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Final Results

Released 17:37 19-Feb-2013

Final Results

BLACKROCK WORLD MINING TRUST plc                        
                          ANNUAL RESULTS ANNOUNCEMENT                          
                      for the year ended 31 December 2012                      

Performance to 31 December 2012    One year   Three years   Five years
Net asset value per share:                                         
- capital only                        -7.7%         +3.6%       -14.7%
- with income reinvested              -5.0%         +8.0%        -9.1%
Ordinary share price:                                              
- capital only                        -7.1%         +6.6%       -10.5%
- with income reinvested              -4.1%        +11.9%        -3.5%
HSBC Global Mining Index*:                                         
- capital only                        -5.0%         -9.0%        -7.3%
- with income reinvested              -2.4%         -3.4%        +2.5%

* Adjusted for exchange rates relative to sterling.
Sources: BlackRock and DataStream.

Chairman's Statement

Global economic conditions continued to be challenging during the year under
review, with little or no respite for investors. Uncertainty across all major
economic regions conspired to keep growth weak, be it the presidential election
and looming 'fiscal cliff' in the US, the Chinese leadership transition, or
ongoing economic and political volatility in Europe. In aggregate, the world
economy remained sluggish throughout 2012 and has yet to shake off the fallout
from the deep global recession of 2008 - 2009.

Against this background, the Company's net asset value (NAV) decreased by 5.0%
compared with a fall of 2.4% in the Company's benchmark index; the Company's
share price fell by 4.1% (all percentages calculated in sterling terms with
income reinvested).

Since the year end, the Company's NAV has risen by 1.5% compared with an
increase of 2.4% in the benchmark index.

Revenue return and dividend
The Company's revenue return in 2012 has been substantially enhanced,
outstripping the record return that was generated in the previous year.
Ordinary dividends from mining companies in the portfolio rose by 14%
year-on-year and payments from fixed income investments increased by 28%
compared with 2011. The Board's initiative to reallocate the investment
management fee and finance costs 75% to capital and 25% to revenue (previously
allocated 100% to the revenue account) also had a positive impact on the
revenue available to return to shareholders. The Manager has also optimized
income generation through exposure to fixed income securities and option
writing. In addition, on 30 July 2012 the Company purchased a 2% revenue
related royalty over London Mining's Marampa iron ore mine in Sierra Leone.
Although payments were small during this period they are expected to increase
as production ramps up.

The Directors recommend the payment of a final dividend of 14.00p per share
for the year ended 31 December 2012 (2011: 14.00p), which together with the
interim dividend of 7.00p per share (2011: nil), makes a total dividend of 
21.00p per share (2011: 14.00p) representing an increase of 50% on the
previous year. The dividend will be paid on 2 May 2013 to shareholders on the
register of members on 8 March 2013.

The Board pays close attention to the level at which the Company’s shares
trade compared to net asset value and has actively sought to manage this via
a number of different routes. The Company’s discount has narrowed and
currently stands at 13.5% on a cum income NAV and 11.4% on a capital only NAV.
In common with previous years, your Board will endeavour to work with the
Investment Manager in order to manage the discount as effectively as possible
and will consider share repurchases in the market if the discount widens

Regulatory changes
A wave of regulatory initiatives is on the horizon, threatening to change the
market landscape in the EU dramatically. Two of the key initiatives will have a
significant impact on the investment trust sector.

From 1 January 2013, the implementation of the Financial Services Authority's
(FSAs) Retail Distribution Review (RDR) means that advisers will have to charge
directly rather than receiving commissions from the funds in which their
clients invest. Investment trusts should now be on a level playing field with
their open ended counterparts such as unit trusts. We hope that, over time,
more investors will see the attraction of investing in investment trusts which
have the ability to gear to enhance overall returns and which, unlike open
ended funds, are a quoted security which can be readily traded in the stock
market. In addition, as part of the FSA's platform review which will be
implemented in 2014, it is proposed that investment trusts will be on the same
footing as open ended funds as payments from funds to platforms are also
likely to be prohibited.

In the context of the implementation of RDR, it is worth noting that the shares
are designed for private investors in the UK, including retail investors,
professionally-advised private clients and institutional investors who seek
income and the potential for capital growth from investment in global markets
and who understand and are willing to accept the risks of exposure to equities.
When assessing the suitability of the shares, private investors should also
consider consulting an independent financial adviser who specialises in
advising on the acquisition of shares and other securities before acquiring
shares. Naturally, investors should also be capable of evaluating the risks and
merits of an investment in the Company and should always have sufficient
resources to bear any loss that may result.

The Alternative Investment Fund Managers' Directive (the Directive) seeks to
reduce potential systematic risk by regulating alternative investment fund
managers (AIFMs) which fall within the category of alternative investment
funds. The Directive focuses on how alternative investment funds conduct
business, how they disclose and use leverage, and how they appoint key service
providers. The implementation of the Directive will require all investment
trusts to appoint an AIFM or become an AIFM themselves and also to appoint an
independent depositary. The latter is likely to fulfil a broader role than that
currently performed by the custodian and will be obliged to ensure that
companies comply with the relevant rules on portfolio composition and
diversification. We expect the implementation of the Directive to be effective
from 22 July 2013, although it is currently anticipated that the FSA will
permit a transitional period of one year within which UK AIFMs will seek
authorisation. The Board will be taking independent advice on the consequences
for the Company and will inform shareholders once we have decided on the most
appropriate course of action.

Articles of Association
Statutory rules governing investment trusts have been amended recently and, as
a result of these changes, there is no longer a requirement for a company's
Articles to prohibit the distribution as a dividend of surpluses arising from
the realisation of investments. Accordingly, the Board no longer considers it
appropriate to have such a prohibition in the Articles and will therefore be
seeking shareholder approval at the forthcoming Annual General Meeting to
remove it. The Board believes this will give the Company greater flexibility in
the longer term but at present there are no plans to make use of such powers.

Annual General Meeting
The Annual General Meeting of the Company will be held at 11.30 a.m. on
Thursday, 25 April 2013 at the offices of BlackRock, 12 Throgmorton Avenue,
London EC2N 2DL. The Investment Manager will also make a presentation to
shareholders on the Company's progress and the outlook for the mining sector.

Although many of the structural issues arising from the financial crisis remain
unresolved, market sentiment has improved markedly in recent months. This
process started with a more purposeful approach from the European Central Bank,
which in the summer managed to prevent a potential funding crisis in the
European periphery from destabilizing the Eurozone. It has been supported
further by the progress recently made towards resolving the US fiscal cliff.
Better news on economic growth from both the US and China has also been

In the mining sector, the more difficult operating environment of recent years,
as well as the high profile write-downs by the large UK diversified miners,
have prompted management teams across the sector to adopt a more rigorous
approach to capital allocation. To date we have seen an encouraging wave of
announcements regarding operating cost savings and moves to curtail capital
spending on marginal projects, in addition to a renewed focus on shareholder
distributions. Combined with sustained demand, particularly from China, this
should act to support a healthy operating environment for the sector over the
next few years.

A W Lea
19 February 2013

Key risks
The key risks faced by the Company are set out below. The Board confirms that
there is an ongoing process for identifying, evaluating and managing the
principal risks, as summarised below.

- Performance risk - The Board is responsible for deciding the investment
strategy to fulfil the Company's objectives and monitoring the performance of
the Investment Manager. An inappropriate strategy may lead to underperformance
against the benchmark index. To manage this risk the Investment Manager
provides an explanation of significant stock selection decisions and the
rationale for the composition of the investment portfolio. The Board monitors
and mandates an adequate spread of investments, in order to minimise the risks
associated with particular countries or factors specific to particular sectors,
based on the diversification requirements inherent in the Company's investment
policy. The Board also receives and reviews regular reports showing an analysis
of the Company's performance against the HSBC Global Mining Index and other
similar indices, including the performance of major companies in the sector.
Past performance is not necessarily a guide to future performance and the value
of your investment in the Company and the income from it can fluctuate as the
value of the underlying investments fluctuate.

- Income/dividend risk - The amount of dividends and future dividend growth
will depend on the Company's underlying portfolio. Any change in the tax
treatment of the dividends or interest received by the Company (including as a
result of withholding taxes or exchange controls imposed by jurisdictions in
which the Company invests) may reduce the level of dividends received by
shareholders. The Board monitors this risk through the receipt of detailed
income forecasts and considers the level of income at each meeting.

- Regulatory risk - The Company operates as an investment trust in accordance
with Chapter 4 of Part 24 of the Corporation Tax Act 2010. As such, the Company
is exempt from capital gains tax on the sale of its investments. The Investment
Manager monitors investment movements, the level and type of forecast income
and expenditure and the amount of proposed dividends to ensure that the
provisions of Chapter 4 of Part 24 of the Corporation Tax Act 2010 are not
breached and the results are reported to the Board. The Company must also
comply with the provisions of the Companies Act 2006 and, as its shares are
admitted to the Official List, the UKLA Listing Rules, the Disclosure and
Transparency Rules and the Prospectus Rules. A breach of the Companies Act 2006
could result in the Company and/or the Directors being fined or the subject of
criminal proceedings. A breach of the UKLA Listing Rules could result in the
Company's shares being suspended from listing, which in turn would breach the
requirements of Chapter 4 of Part 24 of the Corporation Tax Act 2010. The Board
relies on the services of its professional advisers and its Company Secretary
to ensure compliance with all relevant regulations. The Company Secretary has
stringent compliance procedures in place and monitors regulatory developments
and changes.

- Operational risk - In common with most other investment trust companies, the
Company has no employees. The Company therefore relies upon the services
provided by third parties and is dependent on the control systems of the
Investment Manager and the Company's other service providers. The security, for
example, of the Company's assets, dealing procedures, accounting records and
maintenance of regulatory and legal requirements, depend on the effective
operation of these systems. These have been regularly tested and monitored and
an internal controls report, which includes an assessment of risks together
with procedures to mitigate such risks, is prepared by the Investment Manager
and reviewed by the Audit & Management Engagement Committee at least twice a
year. The custodian, (The Bank of New York Mellon (International) Limited
(BNYM), a subsidiary of The Bank of New York Mellon), BNP Paribas Securities
Services (the "Administrator") and the Investment Manager also produce regular
Service Organisation Reports (SOC 1) or AAF 01/06 Reports, which are reviewed
by their reporting accountants and give assurance regarding the effective
operation of controls.

