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ContentsBLACKROCK WORLDMINING TRUST PLCANNUAL REPORTAND FINANCIALSTATEMENTS31 DECEMBER 2015

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ContentsBlackRock World Mining Trust plcInvestment objective and policyThe Company’s investment policy is to provide a diversifiedinvestment in mining and metal assets worldwide, activelymanaged with the objective of maximising total returns.While the policy is to invest principally in quoted securities,the Company’s investment policy includes investing inroyalties derived from the production of metals and minerals,as well as physical metals. Up to 10% of gross assets maybe held in physical metals and up to 20% may be invested inunquoted investments.A MEMBER OF THE ASSOCIATION OFINVESTMENT COMPANIESFurther details about the Company, including the latest annual and half yearly financial reports, fact sheets and stock exchangeannouncements, are available on the website at blackrock.co.uk/brwmA N N U A L R E P O R T A N D F I N A N C I A L S TAT E M E N T S 3 1 D E C E M B E R 2 0 1 5[1]

ContentsContentsOverviewPerformance record3Chairman’s statement4Historical record6PerformanceStrategic report7Investment manager’s report13Ten largest investments19Investments21Portfolio analysis23GovernanceGovernance structure and directors’ biographies24Directors’ report25Directors’ remuneration report30Corporate governance statement33Report of the audit & management engagementcommittee37Statement of directors’ responsibilities in respect ofthe Annual Report and Financial Statements41Financial statementsIndependent auditor’s report42Consolidated statement of comprehensive income47Statements of changes in equity48Statements of financial position49Cash flow statements50Notes to the financial statements51Additional informationShareholder information75Analysis of ordinary shareholders78Management & other service providers79Regulatory disclosuresAIFMD disclosures80Information to be disclosed in accordance withListing Rule 9.8.481Annual General MeetingNotice of annual general meeting82Glossary86Share fraud warning87[2]BLACKROCK WORLD MINING TRUST PLC

ContentsOverviewPerformance recordFINANCIAL HIGHLIGHTS31 December201531 .4111.9%-36.9For the year ended31 December2015For the year ended31 2.6– Interim– Final7.00p14.00p7.00p14.00p––Total dividends paid and payable21.00p21.00p–Attributable to ordinary shareholdersAssetsNet assets ( ’000)Net asset value per ordinary share– with income reinvestedOrdinary share price (mid-market)– with income reinvestedEuromoney Global Mining IndexDiscount to net asset valueRevenueNet revenue return after taxation ( ’000)Revenue return per ordinary shareDividend per ordinary sharePERFORMANCE OVER THE TEN YEARS ENDED 31 DECEMBER 2015300250200150100500Dec 05Dec 06Dec 07Dec 08Dec 09Dec 10BlackRock World Mining Trust NAV per share (income reinvested)Sources: BlackRock and Datastream.Performance figures are calculated in sterling terms, rebased to 100.Dec 11Dec 12Dec 13Dec 14Dec 15Euromoney Global Mining Index (income reinvested)BlackRock World Mining Trust share price (income reinvested)A N N U A L R E P O R T A N D F I N A N C I A L S TAT E M E N T S 3 1 D E C E M B E R 2 0 1 5[3]

