Portfolio Update

Merrill Lynch World Mining Tst PLC
13 June 2006

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 31 May 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)                                         -6.0%       9.5%      86.0%     229.1%   269.4%
Share price*                                                         -9.0%      -0.6%      82.8%     233.1%     279.5%
HSBC Global Mining Index                                             -7.9%       6.7%      76.6%     184.9%     160.9%

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

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

At month end
Net asset value
Undiluted:                                   463.40p Includes net revenue of:                                     4.23p
Diluted:                                     459.33p
Share price:                                 392.00p Discount to undiluted NAV:                                   15.4%
Warrant price:                                41.00p
Total assets:                                £785.8m Net yield:                                                   0.46%
Gearing:                                        1.7%
Ordinary shares in issue:                        168,298,906
Warrants in issue:                                33,659,228






Sector                                 % Total Assets         Country                                    % Total Assets
Analysis                                                      Analysis
Diversified                                      50.5         Global                                               25.8
Base Metals                                      23.3         Latin America                                        18.5
Gold                                              8.1         Canada                                               15.3
Platinum                                          6.4         South Africa                                         11.4
Industrial Minerals                               4.8         Australasia                                           9.3
Silver/Diamonds                                   4.3         USA                                                   4.7
Other                                             3.0         Other Africa                                          3.9
Net current liabilities                         (0.4)         China                                                 3.4
                                                              India                                                 3.2
                                                              Europe                                                2.4
                                                              Laos                                                  1.5
                                                              Indonesia                                             1.0
                                                              Net current liabilities                             (0.4)
                                                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:



May witnessed a significant increase in volatility for the mining sector,
despite there being no real change in the underlying fundamentals.  The mining
equities rose 7.4% (in sterling terms) over the first eleven days of the month,
only to fall by 14.4% from their peak as investors rushed to take risk off the
table during the latter part of May.  The base metals, which also exhibited
heightened volatility, were less affected by the change in market sentiment and
ended the month up 6.3% (in sterling terms).  In addition the majority of steel
producers, excluding China, agreed to a 19% increase in iron ore prices.  This
was at the top of market expectations and bodes well for the earnings of some of
the Company's largest holdings such as CVRD, Rio Tinto and BHP Billiton.



Corporate activity continued to hot up with Falconbridge and Inco both receiving
hostile bids during the month.  The two companies had previously announced a
friendly deal where Inco would takeover Falconbridge.  In anticipation of a bid
from Xstrata, Inco subsequently raised their offer.  This has created a four-way
bidding war, with Teck Cominco looking to buy Inco, Xstrata to buy Falconbridge
and Inco and Falconbridge still hoping to merge.



The Company increased its weighting towards the major diversified miners.  These
companies are now on extremely attractive earnings and cash flow multiples, even
when using conservative commodity price assumptions.  The Company also increased
its exposure to South African metal producers, principally gold and platinum
miners, in order to take advantage of the weaker exchange rate - the Rand has
fallen by over 11% against the US dollar from its high in January.  In addition,
the Company initiated small holdings in Pan-Australian Resources, an Australian
company developing the Phu Kam copper-gold porphyry in Laos, and in Herald
Resources, another Australian junior developing the Dairi zinc/lead project in
Sumatra.



For the third year in a row, mining equities have experienced a 'spring sell-off
' possibly linked to investor risk aversion ahead of the slack Northern
Hemisphere summer lull.  The catalyst for this year's sell-off has been concern
over slowing global growth associated with tighter central bank monetary policy.
  We believe that following this deceleration, growth will level out at a still
favourable rate and that supply and demand fundamentals should remain robust.
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).



13 June 2006




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