- Resource risk - The quality of the investment management team employed by the
Investment Manager is a crucial factor in delivering good performance and the
loss by the management of key staff could affect investment returns. The
Investment Manager has training and development programs in place for its
employees and its recruitment and remuneration packages are developed in order
to retain key staff.

- Market risk - Market risk arises from volatility in the prices of the
Company's investments. It represents the potential loss the Company might
suffer through realising investments in the face of negative market movements.
In addition, it should be noted that the location of the companies in which the
Company invests and shares in the mining sector can prove to be volatile and
therefore present a greater degree of risk. Changes in general economic and
market conditions in certain countries, such as interest rates, exchange rates,
rates of inflation, industry conditions, competition, political events and
trends, tax laws, national and international conflicts, economic sanctions and
other factors can also substantially and adversely affect the securities and,
as a consequence, the Company's prospects and share price. The Board considers
asset allocation, stock selection and levels of gearing on a regular basis and
has set investment restrictions and guidelines which are monitored and reported
on by the Investment Manager. The Board monitors the implementation and results
of the investment process with the Investment Manager.

- Financial risk - The Company's investment activities expose it to a variety
of financial risks that include market price risk, foreign currency risk,
interest rate risk and liquidity and credit risk. A summary of the policies for
managing these risks will be set out in the Annual Report.

- Gearing risk - The Company has the power to borrow money (gearing) and does
so when the Investment Manager is confident that market conditions and
opportunities exist to enhance investment returns. However, if the investments
fall in value, any borrowings will magnify the extent of this loss. All
borrowings require the approval of the Board and gearing levels are discussed
by the Board and the Investment Manager at each meeting.

- Third party risk - The Company has no employees and the Directors have all
been appointed on a non-executive basis. The Company must therefore rely upon
the performance of third party service providers to perform its executive
functions. In particular, the Investment Manager, the Administrator, the
Registrar, the Custodian and their respective delegates, if any, will perform
services that are integral to the Company's operations and financial
performance. The Company, and where appropriate the Investment Manager,
undertake extensive due diligence prior to the appointment of any third party
service provider in order to mitigate this risk. Terms of appointment are
agreed in advance and service level agreements are put in place with providers
to ensure that a high level of service is provided. Failure by any service
provider to carry out its obligations to the Company in accordance with the
terms of its appointment, to exercise due care and skill, or to perform its
obligations to the Company as a result of insolvency, bankruptcy or other
causes could have a material adverse effect on the Company's performance and
returns to holders of ordinary shares. The termination of the Company's
relationship with any third party service provider, or any delay in appointing
a replacement for such service provider, could materially disrupt the business
of the Company and could have a material adverse effect on the Company's
performance and returns to holders of ordinary shares.

Related party transactions
The Investment Manager is regarded under the Listing Rules as a related party
and details of the investment management fees payable are set out in note 4 and
note 10.

The related party transactions with Directors are set out in note 10.

Statement of Directors' Responsibilities
In accordance with Disclosure and Transparency Rule 4.1.12, the Directors
confirm to the best of their knowledge and belief that:

- the financial statements, prepared in accordance with IFRS as adopted by the
European Union, give a true and fair view of the assets, liabilities, financial
position and net return of the Company and the Group; and

- the Annual Report includes a fair review of the development and performance
of the business and the position of the Company and the Group, together with a
description of the principal risks and uncertainties that it faces.

For and on behalf of the Board
A W Lea
19 February 2013

Investment Manager's Report

Portfolio performance
2012 was a year of significant change for the mining sector as management teams
started the process of reigning in capital expenditure in the face of continued
cost pressures and generally range-bound commodity prices. Combined with
general fears around major macro events, this led to another poor year for
returns with the mid and small cap companies finding life the hardest. With the
Company's assets generally invested in the higher growth sectors this held back
returns for the year as a whole relative to the benchmark. For the calendar year
2012, the Company's undiluted net asset value (NAV) and share price fell by 5.0%
and 4.1% respectively, in sterling terms with income reinvested. In "capital"
only terms, the NAV fell by 7.7% and the share price by 7.1%. By comparison, the
HSBC Global Mining Index (in sterling terms) fell by 5.0% (on a capital only
basis) and 2.4% (with income reinvested).

Mining sector overview
Just as in 2011, the year started strongly with share prices boosted by
expectations of a Chinese and US economic recovery. This was driven by better
than expected economic data during January, as well as an overall positive set
of Q4 production numbers for the leading mining companies. In early February,
after much media speculation, Glencore announced plans for a merger of equals
with Xstrata which in hindsight marked the peak for share prices during the
year. From this point onwards economic data deteriorated and fears over the
outcome of key macro events heightened. Investor anxiety over the US debt
ceiling, the US presidential election, the European debt crisis, Chinese
economic growth and the country's leadership change all combined to push
commodity and share prices lower.

The Company was most impacted by the fall in the iron ore price from a high of
US$149.4/tonne in April to a low of US$86.7/tonne in September. The combination
of a recovery in supply, following weaker production in the first quarter and
destocking by steel makers in China, took prices below the cost of marginal
supply in the third quarter. Exposure to early stage producers of the commodity
was particularly painful for the Company, as the fall in price led to concerns
over their ability to fund their capital requirements. The iron ore price
recovered sharply in the fourth quarter however, as Chinese steel producers
returned to the market and the commodity actually ended 2012 up year-on-year.
Other commodities fared better with prices for metals such as copper and gold
generally trading above where they started the year. However, this did not stop
share prices falling in line with those of other commodity producers as
investor pessimism took hold over the summer. In addition, shareholders began
to voice their doubts over the ability of company management teams in the
sector to reinvest cash wisely given the recent spate of poor M&A deals (and
associated subsequent writedowns) and this added further downward pressure to

China's economy has again been of prime focus for commodity markets given its
dominance in both metal and bulk commodity demand - it now accounts for between
40%-60% of demand in nearly all of these markets. In March, Premier Wen Jiabao
cut the government's GDP growth target to 7.5% from 8% (an annual goal that had
been in place since 2005) and followed this with rhetoric about moving towards
a more consumption-driven rather than investment-led economy. The market
interpreted this negatively as it indicated that the government was prepared to
accept a slower rate of economic growth before implementing any stimulus
measures. The economic growth rate did slow markedly in the second and third
quarters and whilst the government did not repeat the type of fiscal stimulus
seen in 2009, several monetary policy steps were taken: bank reserve ratios
were cut three times and in July the one year lending rate was also cut.
Against this backdrop, Chinese commodity consumers destocked for the first nine
months of the year. In the fourth quarter, demand accelerated as inventories
dropped below average levels and economic data points turned more positive.

By September the US economy had also started to deliver positive economic
surprises and combined with a third round of quantitative easing (QE) this led
to investor optimism over the outlook for 2013. Of particular note from a
commodity standpoint is the growing impact of the shale gas revolution on
industry and manufacturing in the US. The petrochemicals industry has been
revitalised and the fertilizer industry has also been boosted by a low cost and
low risk source of energy. The implications for the coal market in the US and
further afield have been profound. In 2008 the US produced 1.063 billion tonnes
(metric) of coal (source - US EIA Quarterly Coal report); in 2011 this fell to
993 million tonnes and the annualised rate for the first three quarters of 2012
was down to 927 million tonnes. The decline has been a function of power
producers switching from coal to low cost natural gas. Exports of thermal coal
increased from the US as producers looked to other markets. Although this had a
negative impact on global coal prices, especially in the Atlantic market, a
lack of port capacity in the US will limit supply from this market in the short
to medium term. Access to large amounts of low cost power in the US via "cheap"
gas should give domestic industry a competitive advantage and improve overall
performance of the economy in the long term.

It would be remiss of us not to mention leadership changes this year. At the
start of 2012 there was significant uncertainty around this issue and the
impact it may have on economic policies for the US and China. In the end these
events passed without any serious upset, as President Obama was re-elected in
the US and the transition of power in China seems to have gone smoothly.

Commodity exposure in the Company in 2012, as in the previous couple of years,
was focused on copper and the bulk commodities. As mentioned earlier, the
significant exposure to iron ore hurt the portfolio during the middle of the
year and it was only from the start of Q4 that lost performance started to be
recouped. In addition, the slowdown in the world economy hurt demand for
industrial minerals causing prices for zircon, ilmenite and rutile to fall
during the year. After the excellent returns from this area in 2011, the
Company retained exposure to these commodities based on the world class nature
of the assets we are exposed to and the high probability of medium term demand

M&A activity
As mentioned earlier, the year started with a significant deal in the mining
space as Glencore announced a "friendly" merger with Xstrata. The friendly
nature of this deal was not to last and during the year the deal seemed at risk
of failing numerous times owing to the perceived poor terms for Xstrata
minorities, unease about the management retention package and the arrival of a
new activist shareholder in the form of the Qatar Investment Authority.
However, by the year end, Glencore had improved the ratio for Xstrata
minorities, shareholders had voted the deal through without the controversial
retention package and almost all of the regulatory approvals had been received.
The deal is now expected to close during the first quarter of 2013 and the end
result for the Company is that the combined company is expected to become its
largest holding.

In addition to the Xstrata merger, the sector was extremely busy with corporate
activity. The deals that impacted the Company were mixed in their returns.
First Quantum's hostile bid for Inmet impacted the portfolio positively and we
are hopeful that the two companies will find a way to work together to complete
this deal. By contrast, the management of Freeport McMoRan shocked investors by
deciding to announce a diversification away from copper into oil and gas. Not
only was the deal a surprise to the market, but one of the assets being
purchased is in part owned by the board members of Freeport. The combination of
these factors led to a significant fall in Freeport's share price and it has
since failed to participate fully in the bounce in the sector during the last
few weeks. We are hopeful that Freeport management might engage with their
shareholders and review the deal but the probability is very low due to the way
in which the deal is structured.

