BlackRock World Mining Trust PLC

BlackRock World Mining Trust PLC was, until mid-2008, the Merrill Lynch World Mining Trust plc. Headquartered in London, and administered by BlackRock Investment Management (UK) Ltd, its objective is “to maximise total returns to shareholders through a world-wide portfolio of mining and metals securities” [BlackRock WMT Half Yearly Financial Report, June 2008, 13 August 2008].

It does this by holding relatively small numbers of shares in an unequalled range of mining companies and, on occasion, dealing in metal-based derivatives instruments.

Its major institutional share holders are:

• Rensburgh Sheppards Investment Management Ltd – 4.09%
• Legal & General Investment Management Ltd – 4%
• Credit Suisse Securities (Europe Ltd) – 3.94%
• Lazard Asset Management LLC – 3.5%
• Barclays PLC – 3.42%

Between June 2008 and that year’s end, BlackRock’s assets under management had fallen in value by 12% - standing at US$1,260 billion [MJ 5 December 2009]. The value of its WMT’s holdings were £581 million, and dispersed as follows:

Ten largest investments (as percentage of BlackRock WMT portfolio):

1. Vale - (formerly CVRD) 15.6% (2007: 14.7%)
2. BHP Billiton - 14.0% (2007: 6.1%)
3. Minas Buenaventura - 7.5% (2007: 3.5%)
4. Impala Platinum - 6.1% (2007: 4.1%)
5. Rio Tinto - 5.9% (2007: 12.2%)
6. Industrias Penoles - 4.3% (2007: 2.4%)
7. Alcoa - 3.4% (2007: 4.4%)
8. Newcrest - 3.3% (2007: nil)
9. African Rainbow Minerals - 2.9% (2007: 1.2%).
10. Iluka Resources - 2.5% (2007: 0.7%)

Other investments (as of 31 December 2008):

1. Teck Cominco 1.6%
2. Anglo American 1.3%
3. Sterlite Industries 1.3&
4. Vedanta Resources 0.8%
5. Oz Minerals * 0.5%
6. PanAust 0.2%
7. Lihir Gold 0.5%
8. Minera IRL 0.4%
9. Gold Fields 0.4%
10. AngloGold Ashanti 0.0%
11. Anglo Platinum 2.3%
12. Aquarius Platinum 0.8%
13. Ridge Mining 0.3%
14. Freeport McMoran Copper & Gold 1.9%
15. Antofagasta 1.8%
16. Soc Min Cerro Verde 1.7%
17. First Quantum Minerals 1.4%
18. Equinox Minerals 0.9%
19. Kazakhmys 0.4%
20. South Peru Copper 0.1%
21. Fresnillo 2.0%
22. Gem Diamonds 0.8%
23. Harry Winston Diamond Corp …. 0.5%
24. Alumina 1.1%
25. Peabody Energy 2.0%
26. Bumi Resources 1.3%
27. Homeland Energy Group 0.0% (only 73 shares held)
28. Nyrstar 0.4%
29. Griffin Mining 0.1%
30. Soc Min El Brocal 0.1%
31. Potash Corp. 1.7%
32. Agrium 1.4%
33. Minsur 1.3%
34. Mosaic 0.9&
35. Eramet 0.9%
36. UEX 0.7%
37. Australian Energy 0.5%
38. Noventa 0.1%
39. Sunkar Resources 0.1%
40. Ivanhoe Nickel & Platinum (130 Warrants) 0.0%

* Held at Directors' valuation.

£ Unquoted investments at Directors' valuation.

All investments are in ordinary shares unless otherwise stated.

The number of investments held at 31 December 2008 was 50.

A year later (December 31 2009) the Trust held shares worth:

• £132,130,000 in Vale
• £110,816,000 in Rio Tinto
• £89,775,000 in BHP Billiton
• £62,058,000 in Teck Resousrces
• £61,925,000 in Glencore
• £61,330,000 in Minas Buenventura (operating in Peru)
• £50,874,000 in First Quantum Minerals
• £35,524,000 in Freeport-McMoran
• £32,868,000 in Newcrest Mining
• £28,945,000 in African Rainbow Minerals
• £25,309,000 in Vedanta
• £24,676,000 in Soc.Minera Cerro Verde (operating in Peru)
• £23,864,000 in Equinox Minerals (operating in Zambia)
• £23,808,000 in Antofagasta(operating in Chile)
• £23,320,000 in OZ Minerals (Australia)
• £22,420,000 in Xstrata
• £19,745,000 in Sterlite (a subisdiary of Vedanta)
• £15,081,000 in Anglo American
• £14,593,000 in IAMGOLD
• £11,810,000 in Newmont Mining
• £10,960,000 in Lihir Gold
• £10,624,000 in Kazkhmys (Kazakhstan)
• £4,575,000 in Eurasian Natural Resources (ENRC)
• £4,574,000 in G Resources (Indonesia)
• £3,047,000 in Rangold Resources
• £2,899,000 in Katanga Mining (operating in DR Congo)
• £2,874,000 in RTZ Zimbabwe
• £2,652,000 in Gold Fields
• £2, 249,000 in Minera ILF (Peru)
• £602,000 in Southern Peru Copper (owned by Grupo Mexico)
• £363,000 in Grafton Resources
• £256,000 in AngloGold Ashanti