ContentsOverviewChairman’s statementOVERVIEWThe last few years have been extremely challenging forcommodity markets. A combination of slowing global economicgrowth and oversupply have continued to put substantialdownward pressure on many commodities. Weakness has beenlargely driven by the deceleration in China’s economy, whichhad its lowest growth rate for 25 years in 2015.Movements in the U.S. dollar and the collapse of the oil pricehave also intensified pressure on commodity prices. Thedollar’s strong upward momentum has reduced global liquidityand led to some tightening in financial conditions. OPEC’sdecision to keep oil production at near-record levels in analready oversupplied market has also unsettled investors andthe decline in the oil price has spilled over into other industrialcommodities, including iron ore, copper and coal.PERFORMANCEAbsolute performance has once again been disappointingover the twelve months to 31 December 2015, with theCompany’s net asset value (NAV) per share declining by 35.3%and the share price falling by 37.0%. The Company’s NAVmarginally outperformed its benchmark, the EuromoneyGlobal Mining Index, which decreased by 36.9% in thereporting period (all percentages calculated in sterling termswith income reinvested).Since the year end and up until the close of business on25 February 2016, the Company’s NAV has increased by 11.4%compared with a rise of 14.1% in the benchmark index.REVENUE RETURN AND DIVIDENDSThe Company’s revenue return per share for the year to31 December 2015 amounted to 18.47p compared with 21.13pfor the previous year, representing a decrease of 12.6%. Asdiscussed at the interim stage, the Board is prepared to usesome of the Company’s retained revenue reserves this year tomaintain the dividend and, accordingly, the Directors arerecommending the payment of a final amount of 14.00p pershare for the year ended 31 December 2015 (2014: 14.00p). This,together with the interim dividend of 7.00p per share (2014:7.00p), makes a total of 21.00p per share (2014: 21.00p). Thefinal payment will be made on 6 May 2016 to shareholders onthe Company’s register on 29 March 2016, the ex dividend datebeing 24 March 2016.Over recent months a number of underlying mining companieshave announced reduced or cancelled dividends. Key holdingsin the Company, BHP Billiton and Rio Tinto, have cut dividendsby 75% and 50% respectively, which has significantly reducedthe Company’s income for 2016. However, shareholders willrecall that due to a deliberate strategy to diversify its sources ofincome, approximately 50% of the Company’s revenue hashistorically been derived from dividend payments, with themajority of the balance sourced from bonds and option writing.At the time of writing these other areas look likely to be lessvolatile than the significant falls seen in company dividends.Furthermore, we expect to receive royalty payments in 2016 as[4]BLACKROCK WORLD MINING TRUST PLCAvanco brings its new mine into production during the first halfof the year. Whilst these income sources provide importantdiversification at a time of continued uncertainty in the sector,shareholders should nevertheless expect a lower dividend in2016 than the previous year. It remains the Company’s intentionto fully distribute all of the income available and the Board willbe closely monitoring income to determine appropriatepayments for the future.DISCOUNTThe discount of the Company’s share price to the underlyingnet asset value per share finished the year under review at15.0% on a cum income basis having stood at 11.9% at thestart of the year. During the course of the year, the averagediscount was 10.6% with a range between 6.2% to 15.5%. Theshares were trading at a discount of 20.4% as at the close ofbusiness on 25 February 2016.At the Company’s Annual General Meeting held on 29 April 2015,the Directors were granted authority to purchase up to 14.99%of the Company’s issued share capital, excluding treasuryshares, for cancellation or for holding in treasury. The decisionas to whether to purchase the Company’s shares is addressedregularly in Board discussions, but during the year ended31 December 2015 the Company did not buy back any shares.Whilst share buy backs are one method of addressing discountlevels, in recent years the Board has believed that the mostsustainable way to close the share price discount was to placemuch greater emphasis on seeking to generate additionaldemand for the shares by increasing dividend distributions.Mining sector weakness has clearly impacted this strategy butdividends remain key to discount management (although notat the expense of potential capital growth).The Board will continue to consider on a regular basis whethershare purchases should be made and is prepared to use itsshare buy back powers if a wide discount to NAV persists. Toprovide maximum flexibility, the Board is proposing that theCompany’s existing authority to buy back up to 14.99% of theCompany’s issued share capital, excluding treasury shares, berenewed at the forthcoming Annual General Meeting.CONTINUATION OF THE COMPANYAs agreed by shareholders in 1998, an ordinary resolutionfor the continuation of the Company is proposed at eachAnnual General Meeting. Following market weakness in themining sector in recent years, we see classic signs typicalof the low point in the sector. In particular, the industry istaking action to return commodities into balance, and thesector trades at an attractive valuation relative to the broadermarket. The sector should respond positively and your Boardtherefore recommends that shareholders vote in support of theCompany’s continuation.THE BOARDAfter serving as a Director since 2003, Ian Barby will be retiringat the conclusion of the forthcoming Annual General Meeting.On behalf of the Board, I would like to take this opportunity

Contentsto thank Ian for his wise counsel and invaluable contributionover this period. It is also my intention to step down asChairman of the Company following the Annual GeneralMeeting on 28 April 2016. The Senior Independent Director iscurrently leading the process to identify my successor.INVESTMENT MANAGEMENT FEEIn October the Board announced that, following discussionswith its Manager, agreement had been reached on a revisedfee basis. Effective from 1 October 2015, the managementfee (which includes all services provided by BlackRock) wasreduced to 0.8% of the Company’s gross assets. Where theCompany invests in other investment or cash funds managedby BlackRock, any underlying fee is rebated.ANNUAL GENERAL MEETINGThe Company’s Annual General Meeting will be held at theoffices of BlackRock at 12 Throgmorton Avenue, LondonEC2N 2DL on Thursday, 28 April 2016 at 11.30 a.m. Detailsof the business of the meeting are set out in the Notice ofMeeting on pages 82 to 85 of the Annual Report and FinancialStatements. The meeting will include a presentation by thePortfolio Managers on the Company’s performance and theoutlook for the year ahead.OUTLOOKThe outlook for commodity prices remains subdued. A strongerU.S. dollar, lower oil prices and continued low growth inflation,all of which have weighed on commodities over the last year,are likely to remain headwinds for performance in 2016. Sincethe peak of the mining cycle in 2011, the industry hasresponded to lower commodity prices through cost cutting,capital expenditure reductions, asset sales and restructuring,although there is undoubtedly more to follow.Whilst some companies continue to produce in volume,maintaining downward pressure on prices, there are somesigns for optimism. The fall in prices forces companies to cutcosts and loss making production which should strengthenbalance sheets, bring supply into line with demand and helpcommodity markets rebalance over time. At the same time,valuations are becoming more attractive and present aninteresting investment opportunity. The winners will be thosewho emerge leaner and more efficient when sentimentrecovers. The Company’s Investment Manager is focused oncapturing such opportunities in the portfolio through detailedanalysis and on the ground research. In current markets anactive, stock selective approach remains critical to ensuringour future success.A W LEAChairman29 February 2016A N N U A L R E P O R T A N D F I N A N C I A L S TAT E M E N T S 3 1 D E C E M B E R 2 0 1 5[5]