Despite being focused on completing the Xstrata deal, Glencore stuck to its
strategy of opportunistically growing its business. They managed to increase
their stake in Kazzinc to just under 70% and completed a deal to buy Viterra
which should lead to a step change in scale for their agricultural commodity
trading business.

There were a variety of smaller deals during the year. These ranged from
strategic acquisitions (Chinese companies bidding for Discovery Metals,
Sundance Resources and Talison Lithium), restructuring deals (Vedanta's
refinancing), and divestments of non-core assets (the sale by BHP Billiton of
the Ekati diamond operation to Harry Winston, Richards Bay Minerals to Rio
Tinto, the Yeelirrie uranium project to Cameco and the East Browse oil and gas
project to CNOOC; Rio Tinto also sold their stake in Palabora).

The last section of M&A deals - divesting non-core assets - is pleasing as it
looks to be a sign of greater capital discipline. This is further supported by
announcements from BHP Billiton and Rio Tinto rethinking or cancelling low
returning projects, targeting cost cutting at the operating level and
increasing focus on returns to shareholders in the form of higher dividends. If
this strategy is both more widely adopted within the sector and sustained, it
should help to rebuild trust between shareholders and the companies.

Base metals
Unlike in prior years where there has been significant divergence in
performance across the base metals suite, 2012 showed gains for all base metal
prices with the exception of nickel. The modest year-on-year gains do not tell
the full story as in all cases prices averaged below their 2011 levels. Most
started the year well but as uncertainty on global growth started to increase,
metal prices erased earlier gains with most having fallen back to where they
had started the year by early summer. As the summer ended and investors' worst
fears regarding the global economy were not realised, base metal prices started
to recover from their intra-year lows leaving a misleadingly healthy picture
for the year as a whole.

Selected commodity price changes during 2012
                                                                      % change
                                           Price  % change over   average 2012
                                31 December 2012      12 months       vs. 2011
Gold (US$/troy oz)                       1,662.4           5.58          +6.19
Copper (US$/tonne)                         7,912           4.18          -9.87
Platinum (US$/troy oz)                     1,527          12.78          -9.92
Zinc (US$/tonne)                           2,049          12.16         -11.22
Silver (US$/oz)                            29.95           6.28         -11.83
Lead (US$/tonne)                           2,314          15.19         -14.03
Uranium (US$/lb)                           43.75         -16.67         -14.32
Aluminium (US$/tonne)                      2,049           2.33         -15.84
Tin (US$/tonne)                           23,362          22.10         -18.90
Thermal Coal (US$/tonne)                   90.65         -18.60         -21.77
Nickel (US$/tonne)                        16,993          -9.22         -23.40
Iron Ore - Fines 62% Fe China Import
(US$/tonne)                                144.9           4.62         -23.44
Hard Coking Coal (US$/tonne)                 170         -40.40         -27.27
Sources: DataStream and Bloomberg.                                           

Copper equities were once again the key base metal exposure for the Company as
fundamentals for copper prices remain significantly stronger than those for
other base metals. The copper price posted a small gain of 4.2% for the year
but the average price was down by just under 10%. Despite the fall, the overall
level was well above the marginal cost of supply throughout the year resulting
in very healthy cash flow generation across the copper equity space. The
Company maintained exposure to key copper names held in prior years such as
First Quantum, Antofagasta and Cerro Verde. All of these delivered positive
gains for the year, well ahead of the overall negative return from the mining
sector. However, as mentioned earlier, the Company was let down during the
final quarter of the year by Freeport McMoRan which, as a result of a
disappointing change in strategy, delivered a negative return of 11.2% for

In addition to the core copper holdings, the portfolio benefited from the
addition of new positions. The decision to include copper producers with
ambitious growth plans such as Lundin Mining (+29.1%), Discovery Metals
(+20.3%) and Inmet Mining (+10.3%) significantly enhanced overall returns.
During the year two of these names, Inmet and Discovery, were subject to
hostile bids at significant premiums and we await with interest how these deals
will unfold in the coming year.

In spite of some positive price moves for 2012, the other base metals prices
remain stubbornly close to the marginal cost of production and this continues
to keep margins for producers at unattractive levels. We are aware that prices
never remain at levels with low or negative margins indefinitely; as such we
remain ready to add exposure when there is evidence of a sustained improvement
in fundamentals.

For now though, aluminium prices remain trapped by the huge above-ground
stockpiles and the low level of producer discipline with respect to
reactivating or adding to smelting capacity. Similarly, nickel prices appear
capped by the swing capacity of low grade nickel laterite which comes back into
production whenever prices rise. The Company has retained exposure to tin and
zinc producers and we remain optimistic that fundamentals for these metals
could improve in the near term. The majority of the Company's zinc exposure is
held indirectly via holdings in companies that produce not only zinc, but other
metals as well.

Gold & precious metals
The gold price registered its twelfth consecutive annual gain in 2012. The
metal rose 5.6% in US Dollar terms and also made gains in all key currencies
with record highs achieved in both Euros and Swiss francs. This positive
performance disguises what was a turbulent year for the gold price which fell
to a low of US$1,541/oz in May before recovering to a peak of US$1,791/oz by
October. This large trading range was the result of significant swings in the
gold futures market's net long position, as well as the conflicting forces of
weaker jewellery demand out of India versus continued strength in demand from
China, the official sector and physically backed ETFs. The first half of the
year was characterised by an absence of drivers for gold: inflationary
pressures abated, there was no significant monetary stimulus and we saw a
contraction of global liquidity. As we moved into the second half of the year
the gold price was supported by governments across the world acting to
stimulate their economies either through printing money (such as a third round
of QE in the US) or through encouraging lending (via cutting interest rates and
bank reserve ratios in China). The spot silver price outperformed the gold
price year-on-year, rising 10.6% in US Dollar terms; however, the average price
was down by nearly 12% compared with gold's 6% increase for the year.

As in 2011, the gold mining sector underperformed the gold price. This can be
explained both by what we believe to be temporary factors such as the low risk
appetite of financial markets, but also by more structural challenges for
companies operating in the gold sector. These include declining grades at
existing operations, cost inflation, delays in bringing on new production and a
lack of exploration success. The resultant pressures upon margins,
disappointing production growth and a loss of faith in company management have
all contributed to the lacklustre performance of the shares. There are however
signs that change is afoot. In November, we saw Gold Fields announce the
long-awaited separation of the company's more mature South African operations
into the separately listed Sibanye Gold. In addition, five out of ten of the
largest gold producers have either changed or announced a change of CEO within
the last twelve months. We suspect that the new generation of management has
the mandate to make the difficult decisions that their predecessors failed to,
such as lowering overly aggressive production forecasts, divesting non-core
assets and cancelling the development of marginal projects. The companies are
now increasingly focused on operational delivery, "all-in" costs, per-share
metrics and the importance of servicing their investor bases (for example
dividend payments in the sector have doubled since 2010). Those companies that
are able to prove to the market this volte-face is permanent and not just
rhetoric should outperform. We have recognised for a number of years now the 
challenges facing the gold sector, and in particular the larger gold producers, 
and therefore the Company's underweight to the North American majors and the 
South African producers has been a core theme in the portfolio. In 2012 this positively
contributed to relative performance, whilst the Company's exposure to the high
quality, low cost Mexican silver-gold producer, Fresnillo, and its parent
company, Industrias Penoles, was the largest single contributor to positive
relative performance.

Having dropped below the gold price in the second half of 2011, the platinum
price failed to break back above gold in 2012. This was despite a tumultuous
year for the South African platinum industry. The companies have long-suffered
from labour unrest as a result of significant unionisation of their workforce,
high rates of in-country inflation and difficult working conditions. Tensions
between members of the established National Union of Mineworkers (NUM) and its
emerging rival, the Association of Mineworkers and Construction Union (AMCU),
saw the frequency and severity of strike action within the platinum industry
increase. This culminated in the death of 47 people in August as a wild-cat
strike at Lonmin's Marikana operation triggered violent confrontations between
South African police and striking mineworkers. As a consequence, strike action
spread throughout the mining industry and more broadly across the South African
economy as a whole. Tensions have eased for the moment but we expect labour
relations to remain an area of concern for the platinum sector in the
foreseeable future.

It is no coincidence that in the midst of this upheaval the top four platinum
producers all saw a change in CEO. Like the gold industry, we hope this will
open the door to real change within the platinum sector. In January, Anglo
Platinum, which represents approximately 40% of world platinum production,
announced the findings of a much-anticipated review of its operations. The
company announced its intention to cut production by around 20% in order to
improve the overall profitability of its business and better match the demand
outlook for platinum going forward. The company now faces a challenging road
ahead as it has to implement this strategy and deal with the socio-political
fallout resulting from the consequent 14,000 job losses. We hope the company
has the discipline to persevere with the plan as outlined and await more
detail, but ultimately it should potentially improve the economics for the
industry as a whole.

The Company reduced its exposure to the platinum producers over the previous
year and had no holding in Lonmin; therefore these events did not have a
significant impact on the relative performance of the portfolio. In fact, the
Company was able to take advantage of the serious financial distress Lonmin
found itself in by late 2012, earning a fee for underwriting part of its US$817
million rights issue in December.

Energy commodities
Coal markets faced multiple headwinds in 2012. In the case of thermal coal, the
rise of shale gas as a cheaper and cleaner alternative to coal for power
generation in the US meant significant volumes that would normally go into this
market were redirected into the export market. Combined with strong growth in
Indonesian coal exports, this had a negative impact on prices which averaged
over 20% lower year-on-year despite record imports of thermal coal into China.
Coking coal prices closed the year down over 40% as the tightness in the market
resulting from the supply-side impact of severe weather in Australia eased at
the same time as demand from steel producers weakened on the back of subdued
steel demand out of China and the rest of the world. The Company is overweight
the producers of premium coking coal, such as Teck Resources, and underweight
producers of thermal coal, particularly in the US. The scarcity of high quality
coking coal assets leads us to believe that profit margins for producers are
well supported; unlike for thermal coal where we see margins at risk from
unconventional gas production growth, initially in the US but over the longer
term elsewhere in the world.

