Portfolio Update

Merrill Lynch World Mining Tst PLC
13 September 2006


 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 31 August 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)                                         -1.2%       0.0%      54.9%     167.1%   330.8%
Net asset value* (diluted)                                           -1.0%       0.0%          -          -          -
Share price*                                                         -0.1%       1.2%      50.2%     164.7%     353.6%
HSBC Global Mining Index                                             -0.8%      -0.6%      48.3%     123.8%     194.9%

Sources: 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:                                  463.38p Includes net revenue of:                                     5.63p
Diluted:                                    459.32p
Share price:                                396.75p Discount to undiluted NAV:                                   14.4%
Warrant price:                               42.50p
Total assets:                               £773.5m Net yield:                                                   0.45%
Gearing:                                       0.4%
Ordinary shares in issue:                      168,298,906
Warrants in issue:                              33,659,228

Sector                                 % Total Assets         Country                                    % Total Assets
Analysis                                                      Analysis
Diversified                                      46.6         Global                                               27.2
Base Metals                                      26.3         Latin America                                        19.2
Gold                                              8.9         Canada                                               12.0
Platinum                                          7.1         South Africa                                         11.8
Silver/Diamonds                                   4.9         Australasia                                          10.7
Industrial Minerals                               4.6         USA                                                   4.9
Other                                             3.0         Other Africa                                          4.6
Net current liabilities                         (1.4)         China                                                 3.4
                                                              India                                                 3.0
                                                              Europe                                                2.5
                                                              Laos                                                  1.4
                                                              Indonesia                                             0.7
                                                              Net current liabilities                             (1.4)
                                                100.0                                                             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 metals and minerals markets were seasonally quiet during August.  The MG
Base Metal Index closed the month at a similar level to the previous month
despite a 15.7% rise in the nickel price (in US$ terms).  This was caused by
exceptionally tight markets, with global inventories of nickel hitting extremely
low levels.

Corporate activity continued apace with CVRD surprising the market with an
all-cash bid for Inco.  This forced Teck Cominco out of the running and it looks
increasingly likely that CVRD will win out over Phelps Dodge's equity plus cash
offer.  On the last day of the month, Goldcorp announced a friendly takeover bid
for Glamis Gold, a low-cost, gold producer with assets in South America.

Over the month, the Company increased its uranium exposure by adding to its
position in Uranium Participations, an investment company that holds uranium
thus providing the investor with direct exposure to the uranium price.  The
Company also initiated a small position in Aquila Resources, an Australian
junior exploring for coal and iron ore.

Though markets continue to be jittery, supply and demand fundamentals for the
mining industry remain robust.  Supply side disruptions continue to impact the
market in 2006, the repercussions of which should support strong metal prices
going forward.  Higher commodity prices have led to another round of spectacular
results from the mining industry and has meant 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
there is the continued possibility of further corporate activity as mining
companies seek to grow quickly and cost effectively.  Notwithstanding the above,
markets are likely to remain unusually volatile in the near future as a result
of geopolitical uncertainty.

Latest information is available by typing www.mlim.co.uk/its on the internet,
'MLIMINDEX' on Reuters, 'MLIM' on Bloomberg or '8800' on Topic 3 (ICV terminal).

13 September 2006




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