Portfolio Update

Merrill Lynch World Mining Tst PLC
16 January 2007





MERRILL LYNCH WORLD MINING TRUST plc

All information is at 31 December 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)                            3.1%            16.2%         32.9%        125.0%         361.8%
Net asset value* (diluted)                              2.7%            13.5%           n/a           n/a            n/a
Share price*                                            2.1%            13.7%         29.1%        116.2%         406.3%
HSBC Global Mining Index                                1.0%            11.6%         21.8%        101.5%         205.4%


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:                                 516.10p            Includes net revenue of:                           9.08p
Diluted:                                   503.25p
Share price:                               444.00p            Discount to undiluted NAV:                        13.97%
Warrant price:                              48.75p
Total assets:                              £861.5m            Net yield:                                          0.4%
Gearing:                                     0.96%
Ordinary shares in issue:                         168,298,906
Warrants in issue:                                 33,659,228




Sector                                       % Total          Country                                          % Total
Analysis                                      Assets          Analysis                                          Assets

Diversified                                     47.4          Global                                              27.1
Base Metals                                     26.6          Latin America                                       21.0
Gold                                             8.5          South Africa                                        12.5
Platinum                                         7.4          Australasia                                         12.2
Industrial Minerals                              4.9          Canada                                              10.0
Silver/Diamonds                                  4.4          USA                                                  5.6
Other                                            3.1          Other Africa                                         3.9
Net current liabilities                         (2.3)         China                                                3.5
                                                100.0         India                                                1.9
                                                              Laos                                                 1.5
                                                              Kazakhstan                                           1.3
                                                              Europe                                               0.8
                                                              Indonesia                                            0.7
                                                              Mongolia                                             0.3
                                                              Net current liabilities                             (2.3)
                                                                                                                  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:

The Company had a positive close to what has been another outstanding year. The
surprisingly early announcement of a 9.5% increase in 2007 iron ore contract
prices boosted one of our holdings, CVRD, which rose by 12% over the month (in
Sterling terms).  Another of the Company's top contributors to performance was
China Shenhua Energy, which benefited from a raised awareness of Chinese coal
stocks, with the listing of China Coal on the Hong Kong stock exchange as well
as the announcement that China will allow coal producers and consumers to set
their own prices without state interference in 2007.

This year, we expect the global economy to remain robust despite a lower level
of growth in the US.  The supply side outlook is more mixed as supply growth
varies by metal. For copper, new supply is coming on stream after numerous
delays and inventories have begun to build (albeit from a very low base),
whereas in nickel and zinc supply growth is almost non-existent and most new
projects, particularly nickel, are suffering from severe delays.  The outlook
for bulk commodities looks buoyant with higher iron ore prices and coal prices
appearing to be rallying from the lows seen in 2006. Precious metals also look
set for a positive 2007.  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.  We are positioned to
benefit accordingly.

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).


16 January 2007




                      This information is provided by RNS
            The company news service from the London Stock Exchange