Portfolio Update

MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 30 September 2007 and unaudited.

 Performance at month end with net income reinvested

                                                One     Three      One     Three      Five
                                              month    months     year     years     years
Net asset value* (undiluted)                  20.2%     16.6%    77.4%    241.9%    551.3%
Net asset value* (diluted)                    17.8%     14.6%    66.9%    220.8%    496.6%
Share price*                                  14.6%     14.2%    68.3%    227.3%    540.6%
HSBC Global Mining Index                      18.6%     18.2%    69.0%    193.4%    430.1%

Sources: BlackRock, HSBC Global Mining Index, Datastream

*Net asset value and share price performance includes the warrant reinvestment,
assuming the 2004 and 2006 bonus warrant entitlements per share were sold and
the proceeds reinvested on the first day of trading.

At month end                                                                     
Net asset value                           Including Income         Capital Only  
Undiluted:                                         781.90p*             775.57p  
Diluted:                                           733.78p              728.45p  
*Includes net revenue of 6.33p                                                   
                                                                                 
Share price:                                       651.00p                       
Discount to NAV**:                                   10.6%                       
Warrant price:                                     185.50p                       
Total assets:                                   £1,249.20m                       
Net yield:                                            0.4%                       
Gearing:                                              1.6%                       
Ordinary shares in issue:                       158,466,602                      
Warrants in issue:                               29,814,855                      
Ordinary shares held in Treasury:                13,676,677                      

**Discount to NAV based on capital only, fully diluted NAV.

During the month 200,000 ordinary shares were bought back to be held in
treasury for a total consideration of £1,303,343.00

Sector                          % Total     Country                         % Total 
Analysis                         Assets     Analysis                         Assets 
                                                                                    
Diversified                        48.4     Latin America                      24.3 
Base Metals                        24.9     Global                             20.9 
Platinum                            7.5     Australasia                        10.5 
Industrial Minerals                 6.0     South Africa                       12.9 
Gold                                5.6     Canada                              9.5 
Silver/Diamonds                     5.0     USA                                 6.3 
Other                               3.6     Other Africa                        6.3 
Net current liabilities            (1.0)    India                               3.5 
                                  -----     China                               2.6 
                                  100.0     Europe                              1.4 
                                  -----     Kazakhstan                          1.1 
                                            Indonesia                           1.1 
                                            Laos                                0.6 
                                            Net current liabilities            (1.0)
                                                                              ----- 
                                                                              100.0 
                                                                              ----- 

Ten Largest Equity Investments                         
                                                       
Company                                   Region of Risk            
Alcoa                                     USA          
Anglo American                            Global       
BHP Billiton                              Global       
CVRD                                      Latin America
First Quantum Minerals                    Zambia       
Impala Platinum                           South Africa 
Minas Buenaventura                        Latin America
Rio Tinto                                 Global       
Teck Cominco                              Canada       
Zinifex                                   Australasia  

Commenting on the markets, Graham Birch, representing the Investment Manager   
noted:                                                                         
                                                                               
Following the volatility of the previous month, markets started to become more 
rational in September and focused on the fundamentals driving the mining       
sector, in particular supply side constraints and the demand growth from China 
and India.  Fears of a global recession stemming from the US sub prime market  
subsided slightly as analysts had more time to digest data and recognised that 
a slow down in the US housing market would have a limited effect on global     
metal demand.  The equities also saw upgrades from analysts as they began to   
revise upwards their commodity price assumptions as we moved towards the end of
the third quarter.                                                             
                                                                               
Looking at the remainder of the year and into the start of 2008, we may see    
further M&A activity driven by the fact that it remains far cheaper for        
companies to buy rather than build production capacity.  Meanwhile, demand from
developing nations such as China and India is likely to continue unabated      
whilst we continue to see relatively muted growth from the supply side.  In    
addition, we expect numerous commodity price upgrades between now and the end  
of the year as analysts mark their forecasts to market, providing the          
opportunity for additional potential upside in mining equities.                
                                                                               
                                                                               
Latest information is available by typing www.blackrock.co.uk/its on the       
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).                                                                     
                                                                               
                                                                               
                                                                               
15 October 2007