Uranium prices deteriorated for a second year in a row, down over 16%
year-on-year. Japan's nuclear capability remained almost entirely off-line for
2012 with only two out of a possible 48 operable reactors restarted post the
Fukishima disaster, and as such there was no shortage of uranium in the market.
The recent electoral victory of the pro-nuclear Liberal Democratic Party in
Japan does suggest that capacity is increasingly likely to be brought back on
line in coming years. 2013 could also see a significant change to uranium
markets with the end of the US-Russia Highly Enriched Uranium (HEU) Agreement.
This HEU is derived from the dismantling of Russian nuclear weapons and
constitutes a meaningful percentage of global supply. There is much speculation
as to the impact this will have on prices were this source of supply to be
permanently withdrawn from the market. For the moment we see markets remaining
in balance; however, with the ramp up of China's nuclear power generation over
the next few years fundamentals do look to be improving. As such, whilst
current exposure is low, we continue to monitor the sector closely.

Diversified mining companies and industrial commodities
During 2012 the diversified mining companies produced a range of returns. BHP
Billiton (+13.4%) and Rio Tinto (+12.4%) were the leaders as they offered lower
risk exposure to the sector and were the first to react to shareholder pressure
for improved capital discipline. Evidence for this is clear following the
decision by BHP to defer major capital projects such as the Olympic Dam copper
project, the Outer Harbour development at Port Hedland, Peak Downs coal
expansion and the Jansen potash project. Rio Tinto appears to have gone even
further offering not only project deferral but a clear goal to cut US$5 billion
of operating costs by the end of 2014 and cut exploration by US$1 billion. The
surprise replacement of the company's CEO in January with a "safe pair of
hands" in the form of the head of the company's iron division reinforces this
change in strategic focus. We applaud such strategic moves and hope that others
will start to follow suit. Rio Tinto and BHP Billiton were the two largest
holdings in the Company during the year.

At the other end of the scale Anglo American (-20.4%) continued to disappoint
with further large capital cost increases at their Minas Rio project in Brazil
and constant negative newsflow from their platinum division. Possibly as a
result of this the Board of Anglo American has opted to appoint a new CEO in
the form of Mark Cutafani from AngloGold. Having been well positioned with
regards to Anglo American (for most of the year the Company either held no
Anglo American or very small amounts in a convertible), we are watching to see
what steps he might be able to take to unlock value in the group.

In Brazil, Vale appears also to be embarking on a new strategy following the
change in management last year. International expansion plans are being reigned
in and non-core assets either closed or sold. In Canada, Teck Resources
continues to be disciplined, sticking to organic growth and increased payments
back to shareholders during the year.

The main event during 2012 was the battle to put Glencore and Xstrata together.
At the year end it looked highly likely that this goal will be achieved and as
a result the combined company would become the largest holding in the Company.
We expect the management team from Glencore to set about generating value from
the merger in a rapid fashion. This is likely to be achieved by freeing up cash
as a result of reassessing capital expenditure plans and aggressively hunting
for cost savings as a result of the takeover. Given this background, we are
very comfortable with the likely combined company becoming the largest holding
in the Company.

As mentioned previously, iron ore markets were volatile during the year.
Exposure to iron ore both directly and indirectly held back the performance of
the Company but, as the year ended, positive momentum was clearly returning to
iron ore markets. Key growth names such as Fortescue, African Minerals, Atlas
Iron and London Mining should benefit from the improving market conditions and
start to reverse some of the losses generated in 2012.

Pre-IPO or illiquid investments
Marampa Royalty Contract - The Company completed the purchase of a 2% revenue
related royalty calculated on any iron ore sales over the life of the mine from
London Mining Plc's Marampa mine in Sierra Leone, its first investment in a
mining royalty. The royalty is payable quarterly in arrears calculated on the
amount receivable at the relevant point of sale, currently calculated with
reference to the net freight on board price received from sales of iron ore in
Sierra Leone (terms similar to that of the existing royalty payable to the
government of Sierra Leone). The Company received its first royalty payment in
the fourth quarter. Payments will initially be small owing to the gradual ramp
up to full capacity but we expect these to increase markedly post 2014 as
production goes first to 5mtpa and then to 9mtpa.

Ivanplats - formerly known as "Ivanhoe Nickel & Platinum" - The company has two
key projects: Kamoa, a copper project in the DRC, and Platreef, a platinum
project in South Africa. After many years as a private company Ivanplats
was listed during October 2012. The Company enjoyed a material uplift in value
as a result of the IPO and we look forward to the company working to unlock
further value from these high quality projects.

Fixed income securities
During the last few years the decision to invest in natural resource debt
securities has been core to the Company's rapid growth in revenue. Market
conditions during 2012 allowed us to deploy further capital into this area at
attractive rates of return. New holdings in bonds issued by Banro, Inmet,
African Minerals and Allied Nevada have all enhanced the yield of the overall
portfolio of debt instruments. This has led to a 28% increase in income from
this area.

As banks remain cautious with their capital and investors focus on lower risk
equities, the mid cap section of the mining sector is still unable to access
capital as easily as it once could. This should present further opportunities
for the Company but at this stage of the cycle the easy returns such as those
made from investments in 2009 and 2010 are unlikely to be repeated. Therefore
we will need to be increasingly judicious with our capital.

Derivatives activity
The Company sometimes holds positions in derivatives contracts with virtually
all the activity focused on selling either puts or calls in order to increase
or decrease position sizes. These derivative positions, which are small in
comparison with the size of the Company, usually have the effect of obliging us
to buy or sell stock or futures at levels we believe are attractive. During
2012 we focused on writing short dated calls in order to reduce some of our
larger equity positions and take advantage of market volatility. The income
generated by such option writing enables us to maximise the potential exit

price from a position. At the end of 2012 we had a number of derivatives
positions in the portfolio all of which expired in January.

At 31 December 2012, the Company had gearing amounting to £101 million. For the
most part, this has been drawn down against the higher yielding mining company
corporate debt portfolio and to fund the purchase of the London Mining Royalty.
Gearing, which can be drawn down or repaid at any time, is used in the
portfolio to take tactical advantage of market volatility and opportunities as
well as enhance overall returns during the medium to long term. Once again the
reduced risk appetite of banks around the world continues to present numerous
investment opportunities especially in the mid-size part of the market. With
this in mind, it is likely that we could end up using the full capacity of our
debt facilities during the year.

Outlook and strategy for 2013
Despite the large risks remaining in Europe we cannot help but feel that many
of the macro events that impacted returns during the last few years are behind
us. Whilst we are not forecasting the end of these types of markets, we see
grounds for cautious optimism and believe that the sector will suffer less at
the hands of macro events and respond better to the improving fundamentals.

The US economy has consistently beaten expectations during the last few
quarters whilst Chinese growth looks to have stabilised at a level which is
healthy for commodity demand. The resultant picture is one of improved global
growth versus that of only six months ago. On the supply side, the producers
look set to reinvest less money into new supply, which should support
fundamentals in the medium term. Cost savings now appear a priority for the
larger groups and companies have taken advantage of the demand for low risk
securities to extend their debt maturity profile. In this environment profit
margins should be under less pressure from cost inflation and returns could be
enhanced by management taking favourable decisions for shareholders.

We are also seeing signs that investors are growing weary of owning safe-haven
fixed income securities and the probability of a rotation into higher risk
assets, such as equities, is increasing (we note the second highest flow into
equity mutual funds ever during the first week of 2013). The Company is
positioned to benefit from such a trend given the flexible nature of its
gearing and the high level of exposure to growth companies. We continue to
search for new investment opportunities, not only in the traditional area of
equities, but we are also looking to add new royalties to the portfolio.

Evy Hambro and Catherine Raw
BlackRock Investment Management (UK) Limited
19 February 2013

Ten Largest Investments
31 December 2012

Set out below is a brief description by the Investment Manager of the Company's
ten largest investments.

Rio Tinto - 10.1% (2011: 9.1%) is the world's third largest mining company by
market cap. It has interests over a broad range of metals and minerals
including iron ore, aluminium, copper, coal, industrial minerals, gold and
uranium. In June 2012 Rio Tinto gave further details on how it will invest
US$4.2 billion in the Pilbara, Western Australia to increase iron ore production
to 353 million tonnes per annum from 2015. During the second half of 2012, Rio
Tinto completed the sale of a number of non-core businesses including its
Specialty Alumina division, Borax Argentina, Zululand Anthracite colliery and
its interest in Palabora. As part of its annual investment seminar in November
2012, Rio Tinto announced a number of cost reduction programmes targeting
US$5 billion of savings by 2014.

BHP Billiton - 9.4% (2011: 8.1%) is the world's largest diversified mining
company, formed in 2001 from the merger of BHP and Billiton. The company is an
important global player in a number of commodities including iron ore, copper,
coal, manganese, aluminium, diamonds and uranium. The company is the only
sizeable holding in the portfolio with significant oil and gas assets. In 2011
the company moved into US onshore shale gas through the acquisition of
Chesapeake Energy's Fayetteville Shale assets for US$4.75 billion and Petrohawk
for US$12.1 billion. During 2012, the company announced a number of deferrals
to major capital projects in response to shareholder pressure over capital
discipline. A number of asset sales were also announced during the year
including their interest in the Browse JV, its diamonds business, the Yeelirrie
Uranium deposit and its 37% interest in Richards Bay Minerals.

Glencore - 5.7% (2011: 5.9%) is a leading, diversified natural resources group
with activities in mining, smelting, refining, processing and marketing of
metals and minerals, energy products and agricultural products globally. It
provides financing, logistics, marketing and purchasing services to producers
and consumers of commodities. These activities are supported by investments in
industrial assets operating in Glencore's core commodity areas, including a 35%
stake in Xstrata. In February 2012 the company announced a proposed merger with
Xstrata, which was later approved by shareholders in November 2012, subject to
regulatory approval.

Marampa Royalty Contract - 5.1% (2011: nil) is a 2% revenue-related royalty
calculated on any iron ore sales over the life of the mine from London Mining
Plc's Marampa mine in Sierra Leone. The royalty is payable quarterly in arrears
calculated on the amount receivable at the relevant point of sale, currently
calculated with reference to the net freight on board price received from sales
of iron ore in Sierra Leone (terms similar to that of the existing royalty
payable to the government of Sierra Leone).

