Portfolio Update

Merrill Lynch World Mining Tst PLC
21 July 2006

MERRILL LYNCH WORLD MINING TRUST plc

All information is at 30 June 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)                                           0.2%      -1.3%      76.8%     231.7%   292.2%

Net asset value (diluted)                                            -1.0%      -2.2%          -          -          -

Share price*                                                          3.6%      -3.4%      74.6%     236.7%     316.3%

HSBC Global Mining Index                                              1.0%      -0.8%      67.7%     182.5%     176.8%

Sources: 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
reinvested on the first day of trading.

At month end

Net asset value

Undiluted:                                  464.26p   Includes net revenue of:                               4.47p

Diluted:                                    460.05p

Share price:                                406.00p   Discount to undiluted NAV:                             12.5%

Warrant price:                               42.00p

Total assets:                              £773.83m   Net yield:                                              0.4%

Gearing:                                        Nil

Ordinary shares in issue:                      168,298,906

Warrants in issue:                              33,659,228






Sector                                 % Total Assets         Country                                    % Total Assets
Analysis                                                      Analysis

Diversified                                      48.2         Global                                               26.8

Base Metals                                      23.0         Latin America                                        19.8

Gold                                              9.0         South Africa                                         12.6

Platinum                                          7.1         Canada                                               10.3

Industrial Minerals                               4.7         Australasia                                           9.9

Silver/Diamonds                                   4.2         USA                                                   4.9

Other                                             3.0         Other Africa                                          3.6

Net current assets                               0.8          China                                                 3.6

                                                              India                                                 3.0

                                                              Europe                                                2.4

                                                              Laos                                                  1.6

                                                              Indonesia                                             0.7

                                                              Net current assets                                   0.8
 
                                               100.0                                                             100.0


Ten Largest Equity Investments

Company                                       Region of Risk

Anglo American                                  Global

BHP Billiton                                    Global

CVRD                                            Latin America

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:

Mining equities continued to be unsettled during June with large movements in
share prices on low trading volumes.  After falling for much of the month, the
market experienced a strong rebound in the final week as company valuations
became very attractive.  Mining equities closed the month up 1.0% (in sterling
terms).  Metal prices also saw large falls in early June, with copper
particularly hard hit.  They recovered somewhat towards the end of the month,
but the MG Base Metals Index still closed June down 7.1%.

The Company continued to increase its exposure to the larger cap diversified
miners whose valuations look extremely attractive given their lower risk profile
relative to the single commodity producers.  The Company increased its exposure
to gold by adding to its Newmont position, as profitability looks set to improve
going forward.  Exposure to South Africa also increased, by adding to the South
African platinum producers in particular, which are benefiting from the sharp
depreciation in the Rand.  The holding in Falconbridge was sold, thereby
removing the Company's gearing, as the cash bid from Xstrata underpinned the
share price causing it to behave much like cash over the period.

Mining equities have experienced a 'spring sell-off' for the third year in a
row.  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.  Notwithstanding the above,
markets are likely to remain unusually volatile in the near future as a result
of Middle East uncertainty.



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).



21 July 2006




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