Portfolio Update

Merrill Lynch World Mining Tst PLC
14 December 2005

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 30 November 2005 and unaudited.

 Performance at month end with net income reinvested

                                                                       One      Three        One      Three       Five
                                                                     month     months       year      years      years

Net asset value* (undiluted)                                         10.3%      20.7%      51.1%     171.7%     286.6%
Share price*                                                          9.0%      23.1%      53.3%     194.3%     343.7%
HSBC Global Mining Index                                              9.9%      20.0%      44.2%     138.3%     171.6%

Sources: Merrill Lynch Investment Managers, HSBC Global Mining Index, Datastream

*Net asset value and share price performance includes the warrant reinvestment,
assuming the 2004 bonus warrant entitlement per share was sold and reinvested on
the first day of trading.

At month end

Net asset value

Undiluted:                          368.57p         Includes net revenue of:      3.96p

Share price:                        332.50p         Discount to NAV:               9.8%

Total assets:                       £637.7m         Net yield:                     0.5%

Gearing:                               3.9%

Ordinary shares in issue:                168,298,906



Sector                                 % Total Assets          Country                               % Total Assets
Analysis                                                       Analysis

Diversified                                      50.0          Latin America                                   24.6

Base Metals                                      22.4          Global                                          20.7

Gold                                              9.4          Canada                                          19.0

Industrial Minerals                               5.8          South Africa                                    10.9

Platinum                                          5.1          Australasia                                      9.6

Silver/Diamonds                                   4.7          Europe                                           3.7

Other                                             4.2          USA                                              3.3

Net current liabilities                         (1.6)          Other Africa                                     2.9

                                                               China                                            2.4

                                                               India                                            2.2

                                                               Indonesia                                        1.0

                                                               Laos                                             0.9

                                                               Mongolia                                         0.4

                                                               Net current liabilities                        (1.6)

                                                100.0                                                         100.0


Ten Largest Equity Investments
Company                                    Region of Risk

Aber Diamond                                 Canada

Alumina                                      Australasia

Anglo Amercian                               Global

BHP Billiton                                 Global

CVRD                                         Latin America

Falconbridge                                 Canada

Impala Platinum                              South Africa

Minas Buenaventura                           Latin America

Rio Tinto                                    Global

Teck Cominco                                 Canada


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


Record metal prices in copper, zinc and aluminium, plus an improved outlook for
bulk commodity price negotiations in the coming year meant the Company performed
strongly in November, rising 10.3% (in Sterling terms).  The strongest
contributors to the fund were Impala Platinum which saw a 22.2% rise on the back
of strong platinum prices and a positive outlook going forward, and Rio Tinto
which rose 8.6% (in Sterling terms).



In corporate news, Rio Tinto sold its 14.7% stake in Lihir, a gold producer in
Papua New Guinea.  Rio sold its stake for A$399m, more than doubling its
investment in ten years.  This continues Rio's policy of selling non-core assets
into the current high price environment.



The Company increased its coal exposure by adding to its China Shenhua holding,
one of the largest coal companies in the world.  The Company also added to its
holding in Uranium Participations, a company that holds uranium inventories
providing direct exposure to the uranium spot price.



Global economic growth should be sufficiently robust to ensure that supply/
demand balances in the metals and minerals markets remain favourable with
positive implications for prices. The strong balance sheets and high cash flows
of many of the Company's holdings should continue to be translated into higher
dividends and increased share buy-backs.  There is also the possibility of
additional corporate activity providing further support for the market.  China
should continue to be a key factor in the commodity markets and while it seems
likely that demand growth will moderate it should still be sufficient to support
higher commodity prices across the board.





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'MLIMINDEX' on Reuters, 'MLIM' on Bloomberg or '8800' on Topic 3 (ICV terminal).



14 December 2005








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