Portfolio Update

MERRILL LYNCH WORLD MINING TRUST plc
 All information is at 31 August 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)                  -5.3%     -1.2%    41.5%    216.4%    422.0%
Net asset value* (diluted)                    -4.7%     -1.1%    36.8%    197.9%    388.1%
Share price*                                  -6.7%     -1.2%    44.6%    215.6%    442.9%
HSBC Global Mining Index                      -3.1%      1.0%    35.8%    169.6%    312.0%

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:                                         650.25p*             645.39p  
Diluted:                                           623.00p              618.91p  
*Includes net revenue of 4.86p                                                   
                                                                                 
Share price:                                       568.00p                       
Discount to NAV**:                                    8.2%                       
Warrant price:                                     116.25p                       
Total assets:                                   £1,041.86m                       
Net yield:                                           0.44%                       
Gearing:                                             1.74% 
                      
Ordinary shares in issue:                       158,666,602                      
Warrants in issue:                               29,814,855                      
Ordinary shares held in Treasury:                13,476,677                      

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

Sector                          % Total     Country                         % Total 
Analysis                         Assets     Analysis                         Assets 
                                                                                    
Diversified                        47.0     Latin America                      23.0 
Base Metals                        25.9     Global                             20.9 
Platinum                            7.7     Australasia                        10.6 
Industrial Minerals                 6.2     South Africa                       13.0 
Gold                                5.5     Canada                             10.1 
Silver/Diamonds                     5.3     USA                                 6.9 
Other                               3.9     Other Africa                        6.4 
Net current liabilities            (1.5)    India                               3.7 
                                  -----     China                               2.8 
                                  100.0     Europe                              1.3 
                                  -----     Kazakhstan                          1.2 
                                            Indonesia                           1.1 
                                            Laos                                0.5 
                                            Net current liabilities            (1.5)
                                                                              ----- 
                                                                              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:                                                                         
                                                                               
August was a very volatile month for equities in general, and mining shares    
despite a strong results season and great fundamentals, did not escape.  The   
moves were severe with the Company's benchmark falling 21% in Sterling terms   
from its peak on 23 July to the trough on 16 August.  On such low valuations,  
common sense prevailed and the HSBC Global Mining Index rebounded by over 15%  
to close the month down only 3.1%.  During the month, mining companies         
continued to report strong results for the first half of 2007.  Excellent      
numbers from the leading diversified companies, and a number of outstanding    
results from the pure nickel and copper holdings, were ignored by investors due
to the high volatility in the market.  Given the volatility, some of the       
strongest performers during the month were the companies currently being       
subjected to cash bids, for example, Alcan.                                    
                                                                               
Looking forward, we see further high levels of M&A driven by the fact that it  
remains far cheaper for companies to buy rather than build production          
capacity.  In addition, the low level of valuations in the market post the     
falls in August will give companies the opportunity to return to the M&A market
at valuation levels not seen for over six months.  Furthermore, we expect      
numerous commodity price upgrades between now and the end of the year as       
analysts mark their forecasts to market and fundamentals.                      
                                                                               
                                                                               
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).                                                                     
                                                                               
                                                                               
20 September 2007