Portfolio Update

MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 30 June 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)                   1.9%     18.2%    45.7%    247.1%    378.0%
Net asset value* (diluted)                     1.7%     15.5%    40.4%       n/a       n/a
Share price*                                  -0.9%     12.9%    41.8%    231.2%    369.2%
HSBC Global Mining Index                       1.3%     14.8%    34.1%    190.2%    258.1%

Sources: BlackRock Investment Management (UK) Limited, 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                                                                  
Undiluted:                               670.74p   Includes net revenue of: 4.31p
Diluted:                                 640.32p                                 
Share price:                             570.00p                                 
Discount to undiluted NAV:                 15.0%                                 
Warrant price:                           114.00p                                 
Total assets:                         £1,098.65m                                 
Net yield:                                 0.44%                                 
Gearing:                                   3.63%                                 
Ordinary shares in issue:                            159,079,858                 
Warrants in issue:                                    29,814,855                 
Ordinary shares held in Treasury:                     13,063,421                 
                                                                                 
During the month a further 773,421 ordinary shares were bought back to be held   
in treasury for a total consideration of £4,497,000.                             


Sector                           % Total    Country                         % Total 
Analysis                          Assets    Analysis                         Assets 
Diversified                         44.9    Latin America                      22.0 
Base Metals                         27.4    Global                             20.2 
Platinum                             7.9    South Africa                       12.3 
Gold                                 5.4    Australasia                        12.2 
Industrial Minerals                  5.4    Canada                              9.7 
Silver/Diamonds                      5.0    USA                                 7.2 
Other                                3.3    Other Africa                        6.5 
Net current assets                   0.7    India                               3.2 
                                   -----    China                               2.2 
                                   100.0    Kazakhstan                          1.1 
                                   -----    Europe                              1.0 
                                            Indonesia                           1.0 
                                            Laos                                0.5 
                                            Ukraine                             0.1 
                                            Mongolia                            0.1 
                                            Net current assets                  0.7 
                                                                              ----- 
                                                                              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:                                                                         
                                                                               
M&A speculation dominated for much of the quarter, with rumoured takeover      
targets such as Alcoa, Alcan and Rio Tinto among the names benefiting          
strongly.  As the industry struggles to meet rising demand levels, we believe  
that companies will continue to take advantage of the relatively cheap         
valuations that exist in the sector in an attempt to grow.  Metal prices       
continue to be strong (albeit slightly volatile due to short term market       
sentiment) and inventory levels remain low, with China's growth proving to be  
the major swing factor within global metals and minerals markets.              
                                                                               
World growth seems set to remain strong for the balance of the year - despite  
tightening monetary policy.  Market conditions remain favourable for natural   
resources companies although some sort of seasonal consolidation should be     
expected over the summer.                                                      
                                                                               
Overall, the fundamentals for mining equities look positive, with historically 
high metal prices set to continue, share buybacks proceeding at a rapid rate   
and the possibility of further M&A activity as mining companies seek to grow   
quickly and cost effectively.  The higher commodity prices have been translated
into higher profits for the Company's holdings.  In addition, further          
consolidation in the industry should provide extra momentum to the sector.     
                                                                               
                                                                               
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).                                                                     
                                                                               
                                                                               
12 June 2007