Portfolio Update

Merrill Lynch World Mining Tst PLC
25 October 2005

MERRILL LYNCH WORLD MINING TRUST plc

All information is at 30 September 2005 and unaudited.

Performance at month end with net income reinvested

                                                                       One      Three        One      Three       Five
                                                                     month     months       year      years      years
Net asset value* (undiluted)                                         17.4%      33.7%      52.3%     190.2%     273.2%
Share price*                                                         17.0%      34.9%      53.9%     201.3%     275.7%
HSBC Global Mining Index                                             15.9%      29.0%      42.3%     157.1%     169.0%

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:                          358.45p         Includes net revenue of:                                     3.42p
Share price:                        316.00p         Discount to NAV:                                             11.8%
Total assets:                       £623.0m         Net yield:                                                    0.6%
Gearing:                               4.3%
Ordinary shares in issue:                 168,298,906






Sector                                        % Total          Country                                      % Total 
Analysis                                       Assets          Analysis                                      Assets
Diversified                                      51.3          Latin America                                   24.9
Base Metals                                      22.2          Global                                          21.7
Gold                                              9.7          Canada                                          16.8
Industrial Minerals                               6.3          Australia                                        9.9
Silver/Diamonds                                   4.5          South Africa                                     9.4
Platinum                                          4.3          Europe                                           4.6
Other                                             2.5          USA                                              3.2
Net current liabilities                         (0.8)          China                                            3.2
                                                               Other Africa                                     3.0
                                                               India                                            1.9
                                                               Indonesia                                        0.9
                                                               Laos                                             0.9
                                                               Mongolia                                         0.4
                                                               Net current liabilities                        (0.8)
                                                100.0                                                         100.0


Ten Largest Equity Investments
Company                                      Region of Risk
Alumina                                      Australia
BHP Billiton                                 Global
CVRD                                         Latin America
Falconbridge                                 Canada
Iluka Resources                              Australia
Impala Platinum                              South Africa
Minas Buenaventura                           Latin America
Rio Tinto                                    Global
Teck Cominco                                 Canada
Xstrata                                      Global




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



September saw a continuation of the very favourable market trends of earlier in
the quarter.  Several of the important commodities that drive the earnings of
companies in the portfolio reached new highs for this commodity cycle.  These
include gold, copper, zinc, aluminium and platinum.  Shares were strong across a
broad front and the Company's NAV and share price reached new all-time highs
towards the end of the month.



As we entered October, the markets have seen a sharp bout of profit-taking in
the resources sector and although the fundamentals for commodity markets remain
good, the Company's portfolio has retreated somewhat.  In early October Inco
made a $34 per share cash and equity bid for Falconbridge - trumping an
anticipated $28 potential offer from Xstrata. Falconbridge at 7% of assets is
one of the Company's largest holdings.





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).



25 October 2005








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