Portfolio Update

MERRILL LYNCH WORLD MINING TRUST plc
All information is at 30 November 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)                  -4.0%     24.8%    63.5%    242.3%    515.4%
Net asset value* (diluted)                    -3.6%     21.7%    56.0%    221.7%    461.5%
Share price*                                  -4.2%     15.8%    52.8%    213.1%    501.1%
HSBC Global Mining Index                      -4.1%     21.8%    56.9%    194.7%    387.0%

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:                                         811.41p*             805.28p  
Diluted:                                           758.46p              753.29p  
*Includes net revenue of 6.13p                                                   
                                                                                 
Share price:                                       658.00p                       
Discount to NAV**:                                   13.2%                       
Warrant price:                                     191.00p                       
Total assets:                                   £1,271.53m                       
Net yield:                                           0.38%                       
Gearing:                                                0%                       
                                                                                 
Ordinary shares in issue:                       157,900,479                      
Warrants in issue:                               29,814,855                      
Ordinary shares held in Treasury:                14,242,800                      

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


Sector                          % Total     Country                         % Total 
Analysis                         Assets     Analysis                         Assets 
Diversified                        50.9     Latin America                      24.5 
Base Metals                        22.5     Global                             23.0 
Platinum                            7.7     South Africa                       13.9 
Gold                                5.9     Australasia                         8.4 
Silver/Diamonds                     5.6     Canada                              6.9 
Industrial Minerals                 4.4     Other Africa                        6.4 
Other                               3.2     USA                                 6.2 
Net current liabilities            (0.2)    India                               5.1 
                                  -----     Europe                              2.8 
                                  100.0     Kazakhstan                          1.1 
                                  -----     Indonesia                           1.0 
                                            Laos                                0.7 
                                            China                               0.2 
                                            Net current liabilities            (0.2)
                                                                              ----- 
                                                                              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       
Verdanta                                  India        
Zinifex                                   Australasia  
                                                       

Commenting on the markets, Graham Birch, representing the Investment Manager   
noted:                                                                         
                                                                               
Concerns over the impact of the credit crisis and the potential for it to      
derail global growth again weighed on equity markets during the month. However,
the mining sector was buoyed by the announcement early in the month of an      
approach by BHP Billiton to Rio Tinto with a view to the two companies merging.
This merger, if completed, would create the world's largest diversified mining 
group with market leading positions in iron ore, copper and aluminium. In our  
view this highlights the value to be found in mining equities and that it      
remains cheaper for companies to grow through M&A as they struggle to grow     
organically.                                                                   
                                                                               
Outlook                                                                        
Whilst the market continues to focus on the impact of the global credit crisis 
and its effect upon global growth, volatility will continue to feature.        
However, over the medium term, we believe that demand for metals and minerals  
will not be severely derailed and we therefore are bullish on the outlook for  
mining equities. M&A is also likely to continue as mining companies look to    
grow the output in an environment of limited organic supply growth.            
                                                                               
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).                                                                     
                                                                               
                                                                               
19 December 2007