First Quantum Minerals - 4.4% (2011: 4.2%) is an integrated copper producer
whose principal operating assets are in Africa, but also with nickel assets in
Australia and Finland. In January 2012 the company announced that it had
reached an agreement with ENRC to dispose of all of its residual assets in the
DRC for US$1.25 billion and settle all outstanding claims, including those
brought by the DRC government. In May 2012 the company's Board approved the
start of construction of the Sentinel copper project in Zambia, a key growth
asset that already has 15 years of reserves and potential to increase this with
further exploration drilling. In December 2012 the company announced its
intention to make a C$5.1 billion offer for Inmet, a copper producer who is
currently developing the Cobre Panama project.

Fresnillo - 4.1% (2011: 4.0%) is the world's largest primary silver producer
and Mexico's second largest gold producer. The company has three producing
operations and a portfolio of high quality development and exploration
projects. Industrias Penoles, one of Mexico's leading mining companies, owns
77% of the company; the remainder is publicly listed on the London Stock

Industrias Penoles - 3.9% (2011: 3.5%) is Mexico's second largest mining
company and an integrated producer of non-ferrous metals. It is the country's
largest producer of zinc and lead, as well as silver and gold through its
subsidiary Fresnillo. The company's history dates back to 1887 and the shares
have traded on the Mexican stock exchange since 1968.

Freeport McMoRan - 3.8% (2011: 3.5%) is the world's second largest copper
producer, accounting for 9% of global mined copper production annually. It is
also a major producer of gold and molybdenum from mines in North and South
America, as well as Indonesia and the DRC. Its Grasberg mine in Indonesia
contains the world's largest recoverable copper and gold reserves. Despite a
number of labour related disputes in 2011, the company has continued
development of the block cave underground operation which is set to replace the
open pit production from 2016. In December 2012 Freeport McMoRan announced a
highly controversial US$20 billion transaction to acquire Plains Exploration &
Production as well as McMoRan Exploration which would see the company enter
into US Oil & Gas.

Teck Resources - 3.6% (2011: 5.0%) is a Canadian diversified miner that is a
leader in the production of metallurgical coal and zinc, as well as a
significant producer of copper. Investment in growth over recent years resulted
in higher production of both copper and coal in 2012, despite the weaker price
environment for metallurgical coal which saw Teck lower its initial production
guidance. The company announced a number of capital expenditure deferrals
during the year, as well as implementing a cost reduction programme.

Vale - 3.5% (2011: 7.2%), formerly known as CVRD, is the world's largest
producer of iron ore. Based in Brazil, the company also has significant
interests in other commodities such as nickel, aluminium, copper, gold and
coal. In addition, Vale owns and operates transport infrastructure. The company
made a transformational acquisition in 2006, acquiring Canadian nickel miner
Inco, which considerably broadened the company's asset mix away from just iron
ore. More recently, they have ventured into the fertiliser sector, Zambian
copper and Guinean iron ore. In April 2011, the CEO Roger Agnelli resigned amid
media speculation that he was pressured to do so by the new Brazilian
government. Under the leadership of new CEO, Murilo Ferreira, Vale has revised
down its capital expenditure and growth forecasts and in January 2012 proposed
a 50% year-on-year increase to its minimum dividend.

All percentages reflect the value of the holding as a percentage of total
investments. Percentages in brackets represent the value of the holding as at
31 December 2011.

31 December 2012
                                     Main           Market                  
                             geographical            value              % of
                                 exposure            £'000       investments
Rio Tinto*                         Global          133,216              10.1
BHP Billiton                       Global          123,511               9.4
Glencore*                          Global           75,208               5.7
Teck Resources                     Global           47,889               3.6
Vale*                              Global           45,694               3.5
Xstrata                            Global           44,478               3.4
African Rainbow Minerals     South Africa           13,694               1.0
Vedanta                            Global            9,712               0.8
Eramet                             Global            6,700               0.5
Lundin Mining                      Global            1,572               0.1
Praetorian Resources               Global               43               0.0
                                                   -------              ----
                                                   501,717              38.1
                                                   -------              ----
First Quantum Minerals             Global           56,129               4.4
Freeport McMoRan                   Global           50,495               3.8
Inmet Mining*                      Global           42,692               3.2
Cerro Verde                          Peru           39,846               3.0
Antofagasta                         Chile           39,720               3.0
Southern Copper                      Peru           26,785               2.0
Ivanplats#                            DRC            8,718               0.7
Kazakhmys                      Kazakhstan            7,780               0.6
OZ Minerals                     Australia            5,349               0.4
Discovery Metals                 Botswana            4,863               0.4
Katanga Mining                        DRC            2,867               0.2
Turquoise Hill Resources         Mongolia            1,249               0.1
Mawson West                           DRC            1,090               0.1
Metminco                             Peru              383               0.0
Rex Minerals                    Australia              306               0.0
Gentor Resources                     Oman              164               0.0
                                                   -------              ----
                                                   288,436              21.9
                                                   -------              ----
Iron Ore                                                                    
London Mining*#§             Sierra Leone           81,910               6.2
African Minerals*#           Sierra Leone           24,791               1.9
Fortescue Metals*†              Australia           21,076               1.6
Kumba Iron Ore               South Africa           20,339               1.5
Atlas Iron                      Australia           11,369               0.9
Equatorial Resources    Republic of Congo            3,637               0.3
Zanaga                  Republic of Congo            2,725               0.2
IRC                                Russia            2,486               0.2
Cape Lambert Resources       Sierra Leone            1,054               0.1
                                                   -------              ----
                                                   169,387              12.9
                                                   -------              ----
Minas Buenaventura                   Peru           34,658               2.6
Newcrest Mining                 Australia           22,666               1.7
Banro*                                DRC           10,862               0.8
Polymetal International            Russia           10,084               0.8
IAMGOLD                            Global            8,423               0.6
Eldorado Gold                      Global            7,890               0.6
Allied Nevada Gold*                   USA            7,091               0.5
Franco Nevada                      Global            7,011               0.5
New Gold                           Global            6,084               0.5
Rangold Resources                    Mali            5,950               0.5
G Resources                     Indonesia            3,357               0.3
Yamana Gold                        Global            3,159               0.2
Shanta Gold                      Tanzania            3,091               0.2
Nevsun Resources                  Eritrea            2,607               0.2
Kinross Gold                       Global            2,076               0.2
Stratex                          Ethiopia            1,469               0.1
Minera IRL                           Peru            1,435               0.1
Pacific Niugini          Papua New Guinea               96               0.0
                                                   -------              ----
                                                   138,009              10.4
                                                   -------              ----
Silver & Diamonds                                                           
Fresnillo                          Mexico            53,519              4.1
Industrias Penoles                 Mexico            52,026              3.9
Harry Winston Diamond Corp.        Canada             4,251              0.3
Gem Diamonds                      Lesotho             4,210              0.3
Volcan                               Peru             3,254              0.2
Sierra Metals                        Peru             2,429              0.2
Petra Diamonds               South Africa             1,856              0.2
Lucara Diamond                   Botswana             1,109              0.1
                                                    -------              ---
                                                    122,654              9.3
                                                    -------              ---
Industrial Minerals                                                         
Iluka Resources                 Australia            28,651              2.2
Kenmare Resources              Mozambique             7,464              0.6
Mineral Deposits                  Senegal             2,546              0.2
                                                     ------              ---
                                                     38,661              3.0
                                                     ------              ---
Impala Platinum              South Africa            33,439              2.5
Aquarius Platinum            South Africa             2,215              0.2
Platinum Group Metals        South Africa             1,977              0.1
                                                     ------              ---
                                                     37,631              2.8
                                                     ------              ---
Cokal                           Indonesia               198              0.0
Petmin                       South Africa               179              0.0
Australian Energy#†             Australia                 0              0.0
                                                        ---              ---
                                                        377              0.0
                                                        ---              ---
Minsur sa 'I'                        Peru            13,900              1.1
UEX                                Canada             3,281              0.2
Soc Min El Brocal                    Peru             1,615              0.1
Metals X                        Australia             1,261              0.1
Nyrstar                            Global             1,152              0.1
Bindura Nickel                   Zimbabwe                29              0.0
                                                     ------              ---
                                                     21,238              1.6
                                                     ------              ---
Portfolio                                         1,318,110            100.0
                                                  =========            =====
* Includes fixed income investments.                                         
# Investments held at Directors' valuation.                                 
§ Includes Marampa royalty contract.                                        
† Includes group holdings.                                                  

All investments are in equity shares unless otherwise stated. The total number
of investments as at 31 December 2012 was 77 (31 December 2011: 70).

Portfolio Analysis
31 December 2012

Commodity Exposure*

                 BlackRock World Mining Trust plc  HSBC Global Mining Index
                             2012            2011                      2012
                                %               %                         %
Aluminium                     0.0             0.0                       2.3
Coal                          0.0             2.4                       6.9
Industrial Minerals           3.0             5.2                       0.5
Platinum                      2.8             3.4                       1.8
Silver & Diamonds             9.3             8.6                       3.6
Gold                         10.4             9.5                      21.5
Iron Ore                     12.9             7.8                       1.3
Copper                       21.9            18.1                       8.3
Diversified                  38.1            42.1                      51.7
Other                         1.6             2.9                       2.1

Geographical Exposure*
                                  2012                      2011    
                                     %                         %    
Global                            51.2                      45.8    
Latin America                     20.3                      19.8    
Africa (ex SA)                    13.1                      12.8    
Australia                          6.9                      11.9    
South Africa                       5.5                       6.1    
USA                                0.5                       1.3    
Canada                             0.5                       0.6    
Other                              2.0  **                   1.7  **

* Based on the principal commodity exposure and place of operation of each
** Consists of Indonesia, Kazakhstan, Mongolia, Oman, Papua New Guinea and

Consolidated Statement of Comprehensive Income
for the year ended 31 December 2012

               Notes       2012       2011       2012       2011       2012       2011
                        Revenue    Revenue    Capital    Capital      Total      Total
                          £'000      £'000      £'000      £'000      £'000      £'000

