Portfolio Update

MERRILL LYNCH WORLD MINING TRUST plc

All information is at 31 December 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)     -0.8%      2.9%      57.2%      240.6%      469.9%          
Net asset value*  (diluted)       -0.8%      2.6%      50.8%      220.3%      420.4%          
Share price*                      -0.5%      0.6%      49.0%      213.4%      438.2%          
HSBC Global Mining Index          -0.6%      2.0%      54.4%      198.2%      373.3%          
                                                                         
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 entitlement per share was sold and the
proceeds reinvested on the first day of trading.

At month end                                                                   
Net asset value                        Including Income          Capital Only   
Undiluted:                                      804.67p*              796.55p  
Diluted:                                        752.73p               745.90p  
*Includes net revenue of 8.12p                                                 
                                                                               
Share price:                                    655.00p                        
Discount to NAV**:                               12.19%                        
Warrant price:                                  175.00p                        
Total assets:                                £1,256.81m                        
Net yield:                                        0.38%                        
Gearing:                                             0%                        
                                                                               
Ordinary shares in issue:                   157,700,479                        
Warrants in issue:                           29,814,855                        
Ordinary shares held in Treasury:            14,442,800                        
                                                                               
** Discount to NAV based on capital only, fully diluted NAV.                   

Sector Analysis          % of Total        Country Analysis            % of Total
                             Assets                                        Assets

Diversified                    50.6        Latin America                     24.7
Base Metals                    23.1        Global                            21.7
Platinum                        7.8        South Africa                      14.3
Gold                            5.9        Australasia                        8.5
Silver/Diamonds                 5.1        Canada                             7.0
Industrial Minerals             5.0        USA                                6.9
Other                           3.7        Other Africa                       6.4
Net current liabilities        (1.2)       India                              4.8
                              -----        Europe                             3.1
                              100.0        Kazakhstan                         2.0
                              =====        Indonesia                          1.1
                                           Laos                               0.7
                                           Net current liabilities           (1.2)
                                                                            -----
                                                                            100.0
                                                                            =====
    
Ten Largest Equity Investments                                                 
                                                                               
Company                                Region of Risk                       
Alcoa                                  USA                                  
Anglo American                         Global                               
BHP Billiton                           Global                              
First Quantum Minerals                 Zambia                               
Impala Platinum                        South Africa                         
Minas Buenaventura                     Latin America                        
Rio Tinto                              Global                               
Teck Cominco                           Canada                               
Vale                                   Latin America                        
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 heavily on equity markets over the month.
This uncertainty, along with an upturn in geopolitical risk, a weakening US
Dollar and continued oil price strength, meant that the gold price was well
supported and ended the month at USD 836.15/oz (and reached a new all time high
of over USD 900/oz in early 2008).

Looking back over 2007 as a whole, commodity demand remained firm and with
supply again constrained, prices for most metals made new highs at various
times during the year. As a result, while most people will remember 2007 as a
year of poor portfolio returns, investors in the mining sector have enjoyed a
vintage year.

Whilst the market continues to focus on the impact of the global credit crisis
and its effect upon global growth, volatility will continue. 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 the mining sector. M&A
is also likely to continue as mining companies look to grow output in an
environment of limited organic supply growth. As has been the case in recent
years, we believe that sell-side analysts continue to be too cautious about
both spot and futures prices and we therefore remain optimistic about the
outlook for equities in the mining sector in 2008.

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).

17 January 2008