Portfolio Update

Merrill Lynch World Mining Tst PLC
11 May 2006

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 30 April 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)                                          4.8%      11.6%     108.8%     270.0%   313.4%
Share price*                                                          2.4%       6.3%     105.4%     287.4%     349.1%
HSBC Global Mining Index                                             10.7%      15.0%     110.9%     238.4%     206.6%

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:                                  493.24p Includes net revenue of:                                     4.03p
Diluted:                                    484.20p
Share price:                                430.75p Discount to undiluted NAV:                                   12.7%
Warrant price:                               49.00p
Total assets:                               £849.1m Net yield:                                                    0.4%
Gearing:                                       3.1%
Ordinary shares in issue:                      168,298,906
Warrants in issue:                              33,659,228






Sector                                 % Total Assets         Country                                    % Total Assets
Analysis                                                      Analysis
Diversified                                      49.4         Global                                               22.6
Base Metals                                      22.5         Latin America                                        20.0
Gold                                              8.7         Canada                                               17.3
Platinum                                          6.6         South Africa                                         12.1
Silver/Diamonds                                   4.8         Australasia                                           8.9
Industrial Minerals                               4.7         USA                                                   3.8
Other                                             4.2         Other Africa                                          3.6
Net current liabilities                         (0.9)         China                                                 3.5
                                                              Europe                                                3.5
                                                              India                                                 3.3
                                                              Laos                                                  1.6
                                                              Indonesia                                             0.7
                                                              Net current liabilities                             (0.9)
                                                100.0                                                             100.0


Ten Largest Equity Investments
Company                                       Region of Risk
BHP Billiton                                    Global
CVRD                                            Latin America
Falconbridge                                    Canada
First Quantum Minerals                          Zambia
Impala Platinum                                 South Africa
Rio Tinto                                       Global
Teck Cominco                                    Canada
Vedanta                                         India
Xstrata                                         Global
Zinifex                                         Australasia




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

The mining sector rose strongly in April, on the back of exceptional rises in
commodity prices.  The MG Base Metals Index rose 20.2% over the month, with
copper up 30.7%, nickel up 20.9% and zinc up 20.0% (all in US dollar terms).
The Company's NAV rose by 4.8% (in Sterling terms) with the largest contribution
to performance coming from the UK majors despite weaker than expected quarterly
production data from Rio Tinto and BHP Billiton.

Both Rio Tinto's and BHP Billiton's production shortfalls highlight the problems
being faced by the commodity producers in meeting demand growth.  Unforeseeable
events such as inclement weather in Australia, accidents at ports, and
operational problems, meant bulk commodity production in the first quarter
failed to meet the market's expectations.  Exports in Australian iron ore were
down 3.2% year on year and coal exports were down 2.0%.  As one of the largest
coal and iron ore exporters, this is likely to have a significant impact on an
already tight market and may also increase the pressure on steel producers to
accept higher iron ore prices in the current round of price negotiations.

Global economic growth should be sufficiently robust to ensure that supply/
demand balances in the metals and minerals markets remain favourable.  Supply
side disruptions have already impacted the market in 2006, the repercussions of
which should support strong metal prices going forward.  Higher commodity prices
have meant many of the Company's holdings are translating their strong balance
sheets and high cash flows into higher dividends and increased share buybacks.
There is also the continued possibility of further corporate activity as mining
companies seek to grow quickly and cost effectively.


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).



11 May 2006




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