Portfolio Update

Merrill Lynch World Mining Tst PLC
02 January 2007

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 30 November 2006 and unaudited.

 Performance at month end with net income reinvested

                                                         One            Three           One         Three           Five
                                                       month           months          year         years          years
Net asset value* (undiluted)                            0.4%             8.0%         38.6%        140.6%         365.2%
Net asset value* (diluted)                              0.3%             6.7%           n/a           n/a            n/a
Share price*                                           -0.1%             9.6%         33.6%        123.0%         407.6%
HSBC Global Mining Index                                2.3%             6.4%         31.5%        114.5%         205.0%

Sources: BlackRock Merrill Lynch Investment Managers, 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:                                 500.41p            Includes net revenue of:                            8.54p
Diluted:                                   490.18p
Share price:                               434.75p            Discount to undiluted NAV:                         13.12%
Warrant price:                              47.00p
Total assets:                              £833.9m            Net yield:                                           0.4%
Gearing:                                      0.7%
Ordinary shares in issue:                         168,298,906
Warrants in issue:                                 33,659,228




Sector                                       % Total          Country                                          % Total
Analysis                                      Assets          Analysis                                          Assets
Diversified                                     47.1          Global                                              27.3
Base Metals                                     25.8          Latin America                                       20.4
Gold                                             9.0          South Africa                                        12.5
Platinum                                         7.6          Australasia                                         12.4
Industrial Minerals                              4.8          Canada                                              10.5
Silver/Diamonds                                  4.6          USA                                                  4.9
Other                                            3.2          Other Africa                                         3.9
Net current liabilities                         (2.1)         China                                                3.3
                                                100.0         India                                                2.1
                                                              Laos                                                 1.5
                                                              Kazakhstan                                           1.4
                                                              Indonesia                                            0.9
                                                              Europe                                               0.8
                                                              Mongolia                                             0.2
                                                              Net current liabilities                             (2.1)
                                                                                                                  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
Rio Tinto                                      Global
Teck Cominco                                   Canada
Xstrata                                        Global
Zinifex                                        Australasia




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



Strong nickel, zinc and precious metal prices in addition to further M&A
activity kept mining equities well supported during November, despite temporary
weakness over copper inventory growth.  The Company's strongest contributor to
performance was Zinifex, one of the world's largest integrated zinc and lead
companies with operations in Australia, the US and the Netherlands.  The stock
was up 14.5% over the month (in US$ terms) on the back of a 2.3% rise in the
zinc price and upgrades to analyst forecasts for 2007.



Freeport, a copper and gold producer mining in Indonesia, announced a $26bn
takeover offer for Phelps Dodge.  The friendly deal provides Freeport with much
needed geographic diversification.



The Company added to its diversified, zinc and platinum exposure, and reduced
its exposure to copper producers.



Though markets continue to be volatile, supply and demand fundamentals for the
mining industry remain robust.  Supply side disruptions and delays on new
projects should support strong metal prices going forward.  As a result of these
historically high prices, many of the Company's holdings are translating their
strong balance sheets and high cash flows into higher dividends and increased
share buybacks.  These compelling fundamentals will mean that there is the
continued possibility of further corporate activity as mining companies seek to
grow quickly and cost effectively.





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).



2 January 2007




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