Portfolio Update

MERRILL LYNCH WORLD MINING TRUST plc

All information is at 31 March 2008 and unaudited.
Performance at month end with net income reinvested

                                     One     Three       One     Three      Five
                                   Month    Months      Year     Years     Years
                                                                               
Net asset value* (undiluted)       -9.6%     -2.9%     37.7%    204.1%    514.0%          
Net asset value* (diluted)         -4.0%      2.5%     39.2%    205.0%    491.8%          
Share price*                       -2.6%      2.1%     32.4%    204.2%    493.0%          
HSBC Global Mining Index           -7.8%      0.9%     39.8%    179.2%    405.8%          

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:                                     776.17p*               773.77p  
Diluted:                                        766.09p               763.81p  
*Includes net revenue of 2.40p                                                 
                                                                               
Share price:                                    663.00p                        
Discount to NAV**:                               13.20%                        
Warrant price:                                  136.00p                        
Total assets:                                £1,381.70m                        
Net yield:                                        0.45%                        
Gearing:                                             0%                        
                                                                               
Ordinary shares in issue:                   178,567,729                        
Warrants in issue:                            8,947,605                        
Ordinary shares held in treasury:            14,442,800                        
                                                                               
20,867,250 warrants were exercised during the month for a total consideration  
of £99.7m.                                                                     
                                                                               
** Discount to NAV based on capital only, fully diluted NAV.                   

Sector Analysis             % of Total   Country Analysis            % of Total
                                Assets                                   Assets
                                                                               
Diversified                       47.2   Latin America                     24.8
Base Metals                       21.1   Global                            19.0
Industrial Minerals                8.1   South Africa                      13.3
Platinum                           7.7   USA                                7.1
Gold                               5.9   Australasia                        6.6
Silver/Diamonds                    5.4   Canada                             6.5
Other                              2.9   Other Africa                       4.9
Net current assets                 1.7   Europe                             4.0
                                         India                              4.0
                                         Indonesia                          3.7
                                         Emerging Europe                    3.6
                                         Laos                               0.7
                                         Other                              0.1
                                         Net current assets                 1.7
                                 -----                                    -----
                                 100.0                                    100.0
                                 =====                                    =====

Ten Largest Equity Investments                                                 
                                                                               
Company                                   Region of Risk                       
Alcoa                                     USA                                  
BHP Billiton                              Global                               
Bumi Resources                            Indonesia                            
Eramet                                    France                               
Impala Platinum                           South Africa                         
Industrias Penoles                        Latin America                        
Minas Buenaventura                        Latin America                        
Rio Tinto                                 Global                               
Teck Cominco                              Canada                               
Vale                                      Latin America                        


Commenting on the markets, Graham Birch, representing the Investment Manager
noted:

Equity markets in general performed poorly in March, hit by increasing concerns
over financial market stability. The performance of the commodity related
equities was disappointing, relative to commodity prices which remain robust
and above the averages for the year so far and those of 2007, due to the fact
that financial markets have been dominated by credit related events and signs
of economic stress highlighted by the collapse and subsequent sale of Bear
Stearns. Against this backdrop, investors have grown increasingly concerned
about the prospects for the US economy and have become more uneasy in the face
of heightened market volatility.

March was a quiet month for specific newsflow in the mining sector, with many
brokers on coverage restrictions due to firm M&A advisory roles within ongoing
negotiations. However, one of the talking points for the month was the failure
of Xstrata and Vale to agree merger terms and the deal looks unlikely to go
ahead. Power shortages in South Africa also continue to support precious metals
prices and it appears unlikely that this situation will be resolved in full
before 2012.

With commodity prices remaining strong and further analyst upgrades likely,
2008 may well be another year of record earnings for the mining sector.
However, whilst the market continues to focus on the potential for a recession
in the US and its effect upon global growth, volatility will continue. 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 to be a major feature of the market, as mining
companies look to grow 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).

9 April 2008