Portfolio Update

MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 31 May 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)                  10.1%     24.3%    43.2%    240.6%    306.2%
Net asset value* (diluted)                     8.7%     22.5%    38.3%       n/a       n/a
Share price*                                   7.9%     29.8%    48.1%    227.8%    304.2%
HSBC Global Mining Index                       9.6%     21.4%    33.6%    192.0%    213.3%

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:                  658.08p      Includes net revenue of:              4.30p
Diluted:                    629.77p                                              
Share price:                575.00p      Discount to undiluted NAV:            12.6%
Warrant price:              100.75p                                              
Total assets:            £1,070.90m      Net yield:                            0.43%
Gearing:                      2.47%                                              
 
Ordinary shares in issue:                                       159,853,279      
Warrants in issue:                                               29,814,855      
Ordinary shares held in Treasury:                                12,290,000      
                                                                                 
During the month 1,350,000 ordinary shares were bought back to be held in        
treasury for a total consideration of £7,464,381.90.                             
                                                                                 


Sector                          % Total     Country                         % Total 
Analysis                         Assets     Analysis                         Assets 
                                                                                    
Diversified                        45.9     Global                             21.6 
Base Metals                        27.9     Latin America                      21.5 
Platinum                            8.1     South Africa                       13.0 
Silver/Diamonds                     5.5     Australasia                        12.2 
Gold                                5.2     Canada                             10.7 
Industrial Minerals                 5.0     USA                                 7.2 
Other                               3.1     Other Africa                        6.4 
Net current liabilities            (0.7)    India                               2.0 
                                  -----     China                               1.9 
                                  100.0     Kazakhstan                          1.2 
                                  -----     Europe                              1.0 
                                            Indonesia                           1.0 
                                            Laos                                0.5 
                                            Russia                              0.5 
                                            Net current liabilities            (0.7)
                                                                              ----- 
                                                                              100.0 
                                                                              ----- 

Ten Largest Equity Investments                          
                                                        
Company                                    Region of Risk
                                                        
Alcoa                                      USA          
Alumina                                    Australasia  
Anglo American                             Global       
BHP Billiton                               Global       
CVRD                                       Latin America
First Quantum Minerals                     Zambia       
Impala Platinum                            South Africa 
Rio Tinto                                  Global       
Teck Cominco                               Canada       
Zinifex                                    Australasia  

Commenting on the markets, Graham Birch, representing the Investment Manager   
noted:                                                                         
                                                                               
The month of May was a generally strong month for metals and minerals related  
equities.  The month started with a "bang" when Alcoa launched a hostile bid   
for its main North American competitor; Alcan.  Shortly afterwards Norilsk made
a hostile counter-offer for LionOre, potentially thwarting Xstrata's existing  
friendly bid.  The market then became awash with rumours of a merger between   
Rio Tinto and BHP Billiton - helping to positively re-rate both companies.  All
these situations have one thing in common: they help to highlight how companies
within the sector are looking to enhance growth through acquisitions, taking   
advantage of the relatively low PE multiples on which many mining companies are
trading.                                                                       
                                                                               
As the end of the second quarter approaches, we have passed through the most   
dangerous part of the year from the perspective of seasonal volatility.  The   
Northern Hemisphere summer is normally quite quiet for base metals and this    
year is unlikely to be an exception.  As such, we will be looking to take      
advantage of this period to position the portfolio in order to capture the     
maximum upside as the markets start to be more active as we approach the       
autumn.                                                                        
                                                                               
Looking to the longer term, we believe that the fundamentals for the mining    
sector are strong and are likely to remain so for some time yet.  China        
continues to consume a larger share of global demand, with India also showing  
strong growth.  Through 2007, we expect this demand to continue and although US
growth may be slightly below 2006 levels this year, it should remain at        
reasonable levels.  The supply side reaction to increased demand continues to  
be muted, with companies struggling to keep up due to a lack of experienced    
personnel, equipment delays and a lack of quality projects.                    
                                                                               
The fundamentals for mining equities therefore 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 price has 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).                                                                     
                                                                               
                                                                               
                                                                               
13 June 2007