Portfolio Update

Merrill Lynch World Mining Tst PLC
21 February 2007


 MERRILL LYNCH WORLD MINING TRUST plc


 All information is at 31 January 2007 and unaudited.


 Performance at month end with net income reinvested


                                                         One            Three           One         Three           Five
                                                       month           months          year         years          years

Net asset value* (undiluted)                            0.1%             3.6%         18.5%        146.4%         316.4%
Net asset value* (diluted)                              0.1%             3.1%           n/a           n/a            n/a
Share price*                                           -1.7%             0.3%          9.3%        135.7%         336.6%
HSBC Global Mining Index                                1.2%             3.5%          9.2%        119.5%         185.4%

Sources: BlackRock, 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:                                 516.68p            Includes net revenue of:                           8.69p
Diluted:                                   503.73p
Share price:                               436.50p            Discount to undiluted NAV:                         15.5%
Warrant price:                              46.00p
Total assets:                             £864.32m            Net yield:                                          0.4%
Gearing:                                      1.0%
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                                              26.1
Base Metals                                     27.1          Latin America                                       22.3
Platinum                                         8.1          South Africa                                        12.5
Gold                                             7.7          Australasia                                         11.8
Industrial Minerals                              4.7          Canada                                               9.7
Silver/Diamonds                                  4.6          USA                                                  6.8
Other                                            2.5          Other Africa                                         3.8
Net current liabilities                         (2.1)         China                                                3.1
                                                100.0         India                                                1.8
                                                              Laos                                                 1.2
                                                              Kazakhstan                                           1.2
                                                              Europe                                               0.8
                                                              Indonesia                                            0.8
                                                              Mongolia                                             0.2
                                                              Net current liabilities                             (2.1)
                                                                                                                  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:


It was a turbulent start to the year, with rising copper inventories triggering
a sell-off in most base metals, with the exception of nickel which breached
$40,000/tonne for the first time.  The nickel price rose by 14.3% (in US$ terms)
on the news of a proposed strike at Xstrata's Sudbury mine in Canada, which
accounts for around 5% of world production capacity.  Mining equities, though
caught up in the market sell-off early in the month, were buoyed by strong Q4
results and by what we believe is the start of a wave of dividend increases and
share buyback announcements.  CVRD announced a 27% increase in its annual
dividend and Alcoa announced both a 13% dividend and a $2.8 billion buyback.  In
addition, Impala Platinum performed strongly over the month on the back of an
upgrade to its H2 2006 profit forecast.


Looking further into 2007, 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).


21 February 2007

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