Portfolio Update

Merrill Lynch World Mining Tst PLC
15 November 2006

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 31 October 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)                           12.2%             6.3%         52.3%        146.7%         398.1%
Net asset value* (diluted)                             10.2%             5.3%             -             -              -
Share price*                                           11.5%             9.6%         45.8%        135.9%         445.8%
HSBC Global Mining Index                                9.1%             3.2%         41.2%        115.1%         236.7%

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:                                 498.59p            Includes net revenue of:                            8.18p
Diluted:                                   488.66p
Share price:                               435.25p            Discount to undiluted NAV:                          12.7%
Warrant price:                              49.00p
Total assets:                              £826.8m            Net yield:                                           0.4%
Gearing:                                     0.18%
Ordinary shares in issue:              168,298,906
Warrants in issue:                      33,659,228




Sector                                       % Total          Country                                          % Total
Analysis                                      Assets          Analysis                                          Assets
Diversified                                     48.3          Global                                              27.7
Base Metals                                     26.0          Latin America                                       19.9
Gold                                             8.7          Australasia                                         12.2
Platinum                                         6.5          South Africa                                        11.1
Industrial Minerals                              4.7          Canada                                              10.7
Silver/Diamonds                                  4.6          USA                                                  4.8
Other                                            3.4          Other Africa                                         4.5
Net current liabilities                         (2.2)         China                                                3.4
                                                100.0         India                                                3.1
                                                              Europe                                               2.4
                                                              Laos                                                 1.5
                                                              Indonesia                                            0.9
                                                              Net current liabilities                             (2.2)
                                                                                                                  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:



Mining equities had an outstanding month in October, as fears moderated over the
impact of the slowing of US economic growth on commodity prices.  Base metal
prices were generally strong with zinc the stand-out performer, rising a
colossal 27.7% over the month (in US$ terms).  The uranium price hit a new high
of $60/lb at the end of October following the flooding of Cameco's Cigar Lake
development project.  This underground operation had been due to commence
production in 2008, representing approximately 10% of global annual mine supply.
  The flood has meant the project could now be delayed by up to three years
which has significantly increased the tightness in the uranium market in the
medium term.



Rio Tinto increased its current share buyback programme by $3 billion, bringing
it to a total of $7 billion.  It also announced that it had formed a strategic
partnership with Ivanhoe Mines to jointly develop and operate Ivanhoe's Oyu
Tolgoi copper-gold deposit in Mongolia.  Oyu Tolgoi is one of the largest
undeveloped copper deposits in the world.  Rio Tinto's share price rose by 14.4%
over the month (in Sterling terms).



Markets continue to be volatile; however 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 this 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.





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).



15 November 2006




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