. Tightness in China and continued falls in
exchange inventories boosted the copper price this month, whilst nickel was
supported by the dawning realisation that the Indonesian ore export ban may
remain in place longer than initially assumed. The base metals were also
supported by a slew of strong US economic reports released during the month,
including a drop in weekly jobless claims to its lowest level in seven years.

In many commodities, the high supply growth rate seen during 2013 has started
to decelerate however; according to Macquarie, 2014 is set to be the second
consecutive year of 100 million tonnes plus export growth for iron ore. Our
conviction around producers of the commodity has always acknowledged the
potential for price downside, but disagrees with consensus on the extent of
that downside. On the back of this consensus, the market has depressed the iron
ore price by 16% since the beginning of the year (63.5%fe, source CLSA). This
period of price transition is not only due to increasing supply of material,
most notably from Australia and Brazil, but is also heavily influenced by
changes in the Chinese economy and seasonally weaker demand as we enter the
northern hemisphere summer. Credit for iron ore trading has been tightening in
China, whilst the number of new construction projects announced was lower than
the market expected. If we continue to see iron ore prices at this level, we
would expect some of the higher cost iron ore supply to fall away.

In the precious metals space, strikes by South African workers at several of
the world's largest platinum producers rumbled on and platinum and palladium
both delivered positive performance with the prices rising +2.8% and +4.1%
respectively. Gold and silver declined -3.8% and -1.5% during the month.

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. 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 1Q.

The market has been focused on liquidity concerns and increasing volatility in
China, however we think it important to highlight the supportive backdrop of
synchronous global growth, which in the past has bolstered 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.

12 June 2014

ENDS

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any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.