Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 28 February 2015 and unaudited.

Performance at month end with net income reinvested
                                 One    Three      One    Three     Five
                               Month   Months     Year    Years    Years
Net asset value                 7.3%    -2.7%   -24.5%   -51.2%   -38.0%
Share price                     6.3%    -8.2%   -33.7%   -51.9%   -33.7%
Euromoney Global Mining Index   6.6%     1.0%    -9.5%   -38.8%   -32.1%
(Total return)

Sources: BlackRock, Euromoney Global Mining Index, Datastream

At month end
Net asset value including income*:     367.99p
Net asset value capital only:          352.89p
*Includes net revenue of 15.10p

Share price:                           319.60p
Discount to NAV**:                       13.1%
Total assets:                          £726.7m
Net yield***:                             6.6%
Net gearing:                              8.4%

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                 42.3     Global                    54.8
Base Metals                 21.4     Latin America             12.3
Gold                        13.0     Other Africa               7.9
Silver & Diamonds            8.3     Australasia                7.8
Other                        4.5     Canada                     4.5
Industrial Minerals          3.7     Emerging Europe            3.2
Energy Minerals              2.3     South Africa               3.1
Aluminium                    1.8     China                      2.3
Zinc                         0.3     USA                        1.3
Net current assets           2.4     Indonesia                  0.4
                                     Net current assets         2.4
                           -----                              -----
                           100.0                              100.0
                           =====                              =====

Ten Largest Investments                      % Total
                                              Assets
Company
BHP Billiton                                    11.1
Rio Tinto                                       11.0
Glencore                                         8.1
First Quantum Minerals                           8.0
Lundin Mining                                    4.2
Fresnillo                                        3.1
Sociedad Minera Cerro Verde                      3.0
Freeport-McMoRan                                 2.9
MMC Norilsk Nickel                               2.8
Vale                                             2.8

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

Performance
The mining sector entered its financial reporting season during the month. In
general, the majors exceeded expectations in terms of earnings and cash flow
generation. Capital expenditure cuts remained a key theme, whilst the new theme
of cost benefits, related to lower oil prices and currency depreciations in many
key operating regions, came to the fore. Rio Tinto and BHP Billiton pleased the
market with dividend increases of 12% and 5% respectively, in spite of
significant falls in the prices of their main commodities over recent months.
Rio Tinto also delivered on its promise of a buyback, announcing a $2bn share
buyback programme during the month.

After a difficult January, the copper price rebounded in February, finishing up
+6.9%. During the month, BHP Billiton announced an electrical failure at its
Olympic Dam operations, which the company estimated would result in a 60 to 70
kilo tonne reduction in its copper production, with the majority of the loss
anticipated in the first half of 2015. However, seasonal demand weakness owing
to the Chinese New Year holiday slowdown contributed to general weakness across
the other base metals, with aluminium, zinc and nickel down -2.8%, -3.4% and
-7.1% respectively.

Banro Corporation announced on 27 February 2015 details of a US$100 million
financing which included the forward sale of 44,496 ounces of gold from their
Twangiza operation deliverable over the next three years and a life-of mine
gold streaming transaction relating to their Namoya mine. Banro have advised
that the use of proceeds from this financing will include the payment of the
upcoming interest due on the company's 10% senior secured notes and payment of
the accrued dividends on the company's gold-linked preference shares.

As at 27 February, the Company held the gold-linked preference shares at a 30%
discount to the implied gold price used in their valuation and the 10% senior
secured notes at a 25% discount to their last traded price (please refer to the
10 December 2014 NAV announcement, released on 11 December 2014, for further
details). On 2 March, following Banro's news release and on a recommendation
from BlackRock's pricing committee, the Board concluded that it was appropriate
to reduce the discount on the gold-linked preference shares to 15% and the
discount on the 10% senior secured notes to 10%. This gives a valuation for the
Company's investment in Banro's gold-linked preference shares and 10% senior
secured notes of £14.09m and £7.34m respectively (previous valuation £11.55m
and £6.08m), a cumulative impact to the NAV of approximately 2.14 pence. As at
2 March 2015, the Company's total exposure to Banro Corporation stood at 3.3%
of the NAV, of which the gold-linked preference shares represent 2.2% and the 
senior secured notes represent 1.1%.

Strategy / Outlook
In 2014, good company strategy was outweighed by weakening commodity demand and
falling commodity prices and the sector ultimately trended lower. Looking
ahead, the outlook for commodity prices remains subdued, given expectations of
further US dollar strength and a modest demand outlook. This pressure will
continue to force tough decisions and mining companies are likely to remain in
austerity mode. Recent commodity price falls suggest further cuts to analyst
earnings will be required. As the year progresses, we would expect an
acceleration of closures of high-cost capacity in oversupplied markets. This
bodes well for the longer term and limits the industry's ability to respond to
the next upturn in demand which will ultimately see prices go higher.

While the sector continues to face headwinds, it is important to remember that
we are another year further into the underinvestment phase and closer to the
deficit markets that we foresee. We expect an inflection point to be reached
once price (and consequently return) expectations start to recover as a result
of the supply curtailment, which should accelerate with the current commodity
price weakness.

All data in USD terms unless otherwise stated.

16 March 2015

ENDS

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