Income from
held at
fair value
through profit
or loss            3     42,508     43,450          -          -     42,508     43,450
Other income       3      2,553      4,663          -          -      2,553      4,663
                         ------     ------    -------   --------    -------     ------
Total revenue            45,061     48,113          -          -     45,061     48,113
                         ------     ------    -------   --------    -------     ------
Losses on
held at
fair value
through profit
or loss                       -          -    (93,808)  (405,420)   (93,808)  (405,420)
on foreign
exchange                      -          -      1,705     (2,038)     1,705     (2,038)
                         ------     ------    -------   --------    -------   --------
                         45,061     48,113    (92,103)  (407,458)   (47,042)  (359,345)
                         ------     ------    -------   --------    -------   --------
fees               4     (4,046)   (18,907)   (12,139)         -    (16,185)   (18,907)
Other expenses     5       (902)      (908)      (766)         -     (1,668)      (908)
                         ------     ------    -------   --------    -------    -------
Total operating
expenses                 (4,948)   (19,815)   (12,905)         -    (17,853)   (19,815)
                         ------     ------    -------   --------    -------    -------
Net profit/
(loss) before
finance costs
and taxation             40,113     28,298   (105,008)  (407,458)   (64,895)  (379,160)
                         ------     ------   --------   --------    -------   --------
Finance costs      6       (299)      (742)      (895)         -     (1,194)      (742)
                         ------     ------   --------   --------    -------   --------
Net profit/
(loss) on
before taxation          39,814     27,556   (105,903)  (407,458)   (66,089)  (379,902)
                         ------     ------   --------   --------    -------   --------
Taxation                 (1,200)    (1,457)     3,258      2,731      2,058      1,274
                         ------     ------   --------   --------    -------   --------
Net profit/
(loss) for
the year                 38,614     26,099   (102,645)  (404,727)   (64,031)  (378,628)
                         ======     ======   ========   ========    =======   ========
(loss) per
ordinary share     8     21.78p     14.71p    (57.90p)  (228.08p)   (36.12p)  (213.37p)
                         ======     ======    =======   ========    =======   ========

The total column of this statement represents the Consolidated Statement of
Comprehensive Income, prepared in accordance with International Financial
Reporting Standards (IFRS), as adopted by the European Union. The supplementary
revenue and capital columns are both prepared under guidance published by the
Association of Investment Companies (AIC). All items in the above statement
derive from continuing operations. No operations were acquired or discontinued
during the year. All income is attributable to the equity holders of BlackRock
World Mining Trust plc. There were no minority interests.

The net loss of the Company for the year was £64,031,000 (2011: loss of 

The Group does not have any other recognised gains or losses. The net return
for the year disclosed above represents the Group's comprehensive income.

Statements of Changes in Equity
for the year ended 31 December 2012

                        Ordinary      Share                Capital
                           share    premium    Special  redemption    Capital    Revenue
                         capital    account    reserve     reserve   reserves    reserve      Total
Group            Note      £'000      £'000      £'000       £'000      £'000      £'000      £'000
For the year
31 December 2011
31 December 2010           9,651    127,155    118,210      22,779  1,398,963     31,265  1,708,023
for the year                   -          -          -           -   (404,727)    26,099   (378,628)
during the
year*                          -          -     (1,739)          -          -          -     (1,739)
Dividend paid       7          -          -          -           -          -    (10,652)   (10,652)
                           -----    -------    -------      ------    -------    -------  ---------
31 December 2011           9,651    127,155    116,471      22,779    994,236     46,712  1,317,004
                           =====    =======    =======      ======    =======    =======  =========
For the year
31 December 2012
31 December 2011           9,651    127,155    116,471      22,779    994,236     46,712  1,317,004
for the year                   -          -          -           -   (102,645)    38,614    (64,031)
Dividend paid       7          -          -          -           -          -    (37,230)   (37,230)
                           -----    -------    -------      ------    -------    -------  ---------
31 December 2012           9,651    127,155    116,471      22,779    891,591     48,096  1,215,743
                           =====    =======    =======      ======    =======    =======  =========
For the year
31 December 2011
31 December 2010           9,651    127,155    118,210      22,779  1,409,418     20,810  1,708,023
for the year                   -          -          -           -   (404,281)    25,653   (378,628)
the year*                      -          -     (1,739)          -          -          -     (1,739)
Dividend paid       7          -          -          -           -          -    (10,652)   (10,652)
                           -----    -------    -------      ------  ---------    -------  ---------
31 December 2011           9,651    127,155    116,471      22,779  1,005,137     35,811  1,317,004
                           =====    =======    =======      ======  =========    =======  =========
For the year
31 December 2012
31 December 2011           9,651    127,155    116,471      22,779  1,005,137     35,811  1,317,004
for the year                   -          -          -           -   (102,640)    38,609    (64,031)
Dividend paid       7          -          -          -           -          -    (37,230)   (37,230)
                           -----    -------    -------      ------   --------    -------  ---------
31 December 2012           9,651    127,155    116,471      22,779    902,497     37,190  1,215,743
                           =====    =======    =======      ======    =======    =======  =========
* Held in treasury                                                                                     

Statements of Financial Position
as at 31 December 2012

                                 Notes      Group    Company      Group    Company
                                             2012       2012       2011       2011
                                            £'000      £'000      £'000      £'000
Non current assets
Investments held at fair value
through profit or loss                  1,318,110  1,330,516  1,353,098  1,365,499
Deferred tax asset                          3,002      3,002          -          -
                                        ---------  ---------  ---------  ---------
                                        1,321,112  1,333,518  1,353,098  1,365,499
Current assets
Cash and cash equivalents                  14,493      3,224     30,113     18,851
Other receivables                           3,693      3,693      3,451      3,451
                                        ---------  ---------   --------   --------
                                           18,186      6,917     33,564     22,302
                                        ---------  ---------  ---------  ---------
Total assets                            1,339,298  1,340,435  1,386,662  1,387,801
                                        ---------  ---------  ---------  ---------
Current liabilities
Other payables                            (21,672)   (22,809)    (5,283)    (6,422)
Bank loans and bank overdrafts           (100,892)  (100,892)   (63,059)   (63,059)
                                         --------   --------   --------   --------
                                         (122,564)  (123,701)   (68,342)   (69,481)
                                         --------   --------   --------   --------
Total assets less current
liabilities                             1,216,734  1,216,734  1,318,320  1,318,320
Non current liabilities
Deferred tax liabilities                     (991)      (991)    (1,316)    (1,316)
                                        ---------  ---------  ---------  ---------
Net assets                              1,215,743  1,215,743  1,317,004  1,317,004
                                        =========  =========  =========  =========
Equity attributable to equity
Ordinary share capital               9      9,651      9,651      9,651      9,651
Share premium account                     127,155    127,155    127,155    127,155
Special reserve                           116,471    116,471    116,471    116,471
Capital redemption reserve                 22,779     22,779     22,779     22,779
Capital reserves                          891,591    902,497    994,236  1,005,137
Revenue reserve                            48,096     37,190     46,712     35,811
                                        ---------  ---------  ---------  ---------
Total equity                            1,215,743  1,215,743  1,317,004  1,317,004
                                        =========  =========  =========  =========
Net asset value per ordinary
share                                8    685.75p    685.75p    742.86p    742.86p
                                          =======    =======    =======    =======

Cash Flow Statements
for the year ended 31 December 2012

                                             2012       2012       2011       2011
                                            Group    Company      Group    Company
                                            £'000      £'000      £'000      £'000
Operating activities
Loss before taxation                      (66,089)   (66,091)  (379,902)  (380,071)
Add back interest paid                      1,194      1,194        742        742
Losses on investments held at fair
value through profit or loss including
transaction costs                          93,808     93,803    405,420    404,974
Net (gains)/losses on foreign exchange     (1,705)    (1,705)     2,038      2,038
Net movement of current asset
investments held by subsidiary                  -          -        532          -
Sales of investments held at fair value
through profit or loss                    281,719    281,719    236,648    236,648
Purchases of investments held at fair
value through profit or loss             (340,539)  (340,539)  (236,892)  (236,892)
Increase in other receivables                (138)      (138)    (2,101)    (2,101)
Increase in amounts due from brokers         (189)      (189)        (6)        (6)
Increase/(decrease) in amounts due to
brokers                                    12,462     12,462    (10,590)   (10,590)
Increase/(decrease) in other payables       3,927      3,927       (794)      (794)
Dealing profits                                 -          -       (532)         -
                                          -------    -------    -------    -------
Net cash (outflow)/inflow from
operating activities before interest
and taxation                              (15,550)   (15,557)    14,563     13,948
                                          -------    -------    -------    -------
Interest paid                              (1,194)    (1,194)      (742)      (742)
Taxation paid                                 (40)       (40)       (16)       (16)
Taxation on overseas income                (1,144)    (1,144)    (1,502)    (1,495)
                                          -------    -------    -------    -------
Net cash (outflow)/inflow from
operating activities before financing
activities                                (17,928)   (17,935)    12,303     11,695
                                          -------    -------    -------    -------
Financing activities
Purchase of ordinary shares                     -          -     (1,739)    (1,739)
Drawdown of loan                           40,624     40,624     37,707     37,707
Dividend paid                             (37,230)   (37,230)   (10,652)   (10,652)
                                          -------    -------    -------    -------
Net cash inflow from financing
activities                                  3,394      3,394     25,316     25,316
                                          -------    -------    -------    -------
(Decrease)/increase in cash and cash
equivalents                               (14,534)   (14,541)    37,619     37,011
Effect of foreign exchange rate changes    (1,086)    (1,086)    (1,596)    (1,596)
                                          -------    -------    -------    -------
Change in cash and cash equivalents       (15,620)   (15,627)    36,023     35,415
Cash and cash equivalents at start of
year                                       30,113     18,851     (5,910)   (16,564)
                                          -------    -------    -------    -------
Cash and cash equivalents at end of
year                                       14,493      3,224     30,113     18,851
                                          -------    -------    -------    ------- 

Notes to the Financial Statements

1. Principal activity
The principal activity of the Company is that of an investment trust company
within the meaning of section 1158 of the Corporation Tax Act 2010.

The principal activity of the subsidiary, BlackRock World Mining Investment
Company Limited, is investment dealing.

2. Accounting policies
The principal accounting policies adopted by the Group and Company are set out

(a) Basis of preparation
The Group and Parent Company financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS) as adopted
by the European Union and as applied in accordance with the provisions of the
Companies Act 2006. The Group has taken advantage of the exemption provided
under section 408 of the Companies Act 2006 not to publish its individual
income statement and related notes.

The Group's financial statements are presented in sterling, which is the
currency of the primary economic environment in which the Group operates. All
values are rounded to the nearest thousand pounds (£'000) except where
otherwise indicated.

A number of new standards, amendments to standards and interpretations are
effective for annual periods beginning after 1 January 2013, and have not been
applied in preparing these financial statements. None of these are expected to
have a significant effect on the measurement of the amounts recognised in the
financial statements of the Company. However, IFRS 9 "Financial Instruments"
issued in November 2009 will change the classification of financial assets, but
is not expected to have an impact on the measurement basis of the financial
assets since the majority of the Company's financial assets are measured at
fair value through profit or loss.

IFRS 9 - "Financial Instruments" (effective 1 January 2015) deals with
classification and measurement of financial assets and its requirements
represent a significant change from the existing requirements in IAS 39 in
respect of financial assets. The standard contains two primary measurement
categories for financial assets: at amortised cost and fair value. A financial
asset would be measured at amortised cost if it is held within a business model
whose objective is to hold assets in order to collect contractual cash flows,
and the asset's contractual terms give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal
outstanding. All other financial assets would be measured at fair value. The
standard eliminates the existing IAS 39 categories of "held to maturity",
"available for sale" and "loans" and "receivables".

The standard is effective for annual periods beginning on or after 
1 January 2015 but is not yet approved by the EU. Earlier application is
permitted. The Company does not plan to adopt this standard early.

IFRS 10 - "Consolidated Financial Statements" (effective 1 January 2013)
establishes a single control model that applies to all entities including
special purpose entities. The changes introduced by IFRS 10 will require
management to exercise significant judgement to determine which entities are
controlled, and therefore are required to be consolidated by a parent. The
standard is not likely to have any impact on the Group.

IFRS 11 - "Joint Arrangements" (effective 1 January 2013) removes the option to
account for jointly controlled entities (JCEs) using proportionate
consolidation. This is not applicable to the Group as it holds no interests in
joint arrangements.

IFRS 12 - "Disclosure of Involvement with Other Entities" (effective 
1 January 2013) now requires additional disclosures that relate to an entity's
interests in subsidiaries, joint arrangements, associates and structured

The Board is currently reviewing the potential effect on the Group's and
Company's financial statements.

IFRS 13 - "Fair Value Measurement" (effective 1 January 2013) establishes a
single source of guidance under IFRS for all fair value measurements. It does
not change when an entity is required to use fair value, but rather provides
guidance on how to measure fair value under IFRS when fair value is required or

The Board is currently assessing the impact that this standard will have on the
financial position and performance.

Insofar as the Statement of Recommended Practice (SORP) for investment trusts
and venture capital trusts issued by the Association of Investment Companies
(AIC), revised in January 2009 is compatible with IFRS, the financial
statements have been prepared in accordance with the guidance set out in the

(b) Basis of consolidation
The Group financial statements consolidate the financial statements of the
Company and its wholly owned subsidiary, BlackRock World Mining Investment
Company Limited, which are registered and operate in England and Wales.

(c) Presentation of the Consolidated Statement of Comprehensive Income
In order to better reflect the activities of an investment trust company and in
accordance with guidance issued by the AIC, supplementary information which
analyses the Consolidated Statement of Comprehensive Income between items of a
revenue and a capital nature has been presented alongside the Consolidated
Statement of Comprehensive Income.

(d) Segmental reporting
The Directors are of the opinion that the Group is engaged in a single segment
of business being investment business.

(e) Income
Dividends receivable on equity shares are recognised on an ex-dividend basis.
Where no ex-dividend date is available, dividends receivable on or before the
year end are treated as revenue for the year. Provision is made for any
dividends not expected to be received. Interest income is accounted for on an
accruals basis.

Income from contractual rights is measured at the fair value of the
consideration received or receivable where the Investment Manager can reliably
estimate the amount, pursuant to the terms of the agreement. Income from
contractual rights received comprise of a return of income and a return of
capital based on the underlying cost of the contract and, accordingly, the
return of income element is taken to the revenue account and the return of
capital element is taken to the capital account. These amounts are disclosed in
the Consolidated Statement of Comprehensive Income within income from
investments and gains/losses on investments held at fair value through profit
or loss, respectively.

The useful life of the contractual rights will be determined by reference to
the contractual arrangements, the planned mine life on commencement of mining
and the underlying cost of the contractual rights will be revalued on a
systematic basis using the units of production method over the life of the
contractual rights which is estimated using available estimated proved and
probable reserves specifically associated with the mine. The Investment Manager
relies on public disclosures for information on proven and probable reserves
from the operators of the mine. Amortisation rates are adjusted on a
prospective basis for all changes to estimates of the life of contractual
rights and iron ore reserves. These are disclosed in the Consolidated Statement
of Comprehensive Income within gains/losses on investments held at fair value
through profit or loss.

Option premium income is recognised as revenue and included in the revenue
column of the Consolidated Statement of Comprehensive Income unless the option
has been written for the maintenance and enhancement of the Company's
investment portfolio and represents an incidental part of a larger capital
transaction, in which case any premia arising are allocated to the capital
column of the Consolidated Statement of Comprehensive Income. When an option is
closed out or exercised the gain or loss is accounted for as capital.

(f) Expenses
All expenses, including finance costs, are accounted for on an accruals basis.
Expenses have been charged wholly to the revenue column of the Consolidated
Statement of Comprehensive Income, except as follows:

- expenses which are incidental to the acquisition of an investment are
included within the cost of the investment;

- with effect from 1 January 2012, the investment management fee and finance
costs have been allocated 75% to the capital column and 25% to the revenue
column of the Consolidated Statement of Comprehensive Income in line with the
Board's expected long term split of returns in the form of capital gains and
income, respectively, from the investment portfolio;

- expenses are treated as capital where a connection with the maintenance or
enhancement of the value of the investments can be demonstrated.

(g) Taxation
Deferred taxation is recognised in respect of all temporary differences that
have originated but not reversed at the financial reporting date, where
transactions or events that result in an obligation to pay more tax in the
future or right to pay less tax in the future have occurred at the financial
reporting date. This is subject to deferred tax assets only being recognised if
it is considered more likely than not that there will be suitable profits from
which the future reversal of the temporary differences can be deducted.
Deferred tax assets and liabilities are measured at the rates applicable to the
legal jurisdictions in which they arise.

(h) Investments held at fair value through profit or loss
The Company's investments, including contractual rights, are classified as held
at fair value through profit or loss in accordance with IAS 39 - "Financial
Instruments: Recognition and Measurement" and are managed and evaluated on a
fair value basis in accordance with its investment strategy.

All investments, including contractual rights, are designated upon initial
recognition as held at fair value through profit or loss. Purchases of
investments are recognised on a trade date basis. The sales of assets are
recognised at the trade date of the disposal. Proceeds are measured at fair
value which will be regarded as the proceeds of sale less any transaction
costs. Contractual rights are recognised on the completion date, where a
purchase of the rights is under a contract, and is initially measured at fair
value excluding transaction costs.

The fair value of the financial investments is based on their quoted bid price
at the financial reporting date, without deduction for the estimated selling
costs. Unquoted investments are valued by the Directors at fair value using
International Private Equity and Venture Capital Valuation Guidelines. This
policy applies to non current asset investments held by the Group. The
Directors engage an independent mining consultant to conduct a periodic
valuation of the contractual rights and the fair value of the contractual
rights is assessed with reference to relevant factors, which include, inter
alia, production profiles, commodity prices and management representations. The
asset is reviewed regularly to ensure that the initial classification remains
correct given the asset's characteristics and the Group's investment policies.
The contractual rights are initially recognised using the transaction price as
the best evidence of fair value at acquisition and are subsequently measured at
fair value.

Gains and losses arising from changes in fair value of investments and on
disposal of investments are recognised directly in the Consolidated Statement
of Comprehensive Income. The gains and losses from changes in fair value of
contractual rights are taken to the Consolidated Statement of Comprehensive
Income and arise as a result of revaluation of the underlying cost of the
contractual rights, changes in commodity prices and changes in estimates of
proven and probable reserves specifically associated with the mine.

In order to improve the disclosure of how companies measure the fair value of
their financial investments, the disclosure requirements in IFRS 7 have been
extended to include a fair value hierarchy. The fair value hierarchy consists
of the following three levels:

Level 1 - quoted prices (unadjusted) in active markets for identical assets or

Level 2 - valued by reference to valuation techniques using market observable
inputs such as quoted prices;

Level 3 - inputs for the asset or liability that are not based on observable
market data.

Under IFRS, the investment in the subsidiary is fair valued which is deemed to
be the net asset value of the subsidiary. Changes in the fair value of
investments held at fair value through profit or loss and gains and losses on
disposal are recognised in the Consolidated Statement of Comprehensive Income
as "Gains or losses on investments held at fair value through profit or loss".
Also included within this heading are transaction costs in relation to the
purchase or sale of investments.

(i) Other receivables and other payables
Other receivables and other payables do not carry any interest and are short
term in nature and are accordingly stated at their nominal value.

(j) Dividends payable
Under IFRS, final dividends should not be accrued in the financial statements
unless they have been approved by shareholders before the financial reporting
date. Interim dividends should not be accrued in the financial statements
unless they have been paid.

Dividends payable to equity shareholders are recognised in the Statements of
Changes in Equity when they have been approved by shareholders in the case of a
final dividend, or paid in the case of an interim dividend, and have become a
liability of the Group.

(k) Foreign currency translation
Transactions involving foreign currencies are converted at the rate ruling at
the date of the transaction. Foreign currency monetary assets and liabilities
are translated into sterling at the rate ruling on the financial reporting
date. Foreign exchange differences arising on translation are recognised in the
Consolidated Statement of Comprehensive Income.

(l) Cash and cash equivalents
Cash comprises cash in hand and on demand deposits. Cash equivalents are short
term, highly liquid investments that are readily convertible to known amounts
of cash and that are subject to an insignificant risk of changes in value.

(m) Bank borrowings
Bank overdrafts and loans are recorded as the proceeds received. Finance
charges, including any premia payable on settlement or redemption and direct
issue costs, are accounted for on an accruals basis in the Consolidated
Statement of Comprehensive Income using the effective interest rate method and
are added to the carrying amount of the instrument to the extent that they are
not settled in the period in which they arise.

3. Income
                                                                 2012       2011
                                                                £'000      £'000
Investment income:
UK listed dividends                                             9,264      8,535
Overseas listed dividends                                      20,759     17,876
Overseas listed special dividends                                 446      7,646
Income from contractual rights                                    266          -
Fixed interest income                                          11,773      9,393
                                                               ------     ------
                                                               42,508     43,450
                                                               ------     ------
Other income:
Option premiums                                                 2,114      3,775
Deposit interest                                                   21         24
Dealing profits                                                     -        532
Underwriting commission                                           418        332
                                                               ------     ------
                                                                2,553      4,663
                                                               ------     ------
Total income                                                   45,061     48,113
                                                               ======     ======
Total income comprises:
Dividends                                                      30,469     34,057
Deposit interest                                                   21         24
Option premiums                                                 2,114      3,775
Income from contractual rights                                    266          -
Fixed interest income                                          11,773      9,393
Other income                                                      418        864
                                                               ------     ------
                                                               45,061     48,113
                                                               ======     ======

The Company considers the treatment of premium arising on option transactions
on a case-by-case basis. During the year ended 31 December 2012, the option
premium income of £2,114,000 (2011: £3,775,000) received by the Company was
from options written for income purposes and has therefore been credited to the
revenue column of the Consolidated Statement of Comprehensive Income.

4. Management fee
                                   2012                         2011
                        Revenue   Capital    Total   Revenue   Capital    Total
                          £'000     £'000    £'000     £'000     £'000    £'000

Investment management
fee                       4,046    12,139   16,185    18,907         -   18,907
                          -----    ------   ------    ------    ------   ------
                          4,046    12,139   16,185    18,907         -   18,907
                          =====    ======   ======    ======    ======   ======

The investment management fee is levied quarterly at a rate of 1.3% per annum,
based on the value of gross assets on the last day of each quarter and, with
effect from 1 January 2012, 75% of investment management fees are allocated to
the capital column and 25% to the revenue column of the Consolidated Statement
of Comprehensive Income.

5. Other expenses
                                    2012                            2011
                         Revenue   Capital     Total    Revenue   Capital     Total
                           £'000     £'000     £'000      £'000     £'000     £'000

Custody fee                  379         -       379        465         -       465
Auditor's remuneration:
- audit services              39         -        39         23         -        23
- other audit services*#       6       198       204          6         -         6
Registrar's fee               72         -        72         91         -        91
Directors' emoluments**      119         -       119        115         -       115
Other administrative
costs#                       287       568       855        208         -       208
                            ----      ----     -----       ----      ----      ----
                             902       766     1,668        908         -       908
                            ====      ====     =====       ====      ====      ====

The Company's ongoing charges, calculated as a percentage of
average net assets for the year and using expenses, excluding
finance costs were:                                                  1.4%      1.3%
                                                                     ====      ==== 
* Other audit services relate to the review of the half yearly financial                 
# Expenses charged to capital include £198,000 paid to the auditors
relating to tax and structuring services and £568,000 paid to legal and 
corporate finance advisers relating to advice provided for a proposed 
but not completed corporate acquisition.
** The emoluments of the Chairman, who was also the highest paid Director, were          
£30,000 (2011: £30,000).                                                                 

6. Finance costs
                                   2012                          2011
                        Revenue   Capital     Total   Revenue   Capital     Total
                          £'000     £'000     £'000     £'000     £'000     £'000

Interest on bank loans      297       890     1,187       565         -       565
Interest on bank
overdrafts                    2         5         7       177         -       177
                            ---       ---     -----      ----      ----      ----
                            299       895     1,194       742         -       742
                            ===       ===     =====      ====      ====      ====

7. Dividends

Under IFRS, final dividends are not recognised until they are approved by
shareholders, and special and interim dividends are not recognised until they
are paid. They are also debited directly to reserves. Amounts recognised as
distributable to ordinary shareholders for the period to 31 December were as
                                                                    2012       2011
                                                                   £'000      £'000
Interim ordinary dividend in respect of the year ended
31 December 2012 of 7.00p per share, declared on 9 August 2012    12,410          -
Final ordinary dividend in respect of the year ended
31 December 2011 of 14.00p per share, approved by shareholders
on 19 May 2012                                                    24,820     10,652
                                                                  ------     ------
                                                                  37,230     10,652
                                                                  ======     ======
The total dividends payable in respect of the year which form the basis of
section 1158 of the Corporation Tax Act 2010 and section 833 of the Companies
Act 2006, and the amounts proposed, meet the relevant requirements as set out
in this legislation.
                                                                    2012       2011
                                                                   £'000      £'000
Dividends paid or proposed on equity shares:
Interim ordinary dividend paid of 7.00p (2011: nil)               12,410          -
Proposed final ordinary dividend of 14.00p per share
(2011: 14.00p)*                                                   24,820     24,820
                                                                  ------     ------
                                                                  37,230     24,820
                                                                  ======     ======

* Based on 177,287,242 (2011: 177,287,242) ordinary shares.                      

8. Consolidated earnings and net asset value per ordinary share

Revenue and capital returns per share are shown below and have been calculated
using the following:

                                                                2012         2011
Net revenue profit attributable to ordinary shareholders
(£'000)                                                       38,614       26,099
Net capital loss attributable to ordinary shareholders
(£'000)                                                     (102,645)    (404,727)
                                                            --------     --------
Total loss attributable to ordinary shareholders (£'000)     (64,031)    (378,628)
                                                            ========     ========
Total equity attributable to ordinary shareholders
(£'000)                                                    1,215,743    1,317,004
                                                           ---------    ---------
The weighted average number of ordinary shares in issue
during each year, on which the return per ordinary
share was calculated, was:                               177,287,242  177,450,256
                                                         -----------  -----------
The number of ordinary shares in issue at the year end,
on which the net asset value per ordinary share was
calculated, was:                                         177,287,242  177,287,242
                                                         -----------  -----------
Revenue earnings per share                                    21.78p       14.71p
Capital loss per share                                       (57.90p)    (228.08p)
                                                             -------     --------
Total loss per share                                         (36.12p)    (213.37p)
                                                             -------     --------
Net asset value per share                                    685.75p      742.86p
                                                             -------      -------
Share price                                                  586.50p      631.50p
                                                             =======      =======

At 31 December 2012, the 15,724,600 (2011: 15,724,600) shares held in treasury
were not dilutive, as the share price was below the net asset value.

9. Share capital
                                        Ordinary    Treasury
                                          shares      shares
                                          number      number        Total
                                       (nominal)   (nominal)       shares   £'000
Allotted, called up and fully paid
share capital comprised:
Ordinary shares of 5p each                                                           
                                     -----------  ----------  -----------   ----- 
At 1 January 2012                    177,287,242  15,724,600  193,011,842   9,651 
                                     -----------  ----------  -----------   ----- 
At 31 December 2012                  177,287,242  15,724,600  193,011,842   9,651 
                                     ===========  ==========  ===========   ===== 

During the year, no shares (2011: 250,000) were repurchased (2011: cost of 

10. Transaction with Investment Manager
The investment management fee for the year (including secretarial and
administration fees) was £16,185,000 (2011: £18,907,000). At the year end, the
following amount was outstanding in respect of the investment management fee: 
£8,096,000 (2011: £4,431,000).

11. Related party disclosure
The Board consists of five non-executive Directors all of whom are considered
to be independent by the Board. None of the Directors has a service contract
with the Company. With effect from 1 January 2011 the Chairman receives an
annual fee of £30,000, the Chairman of the Audit and Management Engagement
Committee receives an annual fee of £25,000, and each other Director receives
an annual fee of £20,000. All five members of the Board hold shares in the
Company. Mr Lea holds 6,000 ordinary shares, Mr Barby 25,000 ordinary shares,
Mr Buchan 24,000 ordinary shares, Mr Baring 3,000 ordinary shares and Mr Cheyne
4,000 ordinary shares. The amount of Directors fees outstanding at 
31 December 2012 was £28,750 (2011: £67,080).

12. Contingent liabilities
There were no contingent liabilities at 31 December 2012 (2011: nil).

13. Publication of non statutory accounts
The financial information contained in this announcement does not constitute
statutory accounts as defined in the Companies Act 2006. The annual report and
financial statements for the year ended 31 December 2012 will be filed with the
Registrar of Companies after the Annual General Meeting.

The figures set out above have been reported upon by the Auditor, whose report
for the year ended 31 December 2012 contains no qualification or statement
under section 498(2) or (3) of the Companies Act 2006.

The comparative figures are extracts from the audited financial statements of
BlackRock World Mining Trust plc and its subsidiary for the year ended 
31 December 2011, which have been filed with the Registrar of Companies. The
report of the Auditor on those financial statements contained no qualification
or statement under section 498 of the Companies Act 2006.

14. Annual Report
Copies of the annual report will be published shortly and will be available
from the registered office, c/o The Company Secretary, BlackRock World Mining
Trust plc, 12 Throgmorton Avenue, London EC2N 2DL.

15. Annual General Meeting
The Annual General Meeting of the Company will be held at 12 Throgmorton
Avenue, London EC2N 2DL on Thursday, 25 April 2013 at 11.30 a.m.


The Annual Report will also be available on the BlackRock Investment Management
website at 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.

For further information, please contact:

Jonathan Ruck Keene, Chairman, Specialist Client Group,
BlackRock Investment Management (UK) Limited - Tel: 020 7743 2178

Evy Hambro, Fund Manager, BlackRock Investment Management (UK) Limited - 
Tel: 020 7743 4511

Emma Phillips, Media & Communications,
BlackRock Investment Management (UK) Limited - Tel: 020 7743 2922

19 February 2013
12 Throgmorton Avenue
London EC2N 2DL


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Final